IMF to hold virtual discussions on Pakistan's budget after approving $1.023 billion tranche
The International Monetary Fund (IMF) will hold virtual discussions on Wednesday to review Pakistan's upcoming
budget
, after postponing its visit to Islamabad due to security concerns in the region.
Meanwhile, Pakistan's central bank confirmed that the IMF has released a second tranche of $1.023 billion under the Extended Fund Facility programme.
The federal government is expected to present the budget for the 2025–26 fiscal year on June 2. IMF talks will continue until May 16. The central bank said the $1.023 billion second tranche will be included in the foreign exchange reserves for the week ending May 16.
The IMF board approved this amount last week under the ongoing Extended Fund Facility, alongside an additional $1.4 billion Resilience and Sustainability Facility arrangement.
The funds' release followed the IMF's positive assessment of Pakistan's economic reform programme's first review under the EFF Arrangement. The bank noted, "Fiscal performance has been strong, with a primary surplus of two per cent of gross domestic product achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 per cent of GDP."
Government sources informed The Express Tribune on Tuesday that the IMF has appointed a new mission chief to Pakistan, with the mission expected to visit Islamabad over the weekend, subject to security conditions.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Scarlett Johansson, 40, Shows Off Her Real Size In A New Vacation Photos
33 Bridges
Undo
The mission's scheduled Tuesday arrival was postponed due to air travel disruptions caused by ongoing India-Pakistan tensions.
Sources told PTI, "Virtual discussions are expected to be held from today. For the second and final leg of the talks, the IMF team is expected to arrive in Islamabad on Saturday and stay until May 23."
The IMF has selected Iva Petrova, a staff member of Bulgarian origin, as the new Mission Chief to Pakistan.
She will participate in discussions alongside outgoing Mission Chief Nathan Porter, who served an extended term.
The IMF has requested Pakistan to prepare a budget targeting a primary surplus of 1.6% of GDP, necessitating generation of approximately Rs 2 trillion above non-interest expenses. The Federal Board of Revenue's (FBR) tax target is proposed at 11% of GDP, or Rs 14.3 trillion.
The IMF has set several fiscal conditions, which Pakistan has met so far, keeping the programme on track despite initial setbacks, as per the bank.
Last week, India abstained from voting at the International Monetary Fund's Executive Board meeting, expressing serious concerns about IMF bailout packages for Pakistan. India highlighted Pakistan's status as a long-term IMF borrower with poor compliance regarding programme conditions.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
35 minutes ago
- Time of India
UP releases academic calendar 2025-26 for state universities and colleges
Lucknow: The UP govt on Monday released the academic calendar for 2025-26 for the state universities and their associated colleges. Accordingly, classes for newly enrolled students in the first semester will begin on July 26. For those in the third and fifth semesters, teaching will begin on July 21. Universities have been asked to finish admissions by July 24. An order by principal secretary, higher education, MP Agarwal said that universities must conduct a one-week induction programme as per UGC guidelines before and after classes from July 26-30. Agarwal directed the registrar of the universities to ensure that NEP 2020 is implemented in all courses except law and medicine. Universities and colleges have been asked to prepare their annual activity calendar in view of the academic calendar and upload it on their website, according to which all the curricular and non-curricular activities will be conducted throughout the year. Directives have been issued to universities to begin evaluation simultaneously with the examinations and finish it within a week after examinations end. Universities must complete non-academic activities without disrupting the teaching work. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Women In The World Undo In situations where there are fewer teaching days, universities must conduct extra classes, both offline and online. University examinations will be conducted twice a year, from Nov 11, 2025, to Dec 10, 2025 (Odd semester), and Apr 11, 2026, to May 10, 2026 (Even semester and annual exam). Universities are recommended to make a list of courses available on SWAYAM for minor papers and skill courses. Students can study these courses selected by their universities on SWAYAM for free and appear for examinations. All universities will map the courses online on SWAYAM and upload their list on the website and ensure its credit transfer. Agarwal instructed the universities to close all admissions by July 26. The registrar will be held responsible for any delay in the admissions. If a student is unable to take admission due to pending results for exams like CUET, then the university can permit such students if seats are vacant. The order also said that teachers should conduct the continuous internal evaluation (CIE) of the students along with teaching work. The university will not conduct any kind of mid-term examinations or internal examinations for CIE. Instead of examinations for evaluation, teachers will carry out a comprehensive evaluation of students based on suggestions given by the govt. In addition, the controller of examinations has been asked to ensure transparency in practical examinations, for which all educational institutions will live stream or upload practical examinations on their institution's YouTube channel (to be created in case institutions don't have one). Agarwal suggested that all universities conduct the examination of the odd semester in written, descriptive mode and the examination of the even semester in multiple-choice question (MCQ) mode. This, he said, will ensure the timely completion of examinations and results.
Time of India
35 minutes ago
- Time of India
Granite polishing units in Prakasam fear closure
1 2 Vijayawada: Thousands of daily workers in Chimakurthy, a granite town in Prakasam district, are struggling to find work as small and medium-sized granite polishing units face the threat of closure due to the entry of big companies into the polishing segment. These small and medium units, numbering around 200, have been handling a substantial volume of business for the past three to four decades, procuring stocks from granite quarries and selling the polished granite to exporters. The polishing units have been responsible for cutting, polishing, and managing equipment and manpower costs, while quarry owners have made direct profits from exporters. This system allowed exporters to enjoy profit margins without investing in labor and machinery. The middle-segment polishing units have been creating massive employment opportunities for both locals and migrant workers, with approximately two lakh people working in various polishing and cutting units in and around Chimakurthy. Each small polishing unit used to handle around 20,000 cubic meters of stock and purchase about 200 containers of stock from quarry managements, supplying the polished granite to big exporters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors Qualify For the New 87¢ Generic Viagra - See How Health Alliance by Friday Plans Learn More Undo However, the entry of big corporate firms into the polishing segment has altered the industry's dynamics. Each big firm is handling around 1 to 1.5 lakh cubic meters of stock, equivalent to the stock processed by nearly 15-20 small firms. According to sources, around 20 big companies have started operations in Prakasam district, each with the capacity to process about 1.5 lakh cubic meters of stone. This means that just 20 firms are processing a volume equivalent to that of 200 small companies. The big firms have the capacity to handle even more stock in the future due to their advanced machinery, which requires significantly less manpower. Each big unit is reportedly procuring over 150-200 containers of granite per month, equivalent to the entire stock procured by all the small units combined. The granite quarry owners are also supporting the big firms, reportedly making advance payments of Rs 2-4 crore per month. The small polishing unit owners are struggling to survive, and one owner, Raghunatha Reddy, stated that the entry of big firms with advanced machinery and their influence over quarry managements has crippled the industry. The small units cannot survive unless govt intervenes and provides them with some stock.
Time of India
35 minutes ago
- Time of India
ON SEP HIT LIST: Coaching centres, caste on campus
Chennai: The high-level committee headed by Justice D Murugesan to formulate a State Education Policy (SEP) for Tamil Nadu as a counter to Union govt's National Education Policy (NEP) has recommended banning of all coaching centres and tuition centres running parallel to schools and colleges by individuals and corporate companies in Tamil Nadu. "Schools and colleges may go redundant if proper action is not taken against such nefarious practices. These coaching centres do not come under the purview of any regulatory body of the govt. This is for immediate attention for the govt to act on by creating a regulatory body with appropriate powers," Justice Murugesan's committee said in its recommendations submitted to the state govt on July 1 last year. TOI accessed the report that the state govt is yet to make public. About two lakh students of Classes XI and XII take coaching for National Eligibility cum Entrance Test (NEET) for MBBS, Joint Entrance Examination (JEE) for IITs, and Common Admission Test (CAT). Several schools offer integrated coaching for students for competitive exams from Class VI. While implementing a blanket ban on private coaching looks impractical, the recommendation is likely to stir the education pot. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 일반인 중년 다이어트 진작할걸.. 자면서도 살 빠진다!! 비만체질 바꾸는 新효소 더 알아보기 Undo The 550-page report also includes recommendations to stopping reimbursement funding for private schools under RTE admissions and fixing the age of three years for pre-primary schools as of July 31. It suggests inclusion of material in the school curriculum to address the evil of caste system. "The curriculum should engage with structures of inequality in society and work towards equality. For the social goal of the annihilation of caste, it is imperative that the curriculum addresses the evil in our society," the report said. It proposes a body to regulate deemed to be universities in the state. The body will regulate their admission procedure, ensure a quota for students from within the state, fee structures determined by fee committees, emolument structures for teaching and non-teaching staff, adherence to the reservation policy of the state. It recommends restraining the entry of foreign universities as far as possible, as it poses "a great challenge to the present structure and concept of the universities in the state. " Other SEP recommendations include common age for school entry as five years, no common exams till Class X, continuation of three-year UG and two-year PG courses, introducing four-year degrees as only honours and research degrees, continuing with the two-language formula, changing the selection criteria of school teachers, introducing open book exams, and coming out with a mission for state higher education. SEP is against multiple entry and exits and suggests delaying the academic bank of credits. It also lays more importance on physical education.
