Skip to content
Search

Latest Stories

IMF team to visit Pakistan to review standby arrangement

The country is attempting an economic recovery under the caretaker government of prime minister Anwaar-ul-Haq Kakar

IMF team to visit Pakistan to review standby arrangement

AN International Monetary Fund (IMF) mission will visit Pakistan on November 2 to discuss the first review of the country's current $3 billion standby arrangement (SBA), the lender's resident representative said on Tuesday (24).

The south Asian nation is trying to navigate a tricky path to economic recovery under the caretaker government of prime minister Anwaar-ul-Haq Kakar in the wake of an IMF loan programme, approved in July, that helped avert a sovereign debt default. Under the programme, Pakistan received $1.2 billion from the IMF as the first tranche in July.

"An International Monetary Fund team led by Mr. Nathan Porter will field a mission to Pakistan starting in November 2 on the first review under the current Stand-By Arrangement," the IMF's resident representative to Pakistan, Esther Perez Ruiz, said.

(Reuters)

More For You

London tourist levy

The capital recorded 89 m overnight stays in 2024

iStock

London to introduce tourist levy that could raise £240 million a year

Kumail Jaffer

Highlights

  • Government expected to give London powers to bring in a tourist levy on overnight stays.
  • GLA study says a £1 fee could raise £91m, a 5 per cent charge could generate £240m annually.
  • Research suggests London would not see a major fall in visitor numbers if levy introduced.
The mayor of London has welcomed reports that he will soon be allowed to introduce a tourist levy on overnight visitors, with new analysis outlining how a charge could work in the capital.
Early estimates suggest a London levy could raise as much as £240 m every year. The capital recorded 89 m overnight stays in 2024.

Chancellor Rachel Reeves is expected to give Sadiq Khan and other English city leaders the power to impose such a levy through the upcoming English Devolution and Community Empowerment Bill. London currently cannot set its own tourist tax, making England the only G7 nation where national government blocks local authorities from doing so.

A spokesperson for the mayor said City Hall supported the idea in principle, adding “The Mayor has been clear that a modest tourist levy, similar to other international cities, would boost our economy, deliver growth and help cement London’s reputation as a global tourism and business destination.”

Keep ReadingShow less