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.
The collusion between the new class of bureaucrats, politicians, businessmen and trade union bosses perpetuates itself partly because of the short-run benefits and partly because they see no way out of the system, wrote author MH Mody in 1980.
IAF is firming up plans to revamp airlift capabilities with medium transport aircraft that will be assembled in India & serve as its main workhorse. Embraer is leading contender as of now.
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