Latest news with #Schehzad
Time of India
2 days ago
- Business
- Time of India
ADB approves $800 million package for Pakistan
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Asian Development Bank (ADB) approved USD 800 million for Pakistan to strengthen fiscal sustainability and improve public financial management , an official said on Schehzad, advisor to the finance minister confirmed the development in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG).He said, "ADB approves USD 800 million financing package for Pakistan" under the Resource Mobilisation Reform the Philippines-based lender also confirmed the development in a statement, saying that subprogramme 2 of the "Improved Resource Mobilisation and Utilisation Reform Programme" includes a policy-based loan of USD 300 million, and ADB's "first-ever policy-based guarantee" of up to USD 500 million, which is expected to mobilise financing of up to USD 1 billion from commercial banks."Pakistan has made significant progress in improving macroeconomic conditions," said ADB country director for Pakistan, Emma Fan. "This programme backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth."The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management."It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending," it ministry officials, The Express Tribune newspaper reported that it aims to enhance domestic resource mobilisation and stabilise the economy through financial support will help improve the tax system, increase revenues, and promote fiscal discipline. The programme is also expected to broaden the country's revenue base and marks a key step toward economic self-reliance. PTI
Express Tribune
29-05-2025
- Business
- Express Tribune
Budget 2025–26 to be presented on June 10, reaffirms advisor to FM
Listen to article Advisor to the Finance Minister Khurram Schehzad has clarified that budget 2025–26 will be presented on June 10 as scheduled, dismissing media reports suggesting a delay due to Eidul Azha holidays. According to reports from several media outlets, the budget—initially expected to be presented on June 2—was reportedly rescheduled to June 12 because of Eidul Azha holidays, which is to fall on June 7. However, Schehzad reaffirmed via a post on X that no such decision has been made to delay or reschedule the budget. 'As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025,' he wrote. 'Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.' As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025. Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.@Financegovpk @PakPMO#PakistanBudget #EconomicSurvey #MoF — Khurram Schehzad (@kschehzad) May 29, 2025 Additionally, Finance Secretary Imdadullah Bosal confirmed that the budget will indeed be presented on June 10. Speaking to the media on Thursday, Bosal mentioned that while the date for the Annual Plan Coordination Committee (APCC) meeting has not yet been finalised, and the date of the National Economic Council (NEC) meeting may still change, the budget schedule itself is firm. Read more: Zil Hajj moon not sighted in Pakistan, Eidul Azha to be observed on June 7 The Central Ruet-e-Hilal Committee announced on Tuesday that the Zil Hajj moon was not sighted in the country, and Eidul Azha will therefore be celebrated on June 7. Government usually declares at least three days of public holidays for Eidul Azha, during which Muslims perform religious rituals, including the sacrifice of animals. This year, the third day of Eid will fall on June 9 — the same day the government plans to release the Economic Survey.
Business Recorder
24-05-2025
- Business
- Business Recorder
FY26 budget on June 10
ISLAMABAD: Pakistan government will present its budget for the financial year 2025-26 on Tuesday, June 10, 2025, Khurram Schehzad, the finance minister's adviser, said on Friday. He wrote in a post on X, 'The Federal Budget for FY 2025–26 of Pakistan will be presented on June 10, 2025'. 'The Pakistan Economic Survey 2024–25 will be released a day before the Federal Budget, on June 9, 2025,' Schehzad said. Earlier it was expected that Finance Minister Muhammad Aurangzeb will present the budget in National Assembly on June 2, before Eidul Adha. Copyright Business Recorder, 2025
Business Recorder
23-05-2025
- Business
- Business Recorder
Pakistan govt to present budget for FY2025-26 on June 10
Pakistan government will present its budget for the financial year 2025-26 on Tuesday, June 10, 2025, Khurram Schehzad, the finance minister's adviser, said on Friday. 'The Federal Budget for FY 2025–26 of Pakistan will be presented on June 10, 2025,' he wrote in a post on X. 'The Pakistan Economic Survey 2024–25 will be released a day before the Federal Budget, on June 9, 2025,' Schehzad said.
Mint
02-05-2025
- Business
- Mint
India asks IMF to review loans disbursed to Pakistan amid cross-border tensions after Pahalgam attack
India has asked the International Monetary Fund to review loans disbursed to Pakistan, an Indian government source told Reuters on Friday, as tensions between the South Asian neighbours escalated following a deadly attack in Kashmir. India and Pakistan have announced a raft of measures after an attack on Hindu tourists in Indian Kashmir last week killed 26 men and there is a fear that the latest crisis between the nuclear-armed rivals could spiral into a military conflict. New Delhi has identified the three attackers, including two it says are Pakistani nationals, as "terrorists". Islamabad has denied any role and called for a neutral investigation. India suspended a critical river water sharing treaty and the two countries have closed their airspace to each other's airlines. Pakistan secured a $7 billion bailout programme from the IMF last year and was granted a new $1.3 billion climate resilience loan in March. The programme is critical to the $350 billion economy and Pakistan said it has stabilized under the bailout that helped it stave off a default threat. India raised concerns with the IMF on its loans to Pakistan, asking for a review, a government source told Reuters without elaborating. The IMF and India's finance ministry did not immediately respond to a request for comment. The advisor to Pakistan's finance minister said the IMF programme is "well on track". "The latest review has been done well and we are completely on track," advisor Khurram Schehzad, told Reuters, adding that Pakistan had very productive spring meetings with financial institutions in Washington. "We did about 70 meetings ... interest has been very high for investing and supporting Pakistan as the economy turns around," Schehzad said. The soaring tensions between the two countries has drawn global attention and calls for cooling tempers. U.S. Vice President JD Vance said on Thursday that Washington hoped Pakistan would cooperate with India to hunt down Pakistan-based assailants. Muslim-majority Kashmir is claimed in full by both Hindu-majority India and Islamic Pakistan, but each rules it in parts. While New Delhi accuses Pakistan of backing an uprising in Indian Kashmir since 1989, Pakistan says it only offers diplomatic and moral support to a Kashmiri demand for self-determination. First Published: 2 May 2025, 10:17 PM IST
