IMF Archives - viralnom

Winter Relief: Govt Approves Rs26.7 per Unit Electricity Package

20Nov

By Tahreem AkramNo Comments

Pakistan

Winter Relief: Govt Approves Rs26.7 per Unit Electricity Package

The government has launched a historic winter relief package to ease electricity costs for consumers nationwide. The Economic Coordination Committee (ECC) of the Cabinet approved the initiative, which sets a flat rate of Rs26.7 per unit for additional electricity consumption beyond 200 units. The package, effective from December 2024 to February 2025, will reduce electricity bills for eligible domestic, commercial, and industrial consumers, including those under General Services and K-Electric. Significant Savings for Consumers This relief will benefit households, businesses, and industries that consume over 200 units of electricity. Commercial users will save between 34% and 47% on their bills, while industries will enjoy cost reductions ranging from 18% to 37%. The authoriti...

Rising Cigarette Prices Lead to Decline in Smoking Rates

22May

By Tahreem Akram1 Comment

Health

Rising Cigarette Prices Lead to Decline in Smoking Rates

Higher prices for cigarettes in Pakistan are causing fewer people to smoke. A recent report from Islamabad’s Center for Research and Dialogue (CRD) shows that smoking rates have gone down by 18%. This decrease is linked directly to the increase in cigarette prices. The World Health Organization (WHO) supports the idea of raising taxes on tobacco products because it helps in reducing smoking. The report reveals that 15% of people surveyed said they are smoking less because cigarettes cost more now. This means there are about 11 billion fewer cigarettes being smoked in Pakistan each year. Normally, Pakistan sees between 72 to 80 billion cigarettes smoked annually, including those that are taxed, smuggled, or not taxed. However, even with these positive changes, cigarettes in Pakistan ...

IMF Team to Visit Pakistan for First Review Talks on Nov 2

26Oct

By Aqsa AzamNo Comments

Business

IMF Team to Visit Pakistan for First Review Talks on Nov 2

An International Monetary Fund (IMF) mission will visit Pakistan on November 2, 2023. IMF wants to discuss the first review of the country's current $3 billion standby arrangement (SBA). Moreover, this was confirmed by the IMF's resident representative to Pakistan, Esther Perez Ruiz, on October 25, 2023. An important group from the International Monetary Fund (IMF) is coming to Pakistan for discussions about the country's financial plan. This visit is part of the first review of Pakistan's $3 billion financial arrangement. Moreover, the leader of this group will be Nathan Porter, who is in charge of IMF's work in Pakistan. This news was confirmed by Esther Perez Ruiz, who represents the IMF in Pakistan. Moreover, she mentioned that Pakistan, which is currently being run by a tempora...

IMF Lowers 2023 Global Growth From 3.6% In April To 2.8%.

12Oct

By Aqsa Azam1 Comment

Business

IMF Lowers 2023 Global Growth From 3.6% In April To 2.8%.

The International Monetary Fund has warned that the global economy is facing a "serious" risk of recession. The IMF has cut its global growth forecast for 2023 to 2.8%, down from 3.6% in April. Yes, the IMF has warned that the global economy is facing a "serious" risk of recession. The IMF has cut its global growth forecast for 2023 to 2.8%, down from 3.6% in April. This is the weakest growth forecast since 2001, except for the global financial crisis and the acute phase of the COVID-19 pandemic. The IMF's warning is based on a number of factors, including the war in Ukraine, high inflation, and rising interest rates. The war in Ukraine has caused a sharp increase in energy and food prices, which is putting a strain on household budgets and businesses. High inflation is also eroding...

Is the import ban lifted in Pakistan after the PAK government received an IMF loan?

13Jul

By Muhammad Dastageer ShamsNo Comments

Latest, Pakistan

Is the import ban lifted in Pakistan after the PAK government received an IMF loan?

The government imposed an import ban in Pakistan back in November 2021 in an effort to conserve foreign exchange reserves. The ban covered a wide range of goods, including luxury items, non-essential raw materials, and some food items. The ban was met with mixed reactions. Some people welcomed it as a necessary measure to address the country's balance of payments crisis. Others criticized it as an unnecessary burden on businesses and consumers. In April 2022, the Pakistani government reached an agreement with the International Monetary Fund (IMF) for a $6 billion loan. As part of the agreement, the government agreed to lift the import ban on some goods. However, the import ban on other goods remains in place. These include luxury items, non-essential raw materials, and some food ...