NEW DELHI: The economic crisis, government efforts to mitigate the situation and a visit by an IMF team to discuss a bailout package dominated the news in Pakistan last week.
Frenetic measures to meet IMF conditions for crucial finance package, spectra of higher taxes and fuel shortages and more in our weekly Pakistan roundup:
Supplementary budget by probable ordinance
Pakistan’s ongoing talks with the International Monetary Fund (IMF), which according to some reports are at a “decisive stage”, could conclude early next week.
Details for the fulfillment of the terms and the required actions for a revenue boost are being worked out under the finance ministry and the relevant departments, Pakistani media said. The supplementary budget would be ready next week and, in all likelihood, implemented through a presidential order.
The Am IMF team was in Pakistan last week but left without finalizing a deal on $1.1 billion in crucial funds that would go a long way to keeping Pakistan from going bankrupt and defaulting on loans external.
Several petrol pumps in Pakistan are running dry
Amid warnings from the Pakistani government of tough action against hoarders, petrol shortages persist across Punjab province.
The retailers held the oil trading companies (WTOs) liable for failing to ensure adequate supplies according to demand. They pointed out that most companies were not importing gasoline due to exchange losses, which the government had only partially fixed, and that too, in stages.
New energy tax approved to meet IMF conditions
Pakistan’s government has approved a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the global lender’s conditions, according to a statement.
However, it also approved an additional Rs 450 million technical grant to the defense ministry, demonstrating that the country would continue to spend on defense even when the economy was in dire straits.
The mob lynches blasphemy defendant in police custody
A man arrested on blasphemy charges was lynched on Saturday in Nankana Sahib district of Pakistan’s Punjab province after a mob stormed the police station where he was being held.
Police said 35-year-old Muhammad Waris was arrested for allegedly desecrating the Koran. They said news of the alleged crime had outraged residents and massed in front of the police station gate, demanding that the defendants be handed over to them.
Frenetic measures to meet IMF conditions for crucial finance package, spectra of higher taxes and fuel shortages and more in our weekly Pakistan roundup:
Supplementary budget by probable ordinance
Pakistan’s ongoing talks with the International Monetary Fund (IMF), which according to some reports are at a “decisive stage”, could conclude early next week.
Details for the fulfillment of the terms and the required actions for a revenue boost are being worked out under the finance ministry and the relevant departments, Pakistani media said. The supplementary budget would be ready next week and, in all likelihood, implemented through a presidential order.
The Am IMF team was in Pakistan last week but left without finalizing a deal on $1.1 billion in crucial funds that would go a long way to keeping Pakistan from going bankrupt and defaulting on loans external.
Several petrol pumps in Pakistan are running dry
Amid warnings from the Pakistani government of tough action against hoarders, petrol shortages persist across Punjab province.
The retailers held the oil trading companies (WTOs) liable for failing to ensure adequate supplies according to demand. They pointed out that most companies were not importing gasoline due to exchange losses, which the government had only partially fixed, and that too, in stages.
New energy tax approved to meet IMF conditions
Pakistan’s government has approved a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the global lender’s conditions, according to a statement.
However, it also approved an additional Rs 450 million technical grant to the defense ministry, demonstrating that the country would continue to spend on defense even when the economy was in dire straits.
The mob lynches blasphemy defendant in police custody
A man arrested on blasphemy charges was lynched on Saturday in Nankana Sahib district of Pakistan’s Punjab province after a mob stormed the police station where he was being held.
Police said 35-year-old Muhammad Waris was arrested for allegedly desecrating the Koran. They said news of the alleged crime had outraged residents and massed in front of the police station gate, demanding that the defendants be handed over to them.
