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Index experienced a subdued week, declining by xxpts (xx%WoW). Additionally, trading volumes also stood lower, reaching xxmn shares for the week (down xx%WoW). Overall, the incidence of futures rollover, coupled with it being the last week of the fiscal year contributed to the lack luster performance. Furthermore, several important data points came in during the week, including a CAD of US$270mn, below expectations of a slight positive balance. This was due to the SBP acting swiftly to clear the backlog of overdue outward dividend repatriations, impacting the balance negatively. Additionally, monthly FDI clocked in at US$271mn (up 95%YoY), taking 11MFY24 FDI to US$1.73bn (up 15%YoY). Moreover, the week saw news emerging about the IMF disapproving certain concessions not addressed in the Federal Budget. Additionally, the lending authority also disapproved the PM's scheme provided to the industrial sector. Friday saw the finance minister presenting the finance bill to the NA with sev
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NewsDaily

Aurangzeb issues warning to retailers Finance Minister Muhammad Aurangzeb said on Tuesday that the government is making positive progress for the new International Monetary Fund (IMF) programme and pledged to bring about structural reforms to fix the low tax base, energy sector and SOEs reforms. Winding up debate on budget for the next fiscal year in the National Assembly, Aurangzeb said that government efforts would be to make it last IMF programme for Pakistan by implementing homegrown reforms plan. The finance minister said homegrown structural reforms are important to steer the country out of the current economic situation. Aurangzeb explained that the government’s objective is to increase the tax-to-GDP ratio to 13 percent, reform the energy sector and SOEs and take ahead the privatisation process besides moving on from a government-driven economy to a market-driven economy. While acknowledging the input of all the stakeholders to the budget, he said all the stakeholders would be
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KEL

SECOND AND FINAL REVIEW UNDER THE STAND-BY ARRANGEMENT—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR PAKISTAN In the context of the Second Review Under the Stand-by Arrangement, the following documents have been released and are included in this package: • A Press Release including a statement by the Chair of the Executive Board. • The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on April 29, 2024 following discussions that ended on March 19, 2024, with the officials of Pakistan on economic developments and policies underpinning the IMF arrangement under the Stand-By Arrangement. Based on information available at the time of these discussions, the staff report was completed on April 8, 2024. • A Statement by the Executive Director for Pakistan. The IMF Executive Board completed the second review under the Stand-By Arrangement (SBA) for Pakistan, allowing for an immediate disbursement of SDR 828 million (around $1.1
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