KARACHI, NOV 14 (DNA):Stocks on Thursday hit another lifetime high above the 94,200-point mark amid strong expectations of a soft landing for the economy, after reports that the International Monetary Fund (IMF) is unlikely to push Pakistan to introduce a mini-budget.
As of 12:22pm, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 865 points, reaching a record high of 94,225 points.
The IMF mission, after meetings with Pakistani authorities, has reportedly given a thumbs-up to an increase in the tax-to-GDP ratio by nearly 1.5 percentage points, which is significant achievement on the part of the Federal Bureau of Revenue (FBR), Pakistan’s taxation apparatus.
This improvement means there’s no immediate need for additional tax measures through a supplementary finance bill. It must be noted that the IMF had previously set a target for Pakistan to boost its tax revenues by 1.5% of the gross domestic product (GDP) in the fiscal year 2024-25, targeting a total increase of 3% throughout the 37-month programme.
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