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      Hamas says body of captive Shiri Bibas “mistakenly mixed” with others

      Hamas seeks ceasefire guarantees as Israel intensifies attacks in Gaza

      Uttar Pradesh Police book nearly 2,000 people for offering namaz on road

      Indian Govt imposes limitations on loudspeakers in Mumbai’s mosques

      India’s government faces no-confidence vote over ethnic clashes

      After SCO Quadrilateral Security Dialogue countries reject Indian allegation over Pakistan in Pehlgam attack

      Donald Trump elected US president in historic comeback

      Trump says Israel agrees to conditional ceasefire in Gaza, Trump

      Hamas attack kills 100 Israelis, Tel Aviv’s air strikes martyr more than 200 Palestinians

      Israel killed 95 Palestinians after bombing on aid sites, cafe, school in Gaza

      Pakistan downs 5 fighter jets, destroy brigade HQ in retaliation strikes

      India envoy blames political leadership for fighter jet crash in clash with Pakistan

      Pakistan congratulates Donald Trump for winning as US president

      Trump hopeful for Gaza ceasefire ‘next week’

      Children in Gaza surviving on bitter loaves made from animal feed

      Israel kills 549 aid seekers in this month

      Iran announces ceasefire against Israel, Trump declares its victory

      Iran arrests 26 more Israeli agents

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      Azerbaijan’s President arrives Islamabad on PM Shehbaz’s invitation

      Pakistan, Azerbaijan agree to enhance cooperation in trade, investment

      Govt lifts import ban on non-luxury items under IMF condition, Miftah

      Pakistan notifies duty cuts on imported luxury items

      Karachi: FBR seals over 30 shops for tax, PoS violations

      PM applauds FBR for collecting record tax revenue

      NEPRA notifies increase in power tariff for Karachiites

      NEPRA approves Rs1.15/unit cut in domestic electricity tariff

      Govt plans separate tax policy cell

      Rs3.5 trln tax collected from Karachi in FY24-25

      Petrol prices likely to increase up to Rs13 per litre

      Petrol prices likely to increase in Pakistan

      PM Shehbaz denounces Israeli aggression in Gaza, Lebanon and Iran

      PM welcomes Bloomberg report on Pakistan’s economic stability

      PPP breaks National Assembly quorum after controversy over resolution against canal project

      NA passes Rs 17.57tr budget 2025-26

      Bilawal hopes to get justice in presidential reference against ZA Bhutto’s death sentence

      Bilawal directs PPP lawmakers to vote in favour of budget 2025-26

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      Sean ‘Diddy’ Combs convicted on prostitution counts, but cleared of more serious charges

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      US revokes Bob Vylan’s visas after Glastonbury chants

      Police found skin glow, anti-ageing drugs from Shefali Jariwala’s residence after her mysterious death

      Police found skin glow, anti-ageing drugs from Shefali Jariwala’s residence after her mysterious death

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      Home BUSINESS

      IMF wants Pakistan to bring about massive fiscal adjustments amounting to Rs1,150bn

      Web Desk by Web Desk
      in BUSINESS, PAKISTAN
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      The International Monetary Fund (IMF) has asked the government to bring about massive fiscal adjustments amounting to Rs1,150bn to cut the budgetary deficit at 0.4% of the GDP.

      The $6 billion Extended Fund Facility (EFF) could only be revived provided the government demonstrates its ability to present and pass the next budget for 2020-21 to align with the IMF’s envisaged macroeconomic framework.

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      Any major deviation from the path of ‘fiscal discipline’ could derail the IMF programme by creating problems for completion of the second review and release of third tranche worth $450 million under the Fund’s EFF programme that was halted after the outbreak of COVID-19 pandemic because the economic realities of the country had changed massively.

      The IMF extended $1.4 billion under the Rapid Fund Instrument (RFI) to support and compensate Pakistan in the post coronavirus situation. Now Pakistan is seeking major relaxations in primary deficit/fiscal deficit targets to revive the stalled programme and it will be an achievement of the government if it convinces the IMF to allow a hike in the budget deficit as well as the primary deficit for the next budget 2020-21.

      The IMF prescription suggests that Islamabad requires massive fiscal adjustments of 2.5% of the GDP for bringing down its primary deficit from negative 2.9% of GDP to negative 0.4%, equivalent to almost Rs 1,150 billion in the next budget through different measures including the freezing of salaries and defence budget.

      “When G20 countries can cut down salaries of their public sector employees, why can’t Pakistan do it,” the IMF side raised the question before Pakistani side and argued that “charity begins at home” so the government must show its discipline before pursuing others and for creation of fiscal space for diverting resources towards combating COVID-19 pandemic.

      Pakistani authorities have replied that the inflation remained in double-digits and freezing of salaries did not seem like a feasible option. The government said that inflation has impacted the salaried class the most and 10-15% increase in salaries and pensions was inevitable.

      Pakistani has argued that the primary deficit could not be brought down in such a massive manner in one stroke. They suggested that the primary deficit could be reduced from a negative 2.9% of GDP to -1.2% of GDP in the next budget. The IMF envisages overall budget deficit at 6.6% of GDP for next budget 2020-21 against revised estimates of 9.6% of GDP for the outgoing fiscal year. Pakistani authorities told the IMF team that the budget deficit could be brought down 8 to 9% of GDP in the next fiscal year.

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      Voice of Sindh is an initiative designed to uncover the untold stories of Sindh. It aims to preserve and promote the diverse culture, heritage, history, and traditions that make Sindh the bastion of pluralism and progress.

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