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$7 billion deal: PM hopes that all IMF requirements are met on time

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Shehbaz Sharif, Pakistan’s prime minister, has stated that Pakistan intends to finish the present International Monetary Fund (IMF) program.

The prime minister told the federal cabinet on Tuesday, “Remember that this should be Pakistan’s last IMF program.” The PM emphasised throughout the meeting the necessity of continuing reforms to guarantee long-term economic stability and the government’s commitment to prompt fulfilment of IMF conditions.

He expressed optimism that the required steps to satisfy IMF requirements would be completed on time and said, “The case will soon go to the IMF board, and after approval, we will embark on a new journey.”

Shehbaz addressed the gathering, “Measures are being taken to meet the conditions of the IMF program,” emphasising the need to quicken the pace of gains that have already begun and declaring that Pakistan is progressively approaching economic recovery.

The people were given assurances by Prime Minister Shehbaz Sharif that Pakistan had ample resources and is capable of surmounting its difficulties. “I’m confident we’ll make it to our goal. He acknowledged that the road is challenging but not unachievable, saying that “nations have changed their fortunes through hard work.”

The prime minister observed that enormous adversity frequently results in notable advancement, reflecting on the challenges faced by other great nations. In addition to stressing the need of stopping smuggling and eliminating corruption in revenue collection, he underlined the gravity and resolve of the government’s efforts to stabilise the economy.

In order to cut back on needless spending, Prime Minister Sharif also demanded that the government expedite its right-sizing and downsizing projects. “We should push ahead with cost-cutting measures,” the PM emphasised.

Congratulating Finance Minister Ishaq Dar and other officials on their work in managing the economy, he asked the pertinent agencies to accelerate cost-cutting initiatives.

With the inflation rate dropping to 9.6% in August, he also emphasised a promising trend in inflation reduction. He indicated a slow recovery in the economy when he added, “The burden of inflation is gradually easing.”

To sum up, Prime Minister Shehbaz Sharif stressed the importance of proceeding swiftly with economic change, saying, “The journey is long, but with collective effort and determination, we can achieve our goals.”

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Pakistan Looks To China For Investment In Important Sectors: SIFC Encourages New Chinese Projects

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Due to the Special Investment Facilitation Council’s assistance, Chinese businessmen are showing a revived interest in Pakistan. Pakistan has recently sent high-ranking delegations to China to promote investment in industries such as renewable energy, medical equipment, leather, plastics, textiles, and plastics.

At port Qasim in Karachi, the Chinese solar panel manufacturer “Renesola Pakistan” intends to set up an assembly plant capable of producing up to 4 gigawatts of solar energy. An electric bike, scooter, and tricycle assembly plant is planned to be established in Khyber Pakhtunkhwa by the Xiamen Sino-Pak International consulting and investment firm.

Pakistan’s renewable energy sector is of interest to Hexing Electrical, and the Ruyi Shandong Group intends to develop textile parks that meet international standards. Pakistan will also see the establishment of factories by Rainbow Industries Limited and Shaoxing Chemical Industry.

An exploration memorandum on shale and tight gas potential has been inked by the oil and gas development business and CCDI.

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Pakistan experiences an increase in cement exports.

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Relative to 570,692 tons in the same month last year, the data that was made public shows that the exports increased by 71.52 percent to 978,871 tons.

Still, domestic cement sales were down 18% in September 2024, continuing the downward trend.

The month’s total cement sales were 3.540 million tons, down from 3.751 million tons in September 2023, a 5.63 percent annual decline.

In terms of total sales, domestic sales decreased by 19.78 percent to 8.130 million tons between July and September of 2024.

At the same time, 2.140 million tons of cement were exported, a 22.19 percent increase. Even while exports have increased, domestic sales have decreased for the fourth straight month.

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Pakistan’s deposit protection program now covers one million rupees.

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An increase in the guarantee sum for qualified depositors of member banks was announced by the Deposit Protection Corporation (DPC) on Tuesday. The increase was from Rs500,000 to Rs1 million.

All of the eligible depositors across the country would be afforded complete protection as a result of this improvement, which was approved by the board of directors of the DPC.

The decision was made with the intention of protecting the interests of depositors and fostering financial stability inside the country, according to the State Bank of Pakistan (SBP).

A whopping 77.7 million accounts held by member banks are now protected by the DPC as a result of this revised guarantee. This contributes to the protection of about 96% of the total account holders in the banking sector, which equates to approximately 80 million personal accounts.

A number of experts considered that the DPC’s guarantee was insufficient in protecting depositors, particularly during times of economic uncertainty. Previously, the DPC’s guarantee was restricted to a maximum of Rs500,000.

It is anticipated that the decision to raise the limit will boost the trust of depositors and encourage a greater number of persons to interact with the banking system. This means that the decision comes at a vital time.

To ensure that access to this safety net is uncomplicated and uncomplicated, it is important to note that the deposit protection facility is accessible to all eligible depositors at no additional cost.

To emphasize the significance of preserving a healthy banking environment, the guarantee will not be activated until the State Bank of Pakistan (SBP) declares a bank to be a failed organization.

The State Bank of Pakistan, also known as SBP Bank Bank depositors are protected by deposit protection charges (DPC) Deposit rates

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