Saudi Minister of Finance holds press briefing on IMFC
Watch Live: Saudi Minister of Finance and IMFC Chair Mohammed Aljadaan and IMF Managing Director Kristalina Georgieva hold a press briefing on the International Monetary and Financial Committee.
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Arab News
3 hours ago
- Arab News
Pakistan shares range bound amid uncertainty over budget announcement
ISLAMABAD: The Pakistan Stock Market witnessed a range-bound session today, Tuesday, with the index fluctuating within a narrow band amid uncertainty surrounding the budget announcement. Pakistan will unveil its annual federal budget for the coming fiscal year on Tuesday evening, seeking to kickstart growth while finding resources for an expected hike in defense expenditure following a military conflict with India last month, the worst between the nuclear-armed neighbors in decades. Islamabad will also have to contend with remaining within the discipline of its International Monetary Fund program and the uncertainty from new trade tariffs being imposed by the United States, its biggest export market. 'The index recorded an intraday high of 970 points and a low of 51 points, eventually closing at 122,024 — gaining 383 points or 0.32 percent,' brokerage house Topline Securities said in its daily market review. 'Market participation remained healthy, with total traded volume reaching 591 million shares and a traded value of PKR 21 billion.' Media reports say the government is likely to present a 17.6 trillion rupee ($62.45 billion) budget for the fiscal year beginning July 1, down 6.7 percent from this fiscal year. It has projected a fiscal deficit of 4.8 percent of GDP, against a targeted 5.9 percent deficit in 2024-25, the reports say. Analysts said they expect an increase of around 20 percent in the defense budget, likely offset by cuts in development spending. Pakistan allocated 2.1 trillion Pakistani rupees($7.45 billion) for defense in the outgoing fiscal year, including $2 billion for equipment and other assets. An additional 563 billion rupees ($1.99 billion) was set aside for military pensions, which are not counted within the official defense budget. The government of Pakistani Prime Minister Shehbaz Sharif has projected 4.2 percent economic growth in 2025-26, saying it has steadied the economy, which had looked at risk of defaulting on its debts as recently as 2023. Growth this fiscal year is likely to be 2.7 percent, against an initial target of 3.6 percent set in the budget last year. Pakistan's growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8 percent and 6.0 percent growth is expected in 2025, according to the Asian Development Bank. With inputs from Reuters
Arab News
10 hours ago
- Arab News
Pakistan likely to hike defense spending but slash overall budget in 2025-26
ISLAMABAD: Pakistan will unveil its annual federal budget for the coming fiscal year later on Tuesday, seeking to kickstart growth while finding resources for an expected hike in defense expenditure following the conflict with India last month. Islamabad will also have to contend with remaining within the discipline of its International Monetary Fund program and the uncertainty from new trade tariffs being imposed by the United States, its biggest export market. Media reports say the government is likely to present a 17.6 trillion rupee ($62.45 billion) budget for the fiscal year beginning July 1, down 6.7 percent from this fiscal year. It has projected a fiscal deficit of 4.8 percent of GDP, against a targeted 5.9 percent deficit in 2024-25, the reports say. Analysts said they expect an increase of around 20 percent in the defense budget, likely offset by cuts in development spending. Pakistan allocated 2.1 trillion Pakistani rupees ($7.45 billion) for defense in the outgoing fiscal year, including $2 billion for equipment and other assets. An additional 563 billion rupees ($1.99 billion) was set aside for military pensions, which are not counted within the official defense budget. India's defense spending in its 2025–26 (April-March) fiscal year was set at $78.7 billion, a 9.5 percent increase from the previous year, including pensions and $21 billion earmarked for equipment. It has indicated it will step up expenditure following the May conflict with Pakistan. The government of Pakistani Prime Minister Shehbaz Sharif has projected 4.2 percent economic growth in 2025-26, saying it has steadied the economy, which had looked at risk of defaulting on its debts as recently as 2023. Growth this fiscal year is likely to be 2.7 percent, against an initial target of 3.6 percent set in the budget last year. Pakistan's growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8 percent and 6.0 percent growth is expected in 2025, according to the Asian Development Bank. RATE CUTS NOT ENOUGH Expansion of the economy should be aided by a sharp drop in the cost of borrowing, the government says, after a succession of interest rate cuts by the central bank. But economists warn that monetary policy alone may not be enough, with fiscal constraints and IMF-mandated reforms still weighing on investment. Finance Minister Muhammad Aurangzeb said on Monday that he wanted to avoid Pakistan's boom and bust cycles of the past. 'The macroeconomic stability that we have achieved, we want to absolutely stay the course,' he said. 'This time around we are very, very clear that we do not want to squander the opportunity.' The budget is expected to prioritize expanding the tax base, enforcing agriculture income tax laws, and reducing government subsidies to industry, to meet the terms of a $7 billion IMF bailout signed last summer. Just 1.3 percent of the population paid income tax in 2024, according to the tax authorities, with agriculture and the retail sector largely outside of the tax net. The IMF has urged Pakistan to widen the tax base through reforms which include taxing agriculture, retail, and real estate. Ahmad Mobeen, senior economist at S&P Global Market Intelligence, said that he expected the revenue target for 2025-26 will be missed. 'The shortfall will mostly be owing to lack of optimal implementation of announced measures as well as absence of meaningful structural reforms to widen the tax net in general,' said Mobeen. ($1 = 281.8400 Pakistani rupees)
Leaders
21 hours ago
- Leaders
AI-Powered Baseer Platform: Cutting-Edge Technology for Efficient Hajj Crowd Management
The Baseer platform has emerged as a sophisticated, AI-driven system that diligently monitors every moment within the two holy mosques. More than a technological solution, it acts as a dynamic, living presence—supporting pilgrims in their religious rituals with peace and reverence while safeguarding their well-being. Additionally, it stands as a testament to a national vision rooted in foresight and respect for human dignity. SDAIA Developed by the Saudi Data and Artificial Intelligence Authority (SDAIA) in partnership with the Ministry of Interior, Baseer represents the Kingdom's broader mission to harness modern technology for the benefit of humanity. The platform also has been instrumental in swiftly locating missing individuals—adults and children alike—reuniting them with their families and significantly reducing search times. This has brought comfort and reassurance to countless pilgrims. Beyond its role in locating missing persons, Baseer plays a critical part in managing crowds within the holy sites. By easing congestion during peak periods and facilitating smooth movement through corridors and courtyards, it allows worshippers to perform their rituals in a calm, safe, and dignified setting—free from overcrowding or disruption. Powered by advanced AI and computer vision technologies, the platform equips authorities with real-time insights to anticipate incidents, allocate resources efficiently, and make informed decisions that prioritize safety and order. Baseer is more than a digital platform; it exemplifies the seamless integration of technology and human-centered service. It enhances the spiritual journey by providing a secure, respectful environment aligned with the sanctity of the place and the sacredness of the time. Finally, through Baseer, Saudi Arabia reaffirms its dedication to delivering a safe, efficient, and spiritually enriching Hajj experience. Related Topics: SFDA, SDAIA Sign MoU to Boost Data, AI Collaboration Saudi Interior Min.: Tourism Companies Deceive Pilgrims, Encourage Hajj Violations Riyadh Global Health Exhibition to Bring Together Int'nal Healthcare Experts Intensive Preparations for Smooth, Safe Hajj Season: Mecca Deputy Governor Short link : Post Views: 1
