Connect with us

Latest News

Shahid Khaqan Abbasi urges political stability in order to accelerate economic expansion.

Published

on

Shahid Khaqan Abbasi, the former prime minister, emphasized on Thursday how important political stability is to Pakistan’s economic development and how the nation cannot prosper without it.

His concern was that export growth had not progressed, and he emphasized that stability in the current climate is vital to draw investments and carry out the necessary reforms.

In his criticism of the tax system, Abbasi brought up the erratic nature of tax laws and the transient nature of the most recent tax slab implementation. Insisting that difficult choices are unavoidable for economic recovery, he emphasized the necessity of designing a tax system that is equitable and does not burden the people.

Furthermore, arguing that the effectiveness of organizations like the Federal Board of Revenue (FBR) and National Accountability Bureau (NAB) is essential for economic governance and transparency, Abbasi urged for changes within these and other organizations.

Abbasi, in his discussion of more comprehensive fiscal plans, suggested that the National Finance Commission (NFC) award be reviewed again and that power distribution companies (DISCOs) be decentralized to the provinces.

In order to reduce inefficiencies and corruption at the provincial level, he recommended looking into ways to share the cost of defense spending and decentralize the management of energy resources.

In closing, Abbasi emphasized that Pakistan’s economic trajectory will stay stagnant unless comprehensive changes are implemented immediately. To move the nation towards sustainable progress, he urged policymakers to give stability and structural reforms first priority.

Business

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

Published

on

By

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.

Continue Reading

Latest News

Accepting provisional respite: Sanam Javed and family relocated to KP House

Published

on

By

Sanam Javed, the leader of the Pakistan Tehreek-e-Insaf (PTI), and her family have moved into KP Home, an Islamabad guest home.

As a result of the Islamabad High Court’s order to postpone her arrest until Thursday, Sanam Javeed is currently free.

Records of cases filed against her have also been sought by the court.

As instructed by Chief Minister Ali Amin Gandapur of KPK, the PTI leader and her family were received at the KP House. The CM communicated with Ms. Javeed’s father and husband.

Continue Reading

Latest News

Adiala Jail is visited by a NAB team to question Khan and Bushra Bibi.

Published

on

By

As per a recent Toshakhana reference, a team from the National Accountability Bureau (NAB) has reached Adiala Jail with the intention of probing PTI founder Imran Khan and his spouse PTI Bibi.

The NAB team questioning Khan and Bushra Bibi is led by deputy director Mohsin Haroon, according to jail sources.

Regarding the latest corruption reference, the pair is behind bars. Today is the third day that the NAB team has been looking into them.

They answered questions from the NAB team for more than three hours on Monday.

After the fresh reference, Khan and Bushra Bibi were placed under physical remand for eight days by Judge Muhammad Ali Warraich of the Accountability Court.

See Also: Imran Khan and Bushra Bibi are detained in NAB prison for eight days in connection with the Toshakhana case

The release of Khan and Bushra Bibi in the Iddat case was earlier ordered by District and Sessions Judge Afzal Majoka, who also postponed their sentences.

Continue Reading

Trending