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IMF and Pakistan has reached a staff level agreement on final bailout review

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IMF and Pakistan has reached a staff level agreement on final bailout review

The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout, where the country will receive $1.1 billion after approval from the Fund’s Executive Board.

In a statement, the IMF confirmed, “The agreement recognizes the strong program implementation by the State Bank of Pakistan and the caretaker government in recent months, as well as the new government’s intentions for ongoing policy and reform efforts to move Pakistan from stabilisation to a strong and sustainable recovery.”

Earlier, the fina­nce ministry had annou­nced the schedule of rev­iew talks to end on March 18. However, inf­ormed sources said that the two sides had hectic sector-wise meetings, imp­acted by red­uced working hours due to Ramazan.

During the talks, sources told Dawn that the two sides had agreed on a set of contingency measures to address gaps in data in case of any slippages for the period ending March 31. The two sides will remain in contact on a ti­m­ely basis in the run-up to pre­sentation of the country’s case to the Fund’s executive board for approval.

An informed source said that most of the work was completed on Monday which included detailed discussions on upgrading the Anti-Money Laun­dering (AML) and the Comba­ting the Fina­ncing of Terror (CFT) laws in line with best international practices and a detail plan regarding a complete freeze on electricity and gas sector circular debt where the base electricity tariff would be revised with effect from July 1, 2024 in a manner that consumers would face predictable monthly fuel costs.

MPC decided to hold the Policy rate steady at 22%

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MPC decided to hold the Policy rate steady at 22%

The Monetary Policy Committee (MPC) decided to hold the policy rate steady at 22 percent in its meeting held today.

The MPC noted that despite the sharp decline in February, inflation remains at elevated level. The inflation outlook is also susceptible to risks amidst elevated inflation expectations.

The MPC assessed that these circumstances warrant a cautious approach and continuity of the current monetary stance to bring inflation down to the target range of 5 – 7 percent by September 2025.

MLCF’s subsidiary Novacare to build hospital with $110Mn investment

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MLCF’s subsidiary Novacare to build hospital with $110Mn investment

Novacare Hospitals (Private) Limited, a wholly owned subsidiary of Maple Leaf Cement Factory Limited (PSX: MLCF), will start constructing a state-of-the-art hospital in Islamabad with a total investment of $110 million and  has signed an international affiliation agreement with Imperial College Healthcare NHS Trust, a leading UK teaching hospital group.The hospital will be located on a 50-kanal plot in DHA Phase-V, Islamabad.The 250-bed hospital will have a covered area of 550,000 square feet and will provide comprehensive tertiary healthcare across 28 clinical services.The hospital is being designed by HKS Inc., a leading global design firm.As a result of its affiliation with Imperial College Healthcare, Novacare will benefit from the expertise of a leading UK teaching hospital group.Novacare will gain expert advisory input from Imperial College Healthcare on models of care, services, and staffing, and aims to implement their clinical standards and protocols.Through these measures, Novacare intends to achieve the same standards of healthcare as is delivered at Imperial College Healthcare’s five London hospitals.

Weekly SPI surged by 1.11%

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Weekly SPI surged by 1.11%

The Weekly Sensitive Price Indicator (SPI) significantly increased by 1.11% WoW during the week ended March 07, 2024,

The SPI rose 32.39% YoY compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 322.86 compared to 319.30 on February 29, 2024, while the index was recorded at 243.87 a year ago, on March 09, 2023.

Remittances surged by 13% YoY in Feb’24

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Remittances surged by 13% YoY in Feb’24

According to the latest data from the SBP, Workers’ Remittances dropped by 6.18% MoM in February to $2.25 billion, down from $2.4 billion in the previous month.

However, on a yearly basis, remittances increased by 13.03% compared to the same month last year, reaching $1.99 billion.

The majority of these inflows originated from Saudi Arabia, contributing $539.84 million, followed by the UAE with $384.71 million, the U.K. with $345.97 million, the USA with $287.39 million, and EU countries with $263.38 million.

Cumulatively, for the first eight months of FY24, total remittances amounted to $18.08 billion, down 1.23% year-on-year from the $18.31 billion received in the same period of FY23.

Moody’s has revised Pakistan’s banking sector outlook from Caa3 negative to stable

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Moody’s has revised Pakistan’s banking sector outlook from Caa3 negative to stable

Moody’s Investors Service (Moody’s) has upgraded the outlook for Pakistan’s banking sector from Caa3 negative to stable

The report highlights the banks’ resilient profitability and consistent funding and liquidity, offering a sufficient cushion against the nation’s macroeconomic and political uncertainties.

With economic and fiscal strains easing, Moody’s anticipates Pakistan’s economy to rebound modestly by 2% in 2024 after a subdued performance in 2023. Additionally, it foresees a decrease in inflation from 29% to around 23% this year.

Despite these improvements, Pakistani banks’ heavy reliance on government securities, constituting approximately half of their total assets, means their creditworthiness remains closely tied to the sovereign’s. Furthermore, ongoing external pressures and a challenging operating environment will marginally impact the performance of Pakistani banks’ loan portfolios.

SAZEW Three-Wheeler sales declined by 31.6% in Feb

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SAZEW Three-Wheeler sales declined by 31.6% in Feb

The Sazgar Engineering Works Limited (PSX:SAZEW) announced the production & sales data for the month of February, 2024.

Three-Wheelers:

The company produced 1,518 units in the month of February, down by 9.4% on Monthly basis.

While 1,524 units were sold in February declined by 31.6% as compared to the sales of 2,229 units during the last month.

Four-Wheelers:

The company produced 416 units in the month of February declined by 18.3% on Monthly basis.

While 414 units were sold in February showing a decline of 57.2% as compared to the sales of 967 units during the last month.

NA speaker summons Parliament’s joint session for presidential election on March 9

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NA speaker summons Parliament’s joint session for presidential election on March 9

National Assembly Speaker Ayaz Sadiq has summoned the joint session of the Parliament on March 9 to elect the next president of Pakistan.

The speaker called the joint session in exercise of the powers conferred by clause (b) of Rule 9 of the Presidential Election Rules, 1988, said a notification issued by the National Assembly secretariat.

Former President Asif Ali Zardari is contesting for the President’s Office for the second time. He will be up against Pashtunkhwa Milli Awami Party (PMAP) chief Mehmood Khan Achakzai, who has the backing of Sunni Ittehad Council (SIC) lawmakers.

The Election Commission of Pakistan on Thursday appointed five presiding officers to conduct the election to the office of the President of Pakistan, in Islamabad and four provincial capitals.

The president is elected by an electoral college comprising members of the Senate, the National Assembly and the four provincial assemblies.

Shehbaz Sharif elected as 24th Prime Minister of Pakistan

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Shehbaz Sharif elected as 24th Prime Minister of Pakistan

Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif has been elected the 24th prime minister of Pakistan, according to National Assembly Speaker Sardar Ayaz Sadiq.

Shehbaz received 201 votes while Omer Ayub Khan, premier candidate of the Sunni Ittehad Council (SIC), received 92 votes.

In his victory speech following his election, Shehbaz Sharif expressed gratitude to his older brother Nawaz Sharif, and all of his friends for having faith in him and selecting him to serve as the nation’s 24th prime minister.

“The developments that occurred in the country after my quaid was elected prime minister three times are illustrative of their own,” he said.

The newly elected prime minister Shehbaz Sharif claimed that his older brother has never considered posing a threat to the country.

“This is the difference between this leadership and that leadership,” he said, adding that the “entire assembly is witness to the fact that we never thought of the politics of revenge”.

Shehbaz stated that while Pakistan faced great obstacles, they could be overcome.

“Salaries are being paid with debt,” he stated.

He asserted that Pakistan can prosper provided “deep surgery and fundamental reforms are implemented”.

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