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IMF asks Pakistan to ‘do more’ to unlock next loan tranche

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The International Monetary Fund (IMF) has demanded cash-strapped Pakistan to boost its revenue generation by imposing further taxes in order to secure the ninth tranche of the $7 billion loan programme stalled since September last.

It emerged after a round of technical talks between the Pakistani authorities and the IMF delegation, which is visiting Pakistan for the ninth review under the Extended Fund Facility (EFF), concluded on Friday. 

The South Asian country is reeling from economic instability due to sharp decline in foreign exchange reserves which are barely enough to cover less than one-month import. Fresh statistics show the reserves held by the State Bank of Pakistan (SBP) dropped to a precariously low level of $3.09 billion in the week ending on Jan 27 owing to external debt repayments.

Reserves held by commercial banks stood at $5.65bn, taking the country’s total liquid reserves to $8.74bn, the central bank said.

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Amid the gloomy economic situation, the government is scrambling to revive the IMF’s loan programme. It has also expressed commitment to meet the conditions of the global lender. The recent nosedive in the value of the local currency against the dollar is an outcome of the implementation of the IMF condition regarding removal of cap on the currency exchange rate.

Sources said the IMF had asked Pakistan to impose new taxes worth Rs500 billion to overcome circular debt and consequence of slow privatisation procession. It would be impossible to meet the expenses if new taxes were not imposed, the IMF delegation told the Pakistani authorities. It had also demanded immediate increase in levy on diesel to achieve the tax collection target.

Sources said a final decision about imposition of sales tax on petroleum products would be taken in the policy-level talks between both sides. The finance official will later present the demands of the global lender to Prime Minster Shehbaz Sharif for approval.

On Friday, PM Shehbaz, in his address to the apex committee in Peshawar, revealed that the IMF was giving tough time to Finance Minister Ishaq Dar and his team as its conditions were beyond imagination.

Saying Pakistan was facing tough economic challenges, he said there was no other option except implementing the conditions of the IMF to revive the loan programme.

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pakistan

Interference in judiciary not acceptable: SCBA

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Interference in judiciary not acceptable: SCBA

The Supreme Court Bar Association (SCBA) released a statement regarding the letter written by six judges of the Islamabad High Court (IHC) about interference in the judicial matters.

SCBA President Shahzad Shoukat stressed the association’s commitment to upholding the rule of law. He expressed strong displeasure over the incident mentioned in the judges’ letter.

“Interference in the judiciary is not only condemnable but also warrants decisive action,” said the SCBA president.

The Supreme Court Bar Association reiterated its belief in the independence of the judiciary. It emphasised that any actions perceived as undermining this independence would not be accepted by the association. 

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Pakistan’s HC to UK visits Russian embassy, condoles deaths in Moscow concert attack

Pakistan’s HC to UK visits Russian embassy, condoles deaths in Moscow concert attack

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Pakistan's HC to UK visits Russian embassy, condoles deaths in Moscow concert attack

Dr Mohammad Faisal, Pakistan’s High Commissioner to the United Kingdom, visited the Russian embassy in London to convey Pakistan’s condolences to the Russian people and government on the deadly terrorist attack in Moscow.

The death toll from last week’s Moscow concert hall attack jumped to 140 on Wednesday. The responsibility for the gruesome attack was claimed by the ISIS-K.

At the Russian embassy, Mohammad Faisal signed the condolence book, noting, “We strongly condemn the horrendous attack carried out at a concert hall in Moscow. We express our deepest sympathies with the families of the victims. In this difficult hour, we stand in solidarity with the people and government of the Russian Federation.”

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PTI announces candidates for by-election

PTI announces candidates for by-election

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PTI announces candidates for by-election

Pakistan Tehreek Pakistan (PTI) has nominated its candidates for the by-elections.

According to PTI leader Hammad Azhar, Shahzad Farooq will contest from NA-119, Lahore and Sardar Muhammad Hussain Dogar from NA-132.

Azhar highlighted that Hakim Nisar would contest from PP-22, Chakwal, Chaudhry Parvez Elahi from PP-32, Gujrat and Owais Qasim from PP-54, Narowal.

jaz Bhati would contest from PP-139, Sheikhupura, Hafiz Zeeshan from PP-149, Moonis Elahi from PP-158 and Yusuf Mayo from PP-164.

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In his message on social media site X, Azhar said the rest of the candidates would be announced soon while the PTI would put all its support behind candidates.

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