Cricket is not Cricket without Shahid Afridi

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

Budget 2024-25 wins IMF praise amid calls for more fiscal tightening The International Monetary Fund (IMF) has praised the stringent economic measures outlined in the budget, citing them as essential for economic stability, according to sources. The sources also reveal that there has been progress in the talks between Pakistan and the IMF. The Fund, they said, has welcomed the tough economic decisions in Pakistan's federal budget and praised the positive role of political parties. The IMF has also appreciated the limitation of tax exemptions for economic improvement. However, the IMF has reiterated its call for fiscal discipline despite the approval of the Federal Budget 2024-25. Sources also revealed that the IMF has urged Pakistan to raise electricity and gas prices by July 10, preferring implementation by July 1, with immediate action on NEPRA's decisions for electricity price increases. Gas rates will increase to reduce subsidies in the upcoming fiscal year, aligning with

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