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Pakistan to exceed revenue target in FY22: Shaukat Tarin

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3 years ago

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  • Tarin says revenue will hit Rs6.1tr, compared to a target of Rs5.8tr.
  • He is confident of defending PM’s subsidy package during IMF review.
  • “IMF shouldn’t have any objections on this,” finance minister says.

ISLAMABAD: Pakistan will exceed the revenue target set in the annual budget for the current financial year, Finance Minister Shaukat Tarin said on Wednesday.

Tarin said revenue would hit Rs6.1 trillion ($34.2 billion), compared to a target of Rs5.8 trillion.

“Despite that, I gave the target of 5.8 trillion, I’m going to hit at 6.1 trillion, and I’m tracking,” he told a news conference in Islamabad.

He said a recent fuel and electricity subsidy package announced by Prime Minister Imran Khan would be partially financed by the extra revenue, which may cause the fiscal deficit to slightly rise or fall.

“If due to that the deficit may go a bit 0.5% up or down, that may be,” he said.

Read more: Shaukat Tarin opposes PM Imran Khan’s public outburst against EU envoys

Embattled PM Imran Khan, facing a no-confidence move to oust him from office by opposition parties, announced a cut in petrol and electricity prices on Monday despite a steep rise in the global oil market, pledging to freeze the new rates until the next budget in June.

The subsidy will cost around $1.5 billion, a big number for Pakistan to defend during the International Monetary Fund (IMF) 7th review, which already has started, of a $6 billion rescue package agreed in 2019.

The south Asian country had to undertake fiscal tightening measures to pass its last IMF review, which was delayed by months as the government struggled to complete prior action required by the lender to release $1 billion in February.

The finance ministry has said that Pakistan was confident it will be able to defend its subsidy package during the IMF review, which Tarin also reiterated.

“We are doing it with our own revenues, which has improved. We have a space for that,” he said. “So, IMF shouldn’t have any objections on this.”

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Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

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21 hours ago

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Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

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Business

Despite economic gains, PSX remains strong.

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21 hours ago

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Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

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Pakistan resolves to meet benchmarks, and the IMF promises economic help.

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21 hours ago

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In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

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