IMF says next Pakistan funding review expected in second half of 2025
May 23 (Reuters) - The IMF expects the next funding review for Pakistan in the second half of 2025 and said it would continue discussions with Pakistan authorities towards agreeing over terms of the budget for the 2026 financial year, it said in a statement on Friday.
The IMF's priority remains anchoring inflation within the central bank's medium-term target range of 5–7 percent, the statement said, adding that the Pakistani authorities reaffirmed their commitment to fiscal consolidation while aiming for a primary surplus of 1.6 percent of GDP in FY2026.
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Reuters
5 hours ago
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French central banks trims growth outlook on trade tensions
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7 hours ago
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Spending review's key points at a glance
Rachel Reeves has set out her spending review in the House of Commons. It outlines how much day-to-day funding government departments will get over the next three years, until 2029, which is used on things like wages. It also covers a department's investment (also known as capital) budget over the next four years, until the end of 2030. This money is used to pay for things like new infrastructure projects. The last spending review was held during the COVID-19 pandemic, and before that, in 2015. Here's what's been announced: Department winners and losers Sky News has crunched the numbers to see which government departments have benefited after the spending review, and which have seemingly lost out. 3:12 The chart below sets out which departments are getting the biggest increase in their day-to-day budgets. The second chart maps the biggest increases in capital spending. Defence A major recipient of funds is the Ministry of Defence. 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NHS The chancellor announced an extra £29bn a year will be spent on the NHS, an annual rise of 3% on current levels. She says she is increasing the NHS technology budget by almost 50%, and £10bn to bring the "analogue health system into the digital age". The department in control of the NHS, the Department of Health and Social Care, is also a "real big winner", Sky News' data and economics editor Ed Conway says. Day-to-day spending will rise 2.8%, while there will be no increase in capital expenditure. Asylum and border security The chancellor says border security funding will increase, with up to £280m more per year by the end of the spending review for the new Border Security Command. She said the Home Secretary Yvette Cooper will end hotels being used to house asylum seekers by 2029. 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School-based nurseries have been given £370m. The core schools budget is rising by £3.5bn a year. Housing Government funding of social and affordable housing has been allocated £39bn, over the next 10 years - which Ms Reeves called the "biggest cash injection into social housing in 50 years". She says she is providing an additional £10bn for financial investments, to be delivered through Homes England, to help unlock hundreds of thousands more homes. Energy A commitment to nuclear power was reiterated, with £30bn allocated. Of this, £14.2bn is being poured into the Sizewell C nuclear power station - which was announced earlier this week - on the Suffolk coastline. Another £2.5bn will be invested in a new small modular reactor programme. Science and technology The chancellor says she wants the country's high-tech industries in Britain to continue to lead the world in the years to come. Research and development funding will go to a record high of £22bn a year by the end of the spending period. Artificial Intelligence The chancellor has backed "home-grown AI" with a £2bn investment. She says the technology has the potential to "solve diverse and daunting challenges" and create "good jobs". Transport The chancellor announced £15bn for new rail, tram and bus networks across the West Midlands and the North. She's also given the green light to a new rail line between Liverpool and Manchester. She says investments in buses, train stations, metro lines and transit will be made in places including Rochdale, Merseyside, Birmingham and West Yorkshire. In London, Ms Reeves says there will be a "four-year settlement" for the Transport for London and a "fourfold increase" in local transport grants by the end of this parliament. As expected, the £3 bus cap has been extended to March 2027. It had been £2 up to the end of 2024. Justice To fund 14,000 new prison places, £7bn will be invested, with £700m a year going to reform the probation system. In order to reach the goal of 13,000 more police officers in England and Wales, £2bn will be allocated. Nations • Scotland has been allocated £52bn • Northern Ireland has been allocated £20bn • Wales has been allocated £23bn.
