IMF approves final tranche for Pakistan under stand-by agreement

International Monetary Fund (IMF) Completes Disbursement

The International Monetary Fund (IMF) Executive Board has approved the final tranche of $1.1 billion under the Stand-By Arrangement (SBA) for Pakistan. This disbursement, totaling SDR 828 million (approximately $1.1 billion), marks the completion of the second review under the SBA. The total disbursements under this arrangement now amount to SDR 2.250 billion (about $3 billion). The agreement for this disbursement was reached between the IMF and Pakistan following a Staff Level Agreement on March 20, 2024.

World Bank’s SARVP to Visit Pakistan

Martin Raiser, the South Asia Regional Vice President (SARVP) of the World Bank, is scheduled to visit Pakistan from May 6 to May 8, 2024. This visit aims to continue outreach activities for the ‘reforms for a brighter future’ initiative. Raiser will engage in dialogue on key policy areas such as fiscal sustainability, private sector growth, energy, agriculture, and climate change during his three-day visit to Islamabad and Khyber Pakhtunkhwa.

State Bank of Pakistan Maintains Monetary Policy

The State Bank of Pakistan (SBP) has decided to maintain its tight monetary policy by keeping the key interest rate unchanged for the seventh consecutive meeting. This decision was influenced by inflation concerns amid geopolitical risks and forthcoming fiscal measures.

Profit Repatriation Surges in Pakistan

According to data from the State Bank of Pakistan, profit and dividend repatriation on foreign investments in Pakistan surged by 256% to reach $830.5 million during the first nine months of the current fiscal year.

Budget Preparation for FY 2024-25

The Federal Board of Revenue (FBR) will initiate the budget preparation exercise for the fiscal year 2024-25 starting from the first week of May 2024.

Mari Petroleum Plans Mining Investment

Mari Petroleum Company Limited (MARI) has approved an investment of up to Rs2.5 billion in its subsidiary Mari Mining Company (Pvt) Ltd (MMC).

Aramco Acquires Stake in Gas & Oil Pakistan Ltd (GO)

The Competition Commission of Pakistan (CCP) has approved a 40% equity stake acquisition in Gas & Oil Pakistan Ltd (GO) by Aramco, marking Aramco’s entry into Pakistan’s fuels retail market.

K-Electric Seeks Additional Charges Approval

K-Electric (KE), Karachi’s sole power distribution company, has requested the National Electric Power Regulatory Authority (Nepra) to approve an additional fuel cost adjustment (FCA) charge of Rs18.86 per unit for the past seven months.

Kia Stonic EX+ Price Reduction

Lucky Motor Corporation (LMC) has announced a significant 24% price reduction for the Kia Stonic EX+ in Pakistan, effective from April 29, 2024.

Cement Industry Calls for Tax Waivers

The cement industry in Pakistan is seeking tax waivers to offset investments made in the Track and Trace System (TTS) following a government investigation.

Telecom Operator Jazz Completes Sukuk Issuance

Jazz, a telecom operator in Pakistan, has successfully completed a Rs 15 billion Sukuk issuance to support its “4G for all” digital initiatives.

Consumer Confidence Index Declines in April

The Consumer Confidence Index (CCI) in Pakistan fell by 2.4% in April 2024, according to the State Bank of Pakistan (SBP) Consumer Confidence Survey report.

Maulana Fazlur Rehman Supports PTI Rallies

Jamiat Ulema-i-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman expressed support for the Pakistan Tehreek-e-Insaf (PTI) in holding protests and rallies.

Oil Prices Dip Amid Geopolitical Talks and US Fed Policy Review

Oil prices edged down due to Israel-Hamas ceasefire talks and concerns about the US Federal Reserve’s interest rate outlook..

Disclaimer:

The information in this article is based on research by the respective news sources. All efforts have been made to ensure the accuracy of the data presented in this article. This report should not be considered investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.