Pakistan's Punjab govt has tabled legislation that could see rates as high as 45%. Agricultural income tax hikes among measures prescribed to raise revenue under $7bn IMF bailout deal.
Investors perceive SBP’s signals of potential rate cuts as a green light for increased borrowing and spending, which could stimulate economic activity.
In 2023, Pakistan was grappling with the risk of debt default, unprecedented inflation, record-high yields on government bills, and political instability. But 2024 is all set to be a happy new year.
The currency has lost about 6% of its value against the dollar in the first three weeks of Anwaar-ul-Haq Kakar’s tenure, as he faces economic challenges and IMF terms.
IMF executive board is scheduled to meet on 12 July to approve $3 billion SBA with Pakistan. But there are doubts whether this will stave off default, or just push issue to 2024.
Sharif's govt is hoping to persuade the IMF to unlock at least some of the $2.5 billion left in a $6.5 billion programme that Pakistan entered in 2019.
In all, 16 people have been killed in chaos at charity distributions especially during Islamic fasting month of Ramadan, a time for giving and spiritual reflection.
In 2022, athletes claimed they were asked to wind up training early at Thyagraj Stadium so that the IAS couple could walk their dog. Then came the memes and public outrage.
Instead of buying more Mirages outright in early 2000s, the requirement was tweaked in favour of a medium-weight, multi-role fighter with Mirage-like performance.
Pakistan not only has zero chance of catching up with India in most areas, but will inevitably see the gap rising. Its leaders will offer its people the same snake oil in different bottles.
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