Latest news with #macroeconomicStability
Arab News
3 days ago
- Business
- Arab News
Pakistan reaffirms commitment to macroeconomic stability as Ipsos survey shows rising consumer trust
KARACHI: Pakistan on Sunday reaffirmed its commitment to macroeconomic stability after Ipsos, a Paris-based global market research and consultation firm, said consumer confidence grew in the South Asian country in the second quarter of this year. The Ipsos survey revealed a significant surge in consumer confidence, with 42% of Pakistanis now believing the country is heading in the right direction — the highest level recorded in six years. Perceptions of the economy being strong reached their most favorable levels since August 2019, and optimism overtook pessimism that marked a key psychological shift among the population, according to the survey. Pakistan's Finance Minister Muhammad Aurangzeb said the 'encouraging' data reflected the success of his government's disciplined and targeted macroeconomic strategy implemented over the last 14 months. 'He highlighted that consumer confidence in making major purchases and investments has doubled compared to the same period last year, indicating that households are beginning to feel more secure in their financial prospects. Similarly, confidence in job security is now at its highest since 2019, a sign that labor market conditions are gradually stabilizing in response to pro-growth policies and reforms,' the finance ministry said. 'Senator Aurangzeb reaffirmed that the government remains committed to maintaining macroeconomic stability, accelerating structural reforms, and ensuring that economic growth translates into real and inclusive progress for all citizens.' The development comes amid stabilization of key economic indicators, including inflation, exchange rate, foreign exchange reserves and fiscal discipline, that has led a renewed public trust in Pakistan, which is currently on path to economic recovery under a $7 billion International Monetary Fund (IMF) program secured in Sept. last year. Aurangzeb pointed out that this upswing in consumer confidence spans across urban and rural areas, and is particularly evident among youth and women, demonstrating the broad-based nature of the economic turnaround. He linked this optimism to sustained government efforts to create an enabling environment to enhance private sector growth, exports, social protection and financial inclusion. 'The findings of the IPSOS survey are a timely validation of Pakistan's economic direction and a clear signal that the country is on a steady path toward recovery and resilience,' the minister said.
Zawya
28-05-2025
- Business
- Zawya
IMF, Egypt make progress on 5th review talks under EFF
An International Monetary Fund (IMF) staff mission concluded its visit to Cairo, which took place from May 6th to 18th, after holding constructive discussions with Egyptian authorities on the country's economic and financial policies under the Extended Fund Facility (EFF) arrangement, the IMF announced. Led by IMF Chief Mission Vladkova Hollar, the visit yielded 'good progress' toward assessing Egypt's economic performance and the implementation of its policy commitments. However, talks will continue virtually to finalize the remaining policy elements required for the completion of the fifth review. 'Egypt has made substantial progress toward macroeconomic stability,' Hollar said in a statement following the mission. She noted that growth is expected to strengthen further, with the IMF raising its forecast for fiscal year (FY) 2024/2025 to 3.8%, reflecting stronger-than-expected performance in the first half (H1) of the year. The IMF welcomed Egypt's fiscal discipline, especially the improved oversight of large public infrastructure projects, which has helped keep total public investment spending within limits set for July to December 2024. Hollar praised the government's recent reforms to modernize tax and customs procedures, noting that they are starting to yield positive results. She emphasized the importance of further revenue mobilization through broadening the tax base and streamlining exemptions to enable greater spending on development and social priorities. The fund also commended Egypt's work on a medium-term debt management strategy aimed at improving fiscal transparency and easing the burden of debt service. With macroeconomic stabilization taking hold, the IMF stressed the need for deeper structural reforms. The IMF also underlined the importance of improving the business environment to support long-term resilience and job creation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
28-05-2025
- Business
- Arab News
IMF says Egypt making progress, still needs to widen tax base
CAIRO: Egypt has made progress toward macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund said on Tuesday after a review mission to the country. An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8 billion financial support agreement signed in March 2024. 'Egypt has made substantial progress toward macroeconomic stability,' said IMF Mission Chief for Egypt Vladkova Hollar, who led the team. 'Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8 percent, in light of the stronger-than-expected outturn in the first half of the year,' Hollar said in a statement. A Reuters poll of 17 analysts last month also forecast growth of 3.8 percent in the 2024/25 fiscal year, which began in July. Egypt's central bank said last week the economy grew by 4.3 percent in the October-December quarter and projected it would grow by 5.0 percent in January-March. The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure. The authorities were working to modernize and streamline tax and customs procedures, it added. 'These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions,' it added. The IMF approved its fourth review of the program in March, unlocking a disbursement of $1.2 billion.
Zawya
28-05-2025
- Business
- Zawya
IMF says Egypt making progress, still needs to widen tax base
CAIRO: Egypt has made progress towards macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund said on Tuesday after a review mission to the country. An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8 billion financial support agreement signed in March 2024. "Egypt has made substantial progress toward macroeconomic stability," said IMF Mission Chief for Egypt Vladkova Hollar, who led the team. "Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8%, in light of the stronger-than-expected outturn in the first half of the year," Hollar said in a statement. A Reuters poll of 17 analysts last month also forecast growth of 3.8% in the 2024/25 fiscal year which began in July. Egypt's central bank said last week the economy grew by 4.3% in the October-December quarter and projected it would grow by 5.0% in January-March. The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure. The authorities were working to modernize and streamline tax and customs procedures, it added. "These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions," it added. The IMF approved its fourth review of the programme in March, unlocking a disbursement of $1.2 billion. (Reporting by Patrick Werr and Jaidaa Taha; Editing by David Gregorio)
Reuters
27-05-2025
- Business
- Reuters
IMF says Egypt making progress, still needs to widen tax base
CAIRO, May 27 (Reuters) - Egypt has made progress towards macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund said on Tuesday after a review mission to the country. An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8 billion financial support agreement signed in March 2024. "Egypt has made substantial progress toward macroeconomic stability," said IMF Mission Chief for Egypt Vladkova Hollar, who led the team. "Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8%, in light of the stronger-than-expected outturn in the first half of the year," Hollar said in a statement. A Reuters poll of 17 analysts last month also forecast growth of 3.8% in the 2024/25 fiscal year which began in July. Egypt's central bank said last week the economy grew by 4.3% in the October-December quarter and projected it would grow by 5.0% in January-March. The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure. The authorities were working to modernize and streamline tax and customs procedures, it added. "These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions," it added. The IMF approved its fourth review of the programme in March, unlocking a disbursement of $1.2 billion.
