Finance Minister Asad Umar said on Monday that <a href="https://www.wionews.com/world/prevent-imf-bailout-to-pakistan-to-repay-chinese-debt-208726">Pakistan's economy</a> was out of the crisis phase even as the cash-strapped country's economic growth is projected to slump further to 3.9 per cent in the fiscal year 2019 from 5.2 per cent in 2018.

"The crisis phase for the economy is over, however, we are still in the stabilisation phase," Umar was quoted as saying by Geo TV.

He said this stabilisation phase would continue for the next one and a half years as he compared Pakistan's economy to a patient in the ICU who had been treated and now brought back to a normal ward, the channel reported.

"The situation right now is that we are not taking loans to pay off past loans, but to pay off interest," he said.

Umar said Pakistan was facing three main problems on the economic front. "We are stuck with the fiscal deficit, current account deficit and saving and investment gap," he said.

He called on the Federal Board of Revenue (FBR) to simplify the tax return system with easier forms and lesser questions.

"The amount of questions FBR asks you for your returns is more than those asked when you are accepting a marriage proposal for your daughter," Umar said.

He said Pakistan's talks with the International Monetary Fund (IMF) for a financial package were in its final stage.

On March 16, Umar had hinted that bailout package talks with the IMF are in their final stages and the government will have further negotiations with the newly appointed IMF mission chief before reaching an agreement.

Cash-strapped Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. With the generous Chinese assistance, Pakistan has so far received a total of $9.1 billion in financial aid packages from friendly countries during the current fiscal year.

While China has pumped-in $4.1 billion, Pakistan has got $3 billion from Saudi Arabia and $2 billion from the United Arab Emirates (UAE).

In its flagship economic publication titled "Asian Development Outlook 2019," the Manila-based Asian Development Bank said Pakistan's economic growth decelerated in the fiscal year 2018 despite revived agriculture.

Pakistan's GDP growth is forecast to decelerate further to 3.9 per cent in FY2019 as macroeconomic challenges continue and despite steps to tighten fiscal and monetary policies to rein in high and unsustainable twin deficits.

Continued fiscal consolidation in FY2020 will keep growth subdued at 3.6 per cent, the ADB said.&nbsp;

Finance Minister Asad Umar said on Monday that Pakistan's economy was out of the crisis phase even as the cash-strapped country's economic growth is projected to slump further to 3.

Finance Minister Asad Umar said on Monday that Pakistan's economy was out of the crisis phase even as the cash-strapped country's economic growth is projected to slump further to 3.9 per cent in the fiscal year 2019 from 5.2 per cent in 2018. "The crisis phase for the economy is over, however, we are still in the stabilisation phase," Umar was quoted as saying by Geo TV. He said this stabilisation phase would continue for the next one and a half years as he compared Pakistan's economy to a patient in the ICU who had been treated and now brought back to a normal ward, the channel reported. "The situation right now is that we are not taking loans to pay off past loans, but to pay off interest," he said. Umar said Pakistan was facing three main problems on the economic front. "We are stuck with the fiscal deficit, current account deficit and saving and investment gap," he said. He called on the Federal Board of Revenue (FBR) to simplify the tax return system with easier forms and lesser questions. "The amount of questions FBR asks you for your returns is more than those asked when you are accepting a marriage proposal for your daughter," Umar said. He said Pakistan's talks with the International Monetary Fund (IMF) for a financial package were in its final stage. On March 16, Umar had hinted that bailout package talks with the IMF are in their final stages and the government will have further negotiations with the newly appointed IMF mission chief before reaching an agreement. Cash-strapped Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. With the generous Chinese assistance, Pakistan has so far received a total of $9.1 billion in financial aid packages from friendly countries during the current fiscal year. While China has pumped-in $4.1 billion, Pakistan has got $3 billion from Saudi Arabia and $2 billion from the United Arab Emirates (UAE). In its flagship economic publication titled "Asian Development Outlook 2019," the Manila-based Asian Development Bank said Pakistan's economic growth decelerated in the fiscal year 2018 despite revived agriculture. Pakistan's GDP growth is forecast to decelerate further to 3.9 per cent in FY2019 as macroeconomic challenges continue and despite steps to tighten fiscal and monetary policies to rein in high and unsustainable twin deficits. Continued fiscal consolidation in FY2020 will keep growth subdued at 3.6 per cent, the ADB said.

Pakistan's economy out of crisis phase: Finance Minister

The IMF has expressed dissatisfaction at the current state of Pakistan's tax collection as the cash-strapped government sought a bailout package of up to $6 billion from the multilateral lender to overcome the economic challenges, media reports said Tuesday.

The cash-strapped Pakistani government led by Prime Minister Imran Khan is facing grave economic challenges as it struggles to keep the economy afloat.

Last month, Saudi Arabia said it would provide Pakistan with a USD 6 billion rescue package, but officials have said it is not enough, and Islamabad still plans to seek a bailout from the International Monetary Fund (IMF).

Pakistan may ask the IMF for up to USD 6 billion, Geo News reported. If approved, it would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s.

Pakistan formally approached the IMF in October for loans.&nbsp;

An IMF team is currently reviewing Pakistan's monetary and fiscal policies as well as its monetary needs in keeping with the current account deficit.

On Monday, the delegation, which has already concluded the technical discussions with the Pakistani representatives, commenced its policy-level talks with ministers and representatives of the Federal Board of Revenue (FBR).

Members of the team, led by Harald Finger, a senior economist and an adviser to the IMF, further stressed on effective measures required to increase the tax collection in order for Pakistan to deal with and recover from its financial crunch and current account deficit, Geo News reported.

According to the report, the IMF also indicated its support towards the FBR's move to send notices to thousands of tax defaulters.

There were two rounds of policy-level talks. Druing the first one, the IMF delegation met with Finance Minister Asad Umar and officials from the State Bank of Pakistan (SBP), whereas in the second, it met with the FBR representatives.

The IMF delegation was briefed on the tax collection target for the ongoing fiscal year as well as the financial performance during the first four months, starting July 1, 2018 (FY18-19).

The IMF team said it was difficult to achieve the goal of curbing the financial crisis without increasing the tax collection, it quoted sources as saying. They also underscored the need to widen the tax scope.

The fund is reported to have raised questions over more than Rs 90 billion revenue shortfall in the first four months of the current fiscal year and wondered how the projected fiscal deficit target of 5.1 per cent could be achieved when development programme had already been curtailed to a bare minimum, Dawn newspaper reported.

The IMF is also dissatisfied over the performance of the power sector whose losses and recoveries are reported to have gone down rather than improving since the last IMF programme was completed in Sept 2016, leading to build up of circular debt beyond Rs 1.2 trillion and creating supply side constraints, it said.

Informed sources told the paper that the authorities briefed the IMF delegation about the subsidies envisaged in the 2018-19 budget and those committed by the Khan government since it came to power three months ago.&nbsp;

The discussions are set to continue till November 20, the report said. From November 7 ? when the IMF team arrived in Pakistan ? to November 9, technical talks were held, during which data pertaining to the performance of various sectors was presented.

The IMF team would also review the apex bank, SBP's financial independence and the FBR's performance, the report said.&nbsp;

IMF Managing Director Christine Lagarde has said that Pakistan has requested financial assistance from the IMF to help address the country's economic challenges.

At the same time, she said the IMF would require "absolute transparency" of Pakistan's debts, including those owed to China, apparently referring to the USD 60 billion China-Pakistan Economic Corridor (CPEC) projects.&nbsp;

The CPEC is a network of infrastructure projects that are currently under construction throughout Pakistan that will connect China's Xinjiang province with Gwadar port in Pakistan's Balochistan province. It is the part of Chinese President Xi Jinping's ambitious Belt and Road Initiative.&nbsp;

The US has said that the huge Chinese debt was responsible for the economic challenges facing Pakistan, adding that it will review Islamabad's bailout plea to the IMF from all angles, including the country's debt position.

The IMF has expressed dissatisfaction at the current state of Pakistan's tax collection as the cash-strapped government sought a bailout package of up to $6 billion from the multilateral lender to overcome the economic challenges, media reports said Tuesday.

The IMF has expressed dissatisfaction at the current state of Pakistan's tax collection as the cash-strapped government sought a bailout package of up to $6 billion from the multilateral lender to overcome the economic challenges, media reports said Tuesday. The cash-strapped Pakistani government led by Prime Minister Imran Khan is facing grave economic challenges as it struggles to keep the economy afloat. Last month, Saudi Arabia said it would provide Pakistan with a USD 6 billion rescue package, but officials have said it is not enough, and Islamabad still plans to seek a bailout from the International Monetary Fund (IMF). Pakistan may ask the IMF for up to USD 6 billion, Geo News reported. If approved, it would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s. Pakistan formally approached the IMF in October for loans. An IMF team is currently reviewing Pakistan's monetary and fiscal policies as well as its monetary needs in keeping with the current account deficit. On Monday, the delegation, which has already concluded the technical discussions with the Pakistani representatives, commenced its policy-level talks with ministers and representatives of the Federal Board of Revenue (FBR). Members of the team, led by Harald Finger, a senior economist and an adviser to the IMF, further stressed on effective measures required to increase the tax collection in order for Pakistan to deal with and recover from its financial crunch and current account deficit, Geo News reported. According to the report, the IMF also indicated its support towards the FBR's move to send notices to thousands of tax defaulters. There were two rounds of policy-level talks. Druing the first one, the IMF delegation met with Finance Minister Asad Umar and officials from the State Bank of Pakistan (SBP), whereas in the second, it met with the FBR representatives. The IMF delegation was briefed on the tax collection target for the ongoing fiscal year as well as the financial performance during the first four months, starting July 1, 2018 (FY18-19). The IMF team said it was difficult to achieve the goal of curbing the financial crisis without increasing the tax collection, it quoted sources as saying. They also underscored the need to widen the tax scope. The fund is reported to have raised questions over more than Rs 90 billion revenue shortfall in the first four months of the current fiscal year and wondered how the projected fiscal deficit target of 5.1 per cent could be achieved when development programme had already been curtailed to a bare minimum, Dawn newspaper reported. The IMF is also dissatisfied over the performance of the power sector whose losses and recoveries are reported to have gone down rather than improving since the last IMF programme was completed in Sept 2016, leading to build up of circular debt beyond Rs 1.2 trillion and creating supply side constraints, it said. Informed sources told the paper that the authorities briefed the IMF delegation about the subsidies envisaged in the 2018-19 budget and those committed by the Khan government since it came to power three months ago. The discussions are set to continue till November 20, the report said. From November 7 ? when the IMF team arrived in Pakistan ? to November 9, technical talks were held, during which data pertaining to the performance of various sectors was presented. The IMF team would also review the apex bank, SBP's financial independence and the FBR's performance, the report said. IMF Managing Director Christine Lagarde has said that Pakistan has requested financial assistance from the IMF to help address the country's economic challenges. At the same time, she said the IMF would require "absolute transparency" of Pakistan's debts, including those owed to China, apparently referring to the USD 60 billion China-Pakistan Economic Corridor (CPEC) projects. The CPEC is a network of infrastructure projects that are currently under construction throughout Pakistan that will connect China's Xinjiang province with Gwadar port in Pakistan's Balochistan province. It is the part of Chinese President Xi Jinping's ambitious Belt and Road Initiative. The US has said that the huge Chinese debt was responsible for the economic challenges facing Pakistan, adding that it will review Islamabad's bailout plea to the IMF from all angles, including the country's debt position.

IMF dissatisfied with Pakistan's fiscal policies: Reports

The Federal Board of Revenue (FBR) in Pakistan has begun sending letters to more than 600 Pakistanis named in the Panama Papers for owning offshore companies, Pakistan daily &nbsp;the Express Tribune reported today.&nbsp; 
 
Federal Board of Revenue spokesperson Dr Mohammad Iqbal told The Express Tribune that the &quot;letters have been sent under Section 176 of the Income Tax Ordinance, which empowers tax officials to seek information about any transaction.&quot; 
 
Referring to the names of Prime Minister Nawaz Sharif`s family members in the list, Pakistan Tahreek-e-Insaf chairman Imran Khan demanded on Saturday that Sharif should be placed on Exit Control List (ECL) by the top court till the probe concludes.&nbsp; 
 
&quot;Nawaz must tell the Pakistani nation how he made billions of rupees and then transferred it abroad. How much tax he paid on the money through which he purchased apartments in London,&quot; the Indian news agency PTI quoted him as saying. He was addressing a rally in Lahore to target the Pakistan Prime Minister over alleged corruption.&nbsp; 
 
Sharif wants the Panama Papers issue to be investigated according to laws dictated by his government, he further said.&nbsp; 
 
&nbsp;A fraction of the data leaked under the Panama Papers investigation that was published by the International Consortium of Investigative Journalists (ICIJ) in April this year included the names about 640 Pakistanis as beneficiaries of offshore holdings, according to the Express Tribune.&nbsp; 
 
(WION with inputs from agencies)&nbsp;

The data leaked under investigation in April this year included the name of about 640 Pakistanis including the kins of Prime Minister

The Federal Board of Revenue (FBR) in Pakistan has begun sending letters to more than 600 Pakistanis named in the Panama Papers for owning offshore companies, Pakistan daily the Express Tribune reported today. Federal Board of Revenue spokesperson Dr Mohammad Iqbal told The Express Tribune that the "letters have been sent under Section 176 of the Income Tax Ordinance, which empowers tax officials to seek information about any transaction." Referring to the names of Prime Minister Nawaz Sharif`s family members in the list, Pakistan Tahreek-e-Insaf chairman Imran Khan demanded on Saturday that Sharif should be placed on Exit Control List (ECL) by the top court till the probe concludes. "Nawaz must tell the Pakistani nation how he made billions of rupees and then transferred it abroad. How much tax he paid on the money through which he purchased apartments in London," the Indian news agency PTI quoted him as saying. He was addressing a rally in Lahore to target the Pakistan Prime Minister over alleged corruption. Sharif wants the Panama Papers issue to be investigated according to laws dictated by his government, he further said. A fraction of the data leaked under the Panama Papers investigation that was published by the International Consortium of Investigative Journalists (ICIJ) in April this year included the names about 640 Pakistanis as beneficiaries of offshore holdings, according to the Express Tribune. (WION with inputs from agencies)

Panama Papers: Pakistan's revenue board sends notices to more than 600 nationals