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- Finance Minister says not entering into an IMF programme for now and mini-budget set to be announced on 23rd of January
- Pakistan expected to reach an agreement with Saudi Arabia on the establishment of a $10 billion refinery in Gwadar, Balochistan
- KSE-100 index gained 1,502 points or 4% to close at 39,049 points during the outgoing week
LAHORE: The government riding a wave of momentum after having secured a $6.2 billion financial aid package from the United Arab Emirates (UAE), is dilly-dallying on a potential International Monetary Fund (IMF) programme.
On Saturday, Finance Minister Asad Umar while talking to Karachi Chamber of Commerce and Industry (KCCI) businessman said the mini-budget would be announced on the 23rd of this month.
“The government is presenting the supplementary budget to facilitate traders and businessmen and to also take initiatives that could further curtail imports,” he said while addressing the members of the chamber.
“The government had planned to present the mini-budget on Jan 21st but owing to Prime Minister Imran Khan’s foreign trip, it will now be presented on Jan 23rd,” said Umar.
He added that the government, for now, had decided not to enter an IMF programme and was delving into alternative options.
While talking to Profit, Stephen Innes, Head of Trading, Asia Pacific at OANDA said, “Anytime there is a budget from a newly elected government there is always an outsized focus, but ultimately, they will need to increase the tax-to-gross domestic product ratio while finding incentives to raise exports along with offering diversification incentives away from textile products to tap new overseas markets.”
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Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen’s market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
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