Pakistan’s Economic Management Gets Thumbs Up From IMF

[A.A. Khan]

Hahahaha

IMF has given Imran Khan thumbs up for meeting most of their targets and protecting their hitmen Reza Baqir and Hafeez Shaikh.

No one wants to invest in Pakistan, Manufacturing has become non viable due to high power prices, food inflation helping more Pakistanis to below poverty line l, Pakistani rupee is devalued too such an extent infrastructure development costs many timed, a Pakistani can't travel abroad. The policies helping eliminate Middle class completely,
People committing suicide including our PM Imran Khan and most of all bureaucrat terrorists of Pak govt. and cartel mafias have benefited immensely to make sure Pakistan never undergoes reforms and remains addicted to IMF for the foreseeable future. Awesomely done next govt. will also start with Imf program. Sucked out every little bit of hope on the Pakistani system, emboldened the corrupt just FANTASTIC.
Congratulations to Narendra Modi and Trump both have been given a wonderful gift by IMF Directors. Well done

 

[Norwegian]

IMF is the mafia that supports PTI government.

The prime minister is morally obligated to commit suicide as he had promised in his campaign. There is no need for him to hide behind religious dogma in this. This was a pact he made in public with public as witness not God.

Troll it is not IMF that came to Pakistan begging for loans.

Why does the GoP need just 6 billion dollars? Since you are quite pro government, do tell why do you need the money?

So that trolls like you can still have some value of rupees.

 

[El Sidd]

Troll it is not IMF that came to Pakistan begging for loans.

So you have a tradition too of never returning beggars empty handed?

So that trolls like you can still have some value of rupees.

So who will investigate the 3 stock market scandals of this government?

 

[Shahzaz ud din]

IMF Delegation Contented With Economic Progress of Pakistan
Posted 5 hours ago by Jehangir Nasir

• International Monetary Fund (IMF) mission, led by Ernesto Ramirez Rigo, visited Islamabad during February 3-13, to initiate discussions on the second review of the authorities’ economic reform program supported under the Extended Fund Facility (EFF) arrangement.
  
  According to the press release issued by the IMF, a considerable progress has been made in the last few months in advancing reforms and continuing with sound economic policies.
  
  The statement read that all end-December performance criteria were met, and structural benchmarks have been completed.
  
  IMF noted down that steadfast progress on program implementation will pave the way for the IMF Executive Board’s consideration of the review. In implementing the program, development and social spending have been accelerated, added the press release.
  
  
  
  
  At the conclusion of the visit, Mr. Ramirez Rigo stated:
  
  “The IMF staff team had constructive and productive discussions with the Pakistani authorities and commended them on the considerable progress made during the last few months in advancing reforms and continuing with sound economic policies.
  
  
  
  The mission and the authorities made significant progress in the discussions on policies and reforms. In the coming days progress will continue to pave the way for the IMF Executive Board’s consideration of the review.
  
  He further added that, “The macroeconomic outlook remains broadly as expected at the time of the first review. Economic activity has stabilized and remains on the path of gradual recovery. The current account deficit has declined, helped by the real exchange rate that is now broadly in line with fundamentals, while international reserves continue to rebuild at a pace considerably faster than anticipated,”
  
  ”Inflation should start to see a declining trend as the pass-through of exchange rate depreciation has been absorbed and supply-side constraints appear to be temporary.” he added.
  
  Moreover, Mr. Ramirez Rigo said that fiscal performance in the first half of the fiscal year remained strong, with the general government registering a primary surplus of 0.7 percent of GDP on the back of strong domestic tax revenue growth. He noted down that the development and social spending has been accelerated.
  
  
  Jehangir Nasir
  
  
  

IMF asks Pakistan to cut reliance on China

Listen

ISLAMABAD: The visiting IMF mission has extended its stay in Pakistan for making more efforts to strike a consensus on the staff-level agreement as both sides so far persisted with their respective differences on ‘immediate measures’ for reducing the revenue-expenditure gap and fixing cash bleeding energy sector. The IMF has also asked Islamabad "to reduce its trade and commerce reliance on Beijing" and look for other international options by signing free trade agreements with other countries too.

The official sources confirmed to The News on Thursday night that both sides were busy in ironing out differences over revenue generation efforts as the FBR wants a further reduction in its revised target of Rs5,238 billion but the IMF desires to see the plan aimed at removing distortions and expanding narrowed tax base on a permanent basis. Without the reform plan, how long the IMF is going to show lenient attitude over FBR’s inabilityto maximize its revenues efforts, one top official quoted the IMF team as saying during their interaction. The IMF still insists that if the need arises, the government must take measures to correct the situation halfway instead of waiting for the worsening of the situation till next fiscal year.

There is another problem for the IMF staff because a couple of months back the Fund’s Executive Board allowed FBR to slash down the target from Rs5.5 trillion to Rs5.238 trillion. This also raises the question of the IMF team's credibility that within a passage of couple of months, their projections related to FBR revenues have further dashed to the ground. The IMF staff finds it hard to defend its position if it agrees with further reduction in the FBR target. On the other hand, if the FBR’s revised target remains intact at Rs 5,238 billion, everyone knows that it is impossible to achieve. So both sides are in a Catch 22 situation and have so far remained unable to find out a solution that gives face-saving to both the IMF and FBR.

According to senior finance ministry sources, the issue of discord between the IMF and financial authorities is the former's insistence to cut down heavily Pakistan reliance on trade and commerce ties with China and contract FTA with other international partners. This is a position Islamabad is not prepared to even consider.

Although, the Ministry of Finance and other officials claimed in their background discussions that there was no ‘deadlock’ and the staff-level agreement would be finalized anytime soon. But when they were asked to share details, they were non-committal saying that the talks were underway, so nothing could be stated with credence.

Secondly, the PTI government is opposed to increase in the electricity and gas tariffs for next 12 to 18 months as PM Imran Khan has asked the relevant ministries for freezing their tariffs for a certain period but the IMF questions that wisdom saying how the cash bleeding losses will be curtailed if there is no cost recovery of energy utilities. “The IMF is asking for a viable alternate plan,” said the sources.

According to the schedule of the IMF team available with The News, the Fund's team was scheduled to hold talks with different ministries, the State Bank of Pakistan and departments from February 3 to 13, 2020 under $6 billion Extended Fund Facility (EFF). There were two scheduled meetings on Thursday from 9am to 12.30 noon and the second meeting at 14.00 hours to 16.00 hours for discussions on Memorandum of Financial and Economic Policies (MEFP), if necessary.

When this scribe asked the IMF’s Resident Chief in Pakistan Teresa Daban Sanchez and inquired whether the Fund mission has extended its stay in Pakistan and if the extension in the stay would be understood to mean that both sides could not finalize the staff-level agreement, the IMF chief replied “There is not planned any interaction with media until the discussions are finalized." This scribe also contacted official spokesman of the Ministry of Finance on Thursday night, who replied that as per the plan, some members of the IMF would visit Karachi today (Friday). He said that some insignificant meetings would be held in SBP and with Sindh government.

 

[Flight of falcon]

While they are gone and issued official communication , the News and Dawn are still struggling and coming up with conspiracy theories of mini budget, FBR missing target , China’s role ..... you name it .... their inside sources are going crazy.....
Patwaris are crying like spoiled kid..

 

[Shahzaz ud din]

Pakistan made 'considerable progress' during last few months: IMF


Listen

PHOTO BY: AFP

The International Monetary Fund (IMF) on Friday said that Pakistan had made "considerable progress during the last few months" and said that economic activity remains stabilised and is on the path to "gradual recovery".

A press release by the international money lender at the conclusion of the IMF's mission's visit to Pakistan was released. The IMF credited Pakistan with meeting the all-end December performance criteria and said that structural benchmarks had been created.

Mr Ernesto Ramirez Rigo, who led the IMF delegation, said that Pakistan's current account deficit had declined due to the real exchange rate "that is now broadly in line with fundamentals".

Ramirez said that international reserves of the country keep on building at a pace faster than anticipated and observed that inflation will continue to see a downward trend "as the pass-through of exchange rate depreciation has been absorbed and supply-side constraints appear to be temporary".

"Fiscal performance in the first half of the fiscal year remained strong, with the general government registering a primary surplus of 0.7 percent of GDP on the back of strong domestic tax revenue growth. Development and social spending have been accelerated," concluded Ramirez.
An IMF delegation arrived in Pakistan earlier during the month to hold talks with the government and review its economic performance.

The delegation will submit a report to the IMF mission, based on which it would be decided as to whether to approve a tranche worth $460 million of the $6-billion three-year bailout package agreed upon back in July. Islamabad had earlier received $1 billion of the total amount.

Among the various conditions set by the global monetary body was also a review of Pakistan's efforts to remove itself from the Financial Action Task Force's (FATF) grey list, which the country will remain in till at least February 2020.

Earlier this month, the intergovernmental organisation's president had said Pakistan made progress towards money-laundering and terror-financing.

Pakistan, IMF agree not to introduce mini-budget, tax rate hike till June
Geo News reported on Wednesday that Pakistan and the IMF had agreed not to introduce a mini-budget or increase the tax rate in the country till June. The two sides had agreed that neither would a mini-budget be introduced nor would there be a reduction in the tax collection target

The government has come under fire from critics and even some of its own members for the rising inflation across the country. Opposition parties, such as the PPP, have slammed the PTI-led government for allegedly compromising Pakistan's economic independence and negotiating a bad deal with the IMF.

The international money lender has advised Pakistan to bump up its non-tax income by Rs400 billion to boost revenue collection, according to sources. Pakistan will also ensure implementation of the privatisation road map and not jack up the sales tax to 18 percent; the rate would, for now, be maintained at 17 percent.

 

[RIP Pak LAW]

Ofcourse they will pass any review with so many taxes and higher utility rates

 

[PakFactor]

Ofcourse they will pass any review with so many taxes and higher utility rates

People need to learn to pay taxes it was our fault from the get go we didn't enforce any sort of tax mechanism, this hard push is causing pain but it'll make it easier for the next generation. In the State's we pay Federal and State Income Taxes along with Taxes of everything we consume.

 

[RIP Pak LAW]

People need to learn to pay taxes it was our fault from the get go we didn't enforce any sort of tax mechanism, this hard push is causing pain but it'll make it easier for the next generation. In the State's we pay Federal and State Income Taxes along with Taxes of everything we consume.

salary based class always pay taxes its the business class who is not paying taxes accordingly also if you say people needs to pay taxes than Govt is also required to provide different facilities and misc utility services like for e,g proper roads and their maintenance , proper trash dumping, up to the mark Govt hospitals, quality education in Govt schools etc sadly we are lacking in such facilities big time and than Govt expects this nation to pay 'more' taxes just like in EU/North America etc

 

[Dubious]

IMF is the mafia that supports PTI government.

The prime minister is morally obligated to commit suicide as he had promised in his campaign. There is no need for him to hide behind religious dogma in this. This was a pact he made in public with public as witness not God.

putter tennu ki takleef hai...zara dasso zara

No one will ever believe it.

I presume you are the no one?

 

[Cornered Tiger]

Why does the GoP need just 6 billion dollars? Since you are quite pro government, do tell why do you need the money?

Just read the Budget paper presented by Miftah Ismail (PMLN Minister) in 2018. Then watch your Dollar reserves in 2018. Then watch your Current Account deficit.

Then tell me Mr. Finance Minister how much financing you were required in 2018?

The prime minister is morally obligated to commit suicide as he had promised in his campaign. There is no need for him to hide behind religious dogma in this. This was a pact he made in public with public as witness not God.

Well the government fired the minister who said we do not need to go to IMF within a week and installed IMF's representatives as finance minister or aides to PM on economy.

Please listen this complete. Next time watch out before commenting. Thanks.
This is before elections. Its never a promise as you said.

 

[El Sidd]

putter tennu ki takleef hai...zara dasso zara

The Prime Minister is already a security risk with Data being sold from Pakistan and now this capitulation to IMF.

I presume you are the no one?

It is safe to assume average muslims don't trust munafiqeens

Just read the Budget paper presented by Miftah Ismail (PMLN Minister) in 2018. Then watch your Dollar reserves in 2018. Then watch your Current Account deficit.

Then tell me Mr. Finance Minister how much financing you were required in 2018?




Please listen this complete. Next time watch out before commenting. Thanks.
This is before elections. Its never a promise as you said.

A) There is no change in fundamental economics of the state ever since Musharraf took over. Its same old capitalist exploitation.

B) Mr. Niaxi has proven only one thing to be correct. That is not keeping his spoken and written word. I am not wasting time listening to someone who is likely to change course twice an hour.

 

[Zibago]

IMF is the mafia that supports PTI government.

The prime minister is morally obligated to commit suicide as he had promised in his campaign. There is no need for him to hide behind religious dogma in this. This was a pact he made in public with public as witness not God.

Rotey raho na TLP aye gi na government jaye gi

 

[El Sidd]

Rotey raho na TLP aye gi na government jaye gi

Aren't you a government employee?

Didn't they restrict your social media use?

 

[Zibago]

Aren't you a government employee?

Didn't they restrict your social media use?

Article 6 for mad molvies keep crying while you can