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PaKistaN rULes oUt MiNi-bUdget after coNstrUctive iMf taLKs Monday, 18 November, 2024 I | 15 Jamadi ul Awwal, 1446
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Rs 20.00 | Vol XV No 132 I 8 Pages I Lahore Edition
FBR would achieve its tax collection target of Rs12,970b, Federal Finance Minister
IMF board to decide on Pakistan’s bailout progress
The International Monetary Fund (IMF) has decided to present the findings of its unscheduled visit to Pakistan to its executive board for a decision, citing delays in the implementation of the $7 billion programme. In an official statement at the conclusion of its five-day visit, the IMF stated, “Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.” The challenges identified by the IMF indicate that the three-year Extended Fund Facility (EFF) encountered significant hurdles soon after it was approved by the board on September 25. An IMF team led by Mission Chief Nathan Porter visited Pakistan from November 11 to 15 to evaluate the progress on around 40 conditions that the government had agreed to implement. Through a press release, the IMF shared its “preliminary findings,” not-
ing that a detailed report would be submitted to the Executive Board for further deliberation. According to the mission chief, Pakistan and IMF staff “We agreed with the need to continue prudent fiscal and monetary policies, revenue mobilization from untapped tax bases, while transferring greater social and development responsibilities to provinces.” Sources revealed that the issues highlighted by Porter after the emergency visit reflect areas where Pakistan has fallen short of its commitments. Press release stated that In addition, structural energy reforms and constructive efforts are critical to restore the sector’s viability, and Pakistan should take steps to decrease state intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector. Strong program implementation can create a more prosperous and more inclusive Pakistan, improving living standards for all Pakistanis.
cerns about judicial changes in Pakistan were raised in the UK Parliament. British Foreign Secretary David Lammy emphasized the need for Pakistan to uphold civil and political rights, particularly regarding fair trials and due process. Minister Falconer, responsible for Pakistan in the Foreign, Commonwealth and De-
velopment Office, plans to visit Pakistan later this year and meet with parliamentarians to discuss these issues. The finance minister’s remarks reflect a broader effort to balance economic reforms, ensure fiscal discipline, and address international concerns about Pakistan’s governance and human rights commitments.
PROFIT
MONITORING DESK
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PROFIT MONITORING DESK
EDERAL Finance Minister Muhammad Aurangzeb has assured that the government is not planning to introduce a mini-budget following discussions with the International Monetary Fund (IMF). He expressed confidence that the Federal Board of Revenue (FBR) would achieve its tax collection target of Rs12,970 billion. Speaking to the media on Saturday, the minister highlighted that Pakistan has successfully met its primary surplus target, and the cabinet has approved the National Fiscal Pact, eliminating the need to revise the NFC. Tax collections, he stated, will be enhanced through enforcement and administrative measures. He acknowledged the support of provincial governments, especially Sindh and Khyber Pakhtunkhwa, in achieving fiscal goals, noting their cooperation in matters of national interest.
Commenting on the IMF discussions, Aurangzeb described the talks as “constructive and productive,” adding that while virtual negotiations are ongoing, some matters required in-person meetings. He emphasized that the IMF visit aimed to build confidence rather than review the economy. The IMF delegation reportedly listened attentively to Pakistan’s stance and appeared satisfied with the discussions. The IMF, in a statement, urged Pakistan to expand its tax base by targeting untapped revenue sources, a step crucial for addressing challenges in tax collection. It also clarified that such staff visits are standard for countries undergoing semi-annual programme reviews, facilitating dialogue on economic developments and reform plans. Separately, the finance minister acknowledged setbacks such as the failed privatization of Pakistan International Airlines, stressing the importance of learning from such experiences. In international developments, con-
PM tasked DPM Dar with ‘troubleshooting’ PPP reservations: Barrister Aqeel ISLAMABAD
STAFF REPORT
Prime Minister Shehbaz Sharif has tasked Deputy Prime Minister Ishaq Dar with leading a committee to engage with the PPP in an attempt to resolve any concerns they may have about the ruling coalition. Legal Advisor to Government Barrister Aqeel Malik while speaking to a private TV channel, asserted that the concerns expressed by PPP Chairman Bilawal Bhutto were no “misunderstanding” about the constitutional package issue as he had gone through his statement. “I have listened to Bilawal’s statement carefully, but there is an impression that we (the PML-N) did
not consult them, but this is not true,” Aqeel said. “We sought their input on increasing the number of judges and extending the tenures of service chiefs; raising the number of judges to 34 was a joint decision.” “They were very much a part of this consultative process,” Aqeel maintained. Earlier this week, PPP Chairman Bilawal Bhutto-Zardari delivered a strong statement against Prime Minister Shehbaz Sharif, expressing frustration with the coalition partner over the “disrespect” felt by his party and ‘unhonoured’ agreements between the two parties. He maintained, however, that there was no direct rift with Sharif government. The PPP chairman, in
an informal conversation with reporters at Bilawal House, also accused the PML-N of reneging on commitments after the 26th Constitutional Amendment’s passage. He said there was “no question of displeasure [with the government],” adding that politics wasn’t about displeasure but about respect, which his party felt was missing. Barrister Aqeel continued that the prime minister formed a committee, comprising senior PML-N leaders to engage with the PPP and cool down the ‘tempers’. “We are trying to address their reservations,” he said. “The PM has deputed Deputy Prime Minister Ishaq Dar and given him the task of resolving their (the PPP’s) concerns.
tion with PTI. The statement came after a meeting of PTI members in Peshawar, which saw the participation of members from southern districts, along with Bashra Bibi, who addressed the gathering. In her remarks, she reiterated the message from her husband, Imran Khan, urging the party to take
to the streets on November 24, in defence of the constitution, rule of law, and parliamentary supremacy. She added that every provincial and national assembly member should film their journey as part of a convoy from Peshawar to Islamabad for the protest. The video should also capture PTI supporters accompanying the members in their vehicles.
ISLAMABAD
has assigned separate routes for each provincial convoy, with the final destination being Islamabad. The leadership is yet to decide on the exact location of the sit-in once they reach the capital. The party has emphasized that the protest will continue indefinitely, and the core committee members have suggested the possibility of a sit-in at D-Chowk. On the other hand, preparations for the protest underway at a brisk pace and the party’s leadership has instructed its members of the National Assembly (MNAs) and Provincial Assembly (MPAs) to bear the travel expenses of their constituents, ensuring that party workers from across the country can join the protest in Islamabad.
Imran to supporters: Nov 24 a decisive moment for PTI’s future ISLAMABAD
STAFF REPORT
Incarcerated Pakistan Tehreek-eInsaf (PTI) founder Imran Khan has issued significant instructions for the party leadership and supporters ahead of the November 24 protest, describing the day as a “decisive moment for the party’s future”. According to a statement shared on PTI’s social media account, quoted the founder as saying that the protest on November 24 will determine the fate of party members. “This will be a decisive day, when it will be decided who will remain in my party and who will not,” the statement read, quoting Imran Khan. PTI’s leadership is urging supporters to take part in large convoys that will travel along major roads, documenting the event through detailed video footage. The videos should not only capture the vehicles involved but also the people accompanying them, PTI’s social media team emphasised. In a related development on Sunday, Bushra Bibi, the wife of PTI founder Imran Khan, issued a stern message to party members ahead of the planned protest on November 24. She made it clear that any member of the National Assembly or party official who fails to attend the demonstration will have no affilia-
PTI finalises strategy to ‘converge’ on Islamabad from all directions STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) has finalized its strategy for a large-scale protest on November 24, with plans to ‘converge’ on Islamabad from all directions. According to the party’s insiders, the PTI leadership is determined to reach Islamabad at any cost, and significant responsibilities have been assigned to the party’s leadership in Islamabad and Rawalpindi regions. They claimed that the protest will begin with regional leadership organizing mass demonstrations in Rawalpindi and Islamabad until the convoys from other provinces arrive. It is to be noted that the PTI
PML-N supremo’s son Hassan Nawaz declared bankrupt in UK tax case ISLAMABAD
NEWS DESK
The London High Court has declared Hassan Nawaz, son of former Prime Minister and Pakistan Muslim League (Nawaz) president Nawaz Sharif, bankrupt in a tax case initiated by the United Kingdom’s Tax and Revenue Department. According to media reports on Sunday, the bankruptcy ruling against Hassan Nawaz came in relation to Case No. 694 of 2023, which was filed on August 25, 2023, in the London High Court. The bankruptcy stems from a tax and liability case initiated by the UK government’s tax authority. Hasan, residing at Flat 17 Avenfield House, 118 Park Lane, was declared bankrupt in case No. 694 of 2023, filed on August 25, 2023, the official UK Gazette order said. The bankruptcy order was issued on April 29, 2024, following a claim by creditors for non-payment. The civil case was brought forth by Her Majesty’s Revenue and Customs, with Hasan being represented by Kaur Maxwell. Under UK law, a bankruptcy order is a formal declaration of personal insolvency issued by the court. Such orders are only published in the London Gazette after being processed by The Insolvency Service. Once declared bankrupt, an individual cannot serve as a director or manage any company unless they receive permission from the court. Despite this, Hasan remains a director of several companies in the UK. In March this year, an Islamabad accountability court in Pakistan acquitted Hussain Nawaz and Hasan in three corruption cases linked to the Panama Papers.