Economic news

Pakistan reviews FY2024 budget as last ditch effort to clinch IMF deal

2023.06.24 08:52

2/2

© Reuters. FILE PHOTO: Pakistan’s Finance Minister Ishaq Dar leaves after a post-budget press briefing for the 2023/24, in Islamabad, Pakistan June 10, 2023. REUTERS/Ariba Shahid/File Photo

2/2

By Asif Shahzad

ISLAMABAD (Reuters) – Pakistan introduced a number of changes to its fiscal 2024 budget on Saturday, said Finance Minister Ishaq Dar, in a last-ditch effort to clinch a stalled rescue package with the International Monetary Fund.

“Pakistan and IMF had detailed negotiations as a last effort to complete the pending review,” he told parliament.

For the fiscal year starting next month, Pakistan will raise a further 215 billion rupees ($752 million) in new tax and cut 85 billion rupees ($300 million) in spending, as well as a number of other measures to shrink fiscal deficit, he said.

The review came a day after Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.

About a week remains before the IMF’s Extended Fund Facility agreed in 2019 expires on June 30.

Under the $6.5 billion facility’s ninth review, negotiated earlier this year, Pakistan has been trying to secure $1.1 billion of funding stalled since November.

($1 = 286.0000 Pakistani rupees)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,097.26 0.08%
ethereum
Ethereum (ETH) $ 1,903.02 0.10%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.32 2.36%
bnb
BNB (BNB) $ 580.26 0.13%
solana
Solana (SOL) $ 126.11 0.70%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.718494 1.01%
dogecoin
Dogecoin (DOGE) $ 0.16961 1.00%
tron
TRON (TRX) $ 0.221499 1.52%
staked-ether
Lido Staked Ether (STETH) $ 1,898.75 0.01%
pi-network
Pi Network (PI) $ 1.60 8.43%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,983.23 0.01%
leo-token
LEO Token (LEO) $ 9.74 0.13%
chainlink
Chainlink (LINK) $ 13.98 4.01%
stellar
Stellar (XLM) $ 0.278923 0.04%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.192427 2.88%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,274.76 0.35%
avalanche-2
Avalanche (AVAX) $ 18.71 1.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.51%
sui
Sui (SUI) $ 2.23 3.24%
the-open-network
Toncoin (TON) $ 2.81 1.12%
litecoin
Litecoin (LTC) $ 90.43 0.10%
bitcoin-cash
Bitcoin Cash (BCH) $ 332.54 0.41%
polkadot
Polkadot (DOT) $ 4.15 2.47%
mantra-dao
MANTRA (OM) $ 6.26 3.20%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.06%
weth
WETH (WETH) $ 1,902.18 0.12%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999854 0.01%
bitget-token
Bitget Token (BGB) $ 4.31 1.95%
hyperliquid
Hyperliquid (HYPE) $ 13.77 9.57%
whitebit
WhiteBIT Coin (WBT) $ 28.23 1.19%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,020.28 0.23%
monero
Monero (XMR) $ 208.30 0.40%
uniswap
Uniswap (UNI) $ 5.89 1.45%
susds
sUSDS (SUSDS) $ 1.04 0.05%
dai
Dai (DAI) $ 0.999776 0.01%
near
NEAR Protocol (NEAR) $ 2.64 0.01%
aptos
Aptos (APT) $ 5.21 0.85%
pepe
Pepe (PEPE) $ 0.000007 3.32%
ethereum-classic
Ethereum Classic (ETC) $ 18.20 2.16%
okb
OKB (OKB) $ 45.33 7.60%
ondo-finance
Ondo (ONDO) $ 0.856524 1.21%
internet-computer
Internet Computer (ICP) $ 5.58 0.41%
aave
Aave (AAVE) $ 167.37 3.89%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,101.27 0.04%
gatechain-token
Gate (GT) $ 20.45 0.29%
mantle
Mantle (MNT) $ 0.724092 3.29%
official-trump
Official Trump (TRUMP) $ 11.67 8.17%