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IMF Review Mission Visits Pakistan: What to Expect?
The IMF review mission will visit Pakistan on Thursday and the delegation will stay in Pakistan for 2 weeks. According to sources, the IMF delegation will hold talks with the Ministry of Finance, Energy and other regulatory bodies and the State Bank.
According to the sources, the IMF delegation will hold talks with the FBR and the provincial governments. Pakistani officials are hopeful that the talks will be successful. According to the sources, about 90 billion rupees have been distributed under BISP in the first quarter.
Pakistan has to clarify its position on the issue of external financing. According to the sources, the IMF has expressed concerns on external financing, while there are also differences on the issue of currency exchange and the IMF has also demanded the withdrawal of the December 2022 circular to control imports.
According to the sources, to reduce the revolving debt of the energy sector, Pakistan has increased the price of electricity and gas, the foreign exchange reserves are also in accordance with the demand of the IMF and the current account deficit of Pakistan is also according to the conditions of the IMF. According to According to the sources, the debt of the government from the State Bank is about 41 billion rupees.
FBR has collected Rs 66 billion more than the target set for tax collections till October, which is in line with the set limit.
The trend of increasing the value of the dollar continues in the currency market. On the third day of the business week, the rise in the value of the dollar and the flight of the rupee have been reined in.
At the start of business, the dollar has become more expensive by 52 paise in the interbank market, after which the dollar has been priced at Rs 282. While in the open market, the dollar became more expensive by 50 paise to 283 rupees.
On the other hand, the positive trend of business in the stock exchange is maintained, the 100 index of the Pakistan Stock Exchange increased by 348 points.
During the trading, the index crossed the level of 52 thousand and is trading at the level of 52 thousand 268.
In the stock market, the index reached 52 thousand after 6 years.
The bullish trend continued in Pakistan Stock Exchange on Tuesday and with an increase of 570 points the index reached above the level of 52000 points after six years. According to analysts, this is due to the Central Bank of Pakistan’s decision to keep interest rates at current levels, followed by the November 2 visit of the IMF review mission to Pakistan under the Standby Arrangement Program for Pakistan. The expected release of the next tranche of loans has created positive trends in the stock market.
The volume of domestic loans increased to 2540 billion rupees.
The revolving debt of the power sector in Pakistan has increased to over Rs 2540 billion (i.e. Rs 2 trillion 54 billion) by the end of September, despite the government’s decision to freeze electricity prices after the agreement with the International Monetary Fund. The margin was increased.
Pakistan had also assured the IMF that by the end of October all government accounts would be brought under a single account which would be overseen by the central bank, but things seem to be delayed in this regard.
Sources say that the revolving credit of the power sector has increased by Rs 227 billion during the last three months. A senior official of the Ministry of Energy said that the limit fixed for the revolving credit for the first three months was 292 billion. billion and the ministry’s performance in this regard has been better than expected and the coming months will see a gradual reduction in revolving debt.
70 billion rupees have been released by the Ministry of Finance during the first week of October to help pay off revolving loans as the ministry released only two and a half billion rupees during the first quarter (July to September) in this regard. were done because the Ministry of Finance did not want the amount released for agriculture not to be counted in the first quarter.
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