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Govt making all-out efforts to put economy on path of sustainable growth: Dar

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  • “Pakistan was expected to become world’s 18th-strongest economy in 2016.”
  • The country, however, is facing serious economic challenges, Dar says.
  • “Pakistan will not default,” retreats finance minister.

ISLAMABAD: The federal government is making all possible efforts to steer the country out of a difficult situation and put the economy on the path of sustainable growth, Finance Minister Ishaq Dar has said.

Addressing an Iftar dinner hosted by the Islamabad Chamber of Commerce and Industry (ICCI) in honour of foreign diplomats, he said that friendly countries are expected to materialise their commitments with Pakistan that would pave the way to close the deal with the International Monetary Fund (IMF) and revive the economy.

In 2016, Pakistan was a rising economy as it was expected to become the world’s 18th-strongest economy, but is now facing serious economic challenges, the financial czar added. “Pakistan will not default and the government is making all possible efforts to steer it out of a difficult situation.”

Speaking on the occasion, ICC President Ahsan Zafar Bakhtawari urged the government to ensure consistency in economic policies that would enable the business community and investors to invest in Pakistan with confidence.

He assured that the business community would fully support the government in its efforts to revive the economy.

He highlighted the business and investment opportunities in Pakistan for diplomats and said that Pakistan is a huge market with over 220 million consumers and offered great investment opportunities in various sectors of its economy.

Zafar Bakhtawari, former President ICCI, said the business community is hopeful that Finance Minister Ishaq Dar will soon conclude a deal with the IMF that will enable Pakistan to cope with its current economic crisis.

He urged the government to work hard to end the country’s reliance on foreign loans and make it self-sufficient and assured that the business community would fully support in achieving this goal.

Atadjan Movlamov, Ambassador of Turkmenistan, Yerzhan Kistafin Ambassador of Kazakhstan, Khazar Farhadov Ambassador of Azerbaijan, Ulanbek Totuiaev Ambassador of Kyrgyzstan, Dr Mehmet Pacaci Ambassador of Turkey, Adam M Tugio Ambassador of Indonesia, Dr Ramez Alraee, Ambassador of Syria, and diplomats of many other countries including Saudi Arabia, Australia, Malaysia, Poland, Sri Lanka, Nepal, Republic of Turkish Northern Cyprus attended the Iftar dinner.

They appreciated the ICCI for hosting a magnificent Iftar dinner for them.

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Moody’s says the IMF programme will increase Pakistan’s foreign financing.

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Moody’s, a reputable international rating agency, has stated that Pakistan’s chances of acquiring funding will increase as a result of the recent agreement with the International Monetary Fund (IMF), which offers dependable sources for that purpose from both friendly countries and international financial institutions.

According to a recent Moody’s analysis on Pakistan’s economy, social unrest and tensions could result from Pakistan’s ongoing inflation. The country’s economic reforms may be hampered by increased taxes and potential changes to the energy tariff, it continued.

Moody’s, on the other hand, agrees that the coalition government headed by Shehbaz Sharif of the PML-N is in danger of failing to secure an election mandate, which may potentially undermine the successful and long-lasting execution of economic reforms.

The government’s capacity to proceed with economic changes may be hampered by societal unrest and poor governance, according to Moody’s.

In order to appease the IMF by fulfilling a prerequisite for authorising a rescue package, the government raised the basic tariff on electricity, which coincided with the most recent increase in fuel prices announced on Monday. This report was released by Moody’s.

Food costs have increased in the nation, where the vast majority is experiencing an unprecedented crisis due to the high cost of living, following the government’s earlier presentation of a budget that included a large increase in income tax for the salaried classes and the implementation of GST on commodities like milk.

The most recent comments were made following Islamabad’s achievement of a staff-level agreement for a $7 billion contract that spans 37 months and is contingent upon final approval by the IMF Executive Board.

It states that Pakistan will need foreign financing totaling about $21 billion in 2024–2025 and $23 billion in 2025–2026, meaning that the country’s present $9.4 billion in reserves won’t be sufficient to cover its needs.

Therefore, according to Moody’s, Pakistan is in an alarming position with regard to its external debt, and the next three to five years will be extremely difficult for the formulation and implementation of policies.

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Base Of bilateral relations: China And Pakistan Reiterate Their Support For CPEC

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China-Pakistan economic corridor is a major project of the Belt and Road Initiative, and both countries have reiterated their commitment to it. It remains a fundamental aspect of their bilateral relations.

Vice Chairman Zhao Chenxin of the National Development and Reform Commission of China and Minister Ahsan Iqbal of Planning and Development met in Beijing, where Ahsan Iqbal made this assurance.

The summit made clear how committed China and Pakistan are to advancing their strategic cooperative partnership in all weather conditions.

The focus of the discussion was on how the CPEC was going, with both parties reviewing project development and discussing how the agreement made at the leadership level will lead to the launch of an enhanced version of the CPEC.

In order to improve trade, connectivity, and socioeconomic growth in the area, they emphasised the need of CPEC projects.

The Ml-I Project, the KKH realignment, and the Sukkur-Hyderabad motorway—the last remaining segment of the Karachi-Peshawar motorway network—were all to be expedited.

Expanding the partnership’s horizons to include technology, innovation, education, connectivity, and renewable energy sources was another topic of discussion.

Specifically in the special economic zones being built under the Comprehensive Economic Cooperation (CPEX), Vice Chairman NDRC emphasised the possibility of China investing more in Pakistan.

In addition to expressing confidence in the ongoing success of the two nations’ collaboration, Zhao Chenxin reiterated China’s support for Pakistan’s development aspirations.

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Pakistani government raises petrol prices

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A recent announcement states that the price of petrol has increased by Rs 9.99 per litre, to Rs 275.60 per litre.

The cost of high-speed diesel has also increased significantly, rising by Rs 6.18 a litre. Diesel is now priced at Rs 283.63 a litre.

Furthermore, kerosene now costs Rs 0.83 more per gallon.

The cost of products and services is predicted to rise in response to the increase in petroleum prices, further taxing household budgets and jeopardizing the stability of the economy.

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