Latest news with #IMF-guided
Business Recorder
5 days ago
- Business
- Business Recorder
Budget talks with IMF successful: PM Shehbaz
ISLAMABAD: Prime Minister Shehbaz Sharif said on Monday that talks with the International Monetary Fund (IMF) over the forthcoming federal budget had been successful, paving the way for a new phase of economic growth. Talking to a select group of journalists, Sharif said the government had stabilised the economy and would now shift its focus toward sustained development. 'We have achieved economic stability; now we must embark on the journey of economic development,' he said, claiming that no corruption cases had emerged during the current tenure of his Pakistan Muslim League-Nawaz (PML-N) government. IMF disagrees with Pakistan over key targets, subsidies ahead of budget Sharif also signalled readiness to engage in dialogue with India, proposing talks on four key issues: Kashmir, water, trade, and terrorism. 'Pakistan is willing to hold talks anywhere in the world,' he said, adding that Indian Prime Minister Narendra Modi's recent remarks were driven by domestic political pressure. 'We have taken our revenge for 1971 from India,' Sharif claimed, stating that Pakistan had shot down six aircraft, including four Rafale fighter jets. He further said the government was committed to implementing sustainable reforms across national institutions, aiming to transform Pakistan into a stable and competitive global economy. It is pertinent to mention that the federal budget for the next fiscal year is expected to be a reform-driven, IMF-guided document focused on economic stabilisation, balancing fiscal consolidation with targeted relief. Finance Minister Muhammad Aurangzeb is scheduled to present the budget in National Assembly on June 10, following a delay caused by protracted discussions with the IMF over tax relief. The budget was initially slated for June 2. Development spending under the Public Sector Development Programme (PSDP), originally set at Rs1.4 trillion – including Public-Private Partnership projects – has been revised downward twice, first to Rs1.25 trillion and later to Rs1.096 trillion. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
Budget talks with IMF successful: PM
ISLAMABAD: Prime Minister Shehbaz Sharif said on Monday that talks with the International Monetary Fund (IMF) over the forthcoming federal budget had been successful, paving the way for a new phase of economic growth. Talking to a select group of journalists, Sharif said the government had stabilised the economy and would now shift its focus toward sustained development. 'We have achieved economic stability; now we must embark on the journey of economic development,' he said, claiming that no corruption cases had emerged during the current tenure of his Pakistan Muslim League-Nawaz (PML-N) government. IMF disagrees with Pakistan over key targets, subsidies ahead of budget Sharif also signalled readiness to engage in dialogue with India, proposing talks on four key issues: Kashmir, water, trade, and terrorism. 'Pakistan is willing to hold talks anywhere in the world,' he said, adding that Indian Prime Minister Narendra Modi's recent remarks were driven by domestic political pressure. 'We have taken our revenge for 1971 from India,' Sharif claimed, stating that Pakistan had shot down six aircraft, including four Rafale fighter jets. He further said the government was committed to implementing sustainable reforms across national institutions, aiming to transform Pakistan into a stable and competitive global economy. It is pertinent to mention that the federal budget for the next fiscal year is expected to be a reform-driven, IMF-guided document focused on economic stabilisation, balancing fiscal consolidation with targeted relief. Finance Minister Muhammad Aurangzeb is scheduled to present the budget in National Assembly on June 10, following a delay caused by protracted discussions with the IMF over tax relief. The budget was initially slated for June 2. Development spending under the Public Sector Development Programme (PSDP), originally set at Rs1.4 trillion – including Public-Private Partnership projects – has been revised downward twice, first to Rs1.25 trillion and later to Rs1.096 trillion. Copyright Business Recorder, 2025
Express Tribune
22-04-2025
- Business
- Express Tribune
PSX holds ground amid cautious sentiment
Shares of 340 companies were traded. At the end of the day, 93 stocks closed higher, 233 declined and 14 remained unchanged. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) ended marginally higher on Tuesday as late-session selling pressure, driven by a bearish trend in global equities, a weakening rupee, and falling international crude oil prices capped earlier gains. The KSE-100 index opened on a positive note amid news of Finance Minister Muhammad Aurangzeb's reassurance to continue the IMF-guided reform agenda during the opening day of the World Bank Group's Spring Meetings. The index hit an intra-day high of 119,217 points before profit-taking pulled it down to an intra-day low of 118,162 points. At the close of trading, the index stood at 118,430.35 points, reflecting an increase of 46.97 points or 0.04%. Traded volume and value remained strong, with 740.9 million shares exchanged and a total turnover of Rs30.5 billion. According to Ahsan Mehanti of Arif Habib Corp, the market closed flat as late-session pressure weighed on sentiment. The downtrend was attributed to weakness in global markets, currency depreciation, and declining global crude oil prices. However, strong financial results supported the index. Mehanti noted that reports of an expected easing in the State Bank of Pakistan's monetary policy, the government's resolve on US tariff issues, and the anticipated release of the IMF support tranche next month also contributed to the positive close. Topline Securities, in its market review, stated that investor sentiment was supported by corporate earnings announced during the session, although activity remained subdued due to cautious trends in international markets. The index's performance was largely underpinned by gains in Fauji Fertiliser Company, Engro Holdings, Habib Metropolitan Bank, AGP Limited, and Atlas Honda Limited, which collectively contributed 733 points, Topline added. Investor participation remained robust, with 740 million shares traded and overall market turnover at Rs30 billion, the brokerage noted. Arif Habib Limited (AHL), in its commentary, observed that the index continues to trade within the "Tariff Gap," keeping the near-term outlook exposed to downside risks. Among the top gainers, Fauji Fertiliser Company rose 4.9%, Habib Metropolitan Bank climbed 5.78%, and AGP Limited gained 7.25%. On the other hand, UBL fell 4%, Meezan Bank declined 3.26%, and Engro Fertiliser dropped 1.8%, acting as major drags on the index. The Bank of Punjab shed 8.49% after announcing its 1QCY25 earnings per share (EPS) at Rs0.53, a 5% increase year-on-year. However, the absence of a dividend surprised the market, noted AHL. Engro Fertiliser also reported its 1QCY25 EPS at Rs2.17, down 63% year-on-year, alongside an interim cash dividend of Rs2.25 per share. Additionally, the brokerage highlighted that Pakistan's headline inflation for April 2025 is projected to fall sharply to 0.45% year-on-year, a historic low, down from 0.69% in March, based on SBP data across various base years. Ali Najib of Insight Securities described the session as a "Battle of Wills" between bullish and bearish forces, with both sides vying for dominance. Ultimately, the bulls gained the upper hand, albeit by a slim margin, as the index closed with a 47-point gain. Najib added that the market opened on a positive note, buoyed by news of Finance Minister Aurangzeb's assurance to IMF Managing Director Kristalina Georgieva regarding Pakistan's commitment to IMF-guided reforms. This pushed the benchmark to an intra-day high of 119,217 before profit-taking dragged it down to a low of 118,162 points. A total of 451 companies' shares were traded, of which 214 stocks closed higher, 196 fell, and 41 remained unchanged. The Bank of Punjab led in volume with 116.7 million shares traded, falling Rs0.97 to close at Rs10.45. It was followed by Power Cement, which gained Rs0.72 to close at Rs14.26 on a volume of 67.9 million shares, and Pakistan International Bulk Terminal, which declined Rs0.66 to close at Rs9.92 on 58.8 million shares. Foreign investors purchased shares worth Rs102.5 million during the day, according to data from the National Clearing Company of Pakistan Limited (NCCPL).
