Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Good Fortune trailer
    Videos

    First Trailer for Aziz Ansari’s Good Fortune, Starring Keanu Reeves

    May 29, 2025 2 Min Read
    Last of Us Season 2
    Videos

    ‘The Last of Us’ Season 2 Premieres Date What to Expect From HBO’s Hit Series

    April 13, 2025 2 Min Read
    Disney Snow White box office
    Videos

    Snow White Teaser Drops: Gal Gadot and Rachel Zegler Shine

    February 22, 2025 1 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Pakistan’s Economic Quandary: IMF Calls for ‘Significant Additional Financing
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
IMF Pakistan Real Estate Tax
PhotoNews Pakistan > Pakistan > Pakistan’s Economic Quandary: IMF Calls for ‘Significant Additional Financing
PakistanTop News

Pakistan’s Economic Quandary: IMF Calls for ‘Significant Additional Financing

Web Desk
By Web Desk Published May 12, 2023 3 Min Read
Share
Pakistan's Flag and IMF's Emblem
SHARE

Critical extra funding is required for Pakistan to conclude the lengthy ninth review of the International Monetary Fund’s (IMF) rescue package, stated the IMF on Thursday.

Securing pledges of “substantial additional financing” is a prerequisite for the IMF’s approval to disburse the held-up bailout funds that Pakistan urgently needs to tackle a severe balance of payments crisis.

The agreement at the staff level to disburse a $1.1 billion slice from a $6.5 billion IMF package has been postponed since November. This marks almost 100 days since the last staff-level delegation visited Pakistan – the longest interval since at least 2008.

During a routine press conference, IMF spokesperson, Julie Kozack, expressed appreciation for the funding already promised by Pakistan’s foreign partners.

Assistance came Pakistan’s way in March and April, with pledges from the United Arab Emirates, Saudi Arabia, and China that will partially offset the funding shortfall.

As of Thursday, the reserves of Pakistan’s central bank plummeted by $74 million to a meager $4.38 billion, barely covering a month’s worth of imports.

“Our team is deeply involved with the Pakistani authorities, given that Pakistan is indeed facing a very difficult situation,” stated Kozack.

She elaborated on the economic challenges that Pakistan is grappling with, including stagflation, sizable financing needs, and a series of setbacks such as devastating floods.

An IMF spokesperson informed Bloomberg News that Pakistan has pledged to forgo implementing a cross-subsidy program. The government also plans to refrain from introducing new tax exemptions and has committed to “permanently allow” a market-based exchange rate for the rupee currency, as informed by the IMF to Bloomberg on Thursday.

Earlier in March, Prime Minister Shehbaz Sharif suggested that wealthier consumers should be charged more for fuel. The revenue raised from this initiative would be utilized to subsidize prices for the underprivileged who are struggling with inflation. This proposed scheme is perceived as one of the reasons for the delay in executing the IMF bailout.

The additional news feed was taken from “Reuters.”

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Dead Take 2025 psychological horror

Dead Take: Surgent Studios’ Psychological Horror Game Set for 2025 Release

Ayatollah Ali Khamenei Iran Nuclear Talks

Iran’s Khamenei Rejects US Nuclear Deal, Defends Uranium Enrichment

Adolescence

Adolescence Becomes Netflix’s Second Biggest English TV Series

Malir Jail Karachi Prisoner Escape

Sindh Orders Arrest of Malir Jail Constable in Massive Jailbreak Probe

Punjab solar panel guidelines 2025

Punjab Issues Solar Panel Installation Guidelines Amid Net Metering Cuts

Post Archives

More Popular from Photonews

Pakistan IMF tax relief 2025
Pakistan

Pakistan and IMF Near Tax Relief Deal for Salaried Class in 2025-26 Budget

3 Min Read
Pakistan war on cash 2025
Business

Pakistan’s Budget to Introduce Differential Tax Rates in War on Cash

3 Min Read
The Winds of Winter delay 2025
Entertainment

George RR Martin Addresses ‘The Winds of Winter’ Delay with Sarcastic Blog Post

3 Min Read
Pakistan

FIA Files Case Against Ex-NADRA Chief Tariq Malik Over $25M Corruption

The Federal Investigation Agency (FIA) registered a case against former National Database and Registration Authority (NADRA)…

June 4, 2025
Sports

Babar Azam’s Father Slams Kamran Akmal Over T20 Exclusion Comments

On May 30, 2025, Azam Siddique, father of Pakistan cricket star Babar Azam, sharply rebuked former…

May 30, 2025
Pakistan

Pakistan Launches Strategic Bitcoin Reserve

On May 28, 2025, Bilal Bin Saqib, Special Assistant to Pakistan’s Prime Minister on Blockchain and…

May 29, 2025
Tech

Israel Becomes First Nation to Shoot Down Drones with Laser

On June 1, 2025, Israel marked a historic milestone in modern warfare by becoming the first…

June 1, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?