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Express Tribune
2 days ago
- Business
- Express Tribune
IMF sees growth ahead for Pakistan
IMF Pakistan's Representative Mahir Binici (left) at the Sustainable Development Policy Institute in Islamabad on July 13, 2025. Photo: APP Listen to article A senior International Monetary Fund (IMF) official said on Sunday that growth across the Middle East, North Africa (MENA) region and Pakistan was expected to strengthen in 2025 and beyond, despite "exceptional uncertainty" that could weigh on the global economic outlook. In a comprehensive guest lecture at the Sustainable Development Policy Institute (SDPI), IMF Resident Representative for Pakistan Mahir Binici, cautioned against elevated trade tensions, geopolitical fragmentation and weakening global cooperation. Binici, according to a press release issued here, reaffirmed the continued IMF support for Pakistan's economic and climate reform agenda and underlined the urgent need for prudent and forward-looking policy actions. Focusing on Pakistan, Binici noted that the country's performance under the IMF's Extended Fund Facility (EFF) had been "strong so far," adding that the successful completion of the first review by the IMF Executive Board in May 2025 was a key milestone. Binici emphasised that structural reforms remained central to Pakistan's long-term economic sustainability, particularly reforms that strengthened tax equity, improve business climate, and encourage private-sector-led investment. "Early policy measures have helped restore macroeconomic stability and rebuild investor confidence, despite persistent external challenges," he said. He also highlighted Pakistan's progress on climate-related reforms under the IMF's Resilience and Sustainability Facility (RSF). He said that key areas of reform under the RSF included enhancing public investment planning, promoting efficient and sustainable use of water resources, improving institutional coordination for disaster preparedness and financing, expanding availability and transparency of climate-related data. The press released said that Binici stressed that the support through "the RSF will not only strengthen Pakistan's climate resilience but also help unlock green investments and foster a more climate-conscious economic trajectory." The lecture was followed by a discussion on fiscal and monetary policy frameworks, external buffers, and the role of international institutions. Earlier, SDPI Executive Director Dr Abid Qaiyum Suleri dilated on multilateral cooperation in Pakistan's journey toward sustainable development. (WITH INPUT FROM APP)
Express Tribune
2 days ago
- Business
- Express Tribune
IMF representative calls Pakistan's EFF performance 'strong'
IMF Pakistan's Representative Mahir Binici (left) at the Sustainable Development Policy Institute in Islamabad on July 13, 2025. Photo: APP The International Monetary Fund (IMF) has expressed satisfaction with Pakistan's economic progress, as its Resident Representative Mahir Binici described the country's performance under the Extended Fund Facility (EFF) as 'strong so far', Pakistan Television reported. 'Early policy measures have helped restore macroeconomic stability and rebuild investor confidence, despite persistent external challenges,' he said. Speaking during a guest lecture at the Sustainable Development Policy Institute (SDPI) on Sunday, Binici cited the successful completion of the first EFF review by the IMF Executive Board in May 2025 as a key milestone. Read More: Pakistan receives second IMF tranche of $1.02b Binici emphasised the importance of sustained structural reforms for Pakistan's long-term economic sustainability, especially in strengthening tax equity, improving the business environment, and encouraging private-sector-led investment. He noted that growth across the region is projected to strengthen in 2025 and beyond, but warned that geopolitical tensions, trade disruptions, and declining global cooperation continue to weigh on recovery efforts. The International Monetary Fund's Resident Representative for Pakistan, Mahir Binici has reaffirmed continued support for Pakistan's economic and climate reform agenda@IMFNews #RadioPakistan #News — Radio Pakistan (@RadioPakistan) July 13, 2025 Turning to climate resilience, Binici lauded Pakistan's efforts under the IMF's Resilience and Sustainability Facility (RSF), which supports countries addressing climate risks and meeting global environmental goals. Key RSF reforms for Pakistan include better public investment planning, efficient water resource management, disaster preparedness, and improved climate data infrastructure. 'Support through the RSF will not only strengthen Pakistan's climate resilience but also help unlock green investments and foster a more climate-conscious economic trajectory,' Binici said. SDPI Executive Director Dr Abid Qaiyum Suleri welcomed the IMF's ongoing engagement and highlighted the importance of dialogue and multilateral cooperation in promoting sustainable growth. Also Read: Delhi kisses the dust as IMF approves $2.4b Pakistan loan The session concluded with a policy discussion on fiscal and monetary frameworks, external financing buffers, and the evolving role of international institutions in supporting inclusive economic development. About 3 months ago, the IMF team had reached a staff-level agreement with the Pakistani authorities on the first review of the 37-month Extended Arrangement under the EFF, and on a new 28-month arrangement under the IMF's Resilience and Sustainability Facility (RSF) with total access over the 28 months of around $1.3 billion. Pakistan would continue fiscal consolidation to reduce public debt while creating space for social and development spending and reducing crowding out of private investment. Pakistan will also refrain from increasing current spending beyond that budgeted, indicating that no supplementary grants can be issued. The IMF's new climate facility is meant to scale up climate reform efforts to reduce vulnerabilities to natural disaster risks and to build climate resilience. In return for the loan, Pakistan has committed to strengthen public investment processes across all levels of government to prioritize projects that enhance disaster resilience, said Porter. The government will also improve the efficiency of scarce water resource usage, including through better pricing mechanisms, he added. Also Read: IMF approves $7 billion EFF programme for Pakistan It will enhance intergovernmental coordination on disaster financing; improve information architecture and disclosure of financial and corporate climate-related risks; and promote green mobility to mitigate significant pollution and adverse health impacts, said the IMF.
Business Recorder
2 days ago
- Business
- Business Recorder
IMF lauds Pakistan's ‘strong' economic reform progress
International Monetary Fund (IMF)'s Resident Representative for Pakistan Mahir Binici has reaffirmed continued support for Pakistan's economic and climate reform agenda, while appreciating the South Asian country's strong economic reform progress. Addressing economists, researchers and policy experts at Sustainable Development Policy Institute in Islamabad, Binici said the growth across the Middle East and Pakistan is expected to strengthen in 2025 and beyond. He, however, underlined urgent need for prudent and forward-looking policy actions. Focusing on Pakistan, the IMF official said the country's performance under the IMF's Extended Fund Facility has been strong so far. He said early policy measures have helped restore macroeconomic stability and rebuild investor confidence, despite persistent external challenges. Binici also highlighted Pakistan's progress on climate-related reforms under the IMF's Resilience and Sustainability Facility.
Business Recorder
12-06-2025
- Health
- Business Recorder
A public health milestone
The Punjab government's recent decision to ban all e-cigarettes, vapes and nicotine pouches across the province marks a major step in protecting public health. Chief Minister Maryam Nawaz Sharif led this move, directing the cabinet to enforce a 'complete ban' on e-cigarettes in Punjab. In a cabinet meeting she warned that the 'increasing use of vapes among youth is a major health threat' and ordered provincial and district authorities to launch a province-wide crackdown on vape sales and use. This decisive action, and a phenomenal step backed by a cabinet resolution, showcases strong political leadership on tobacco control. It represents a clear acknowledgment that new nicotine products are undermining youth health, and that urgent curbs are needed. This ban comes amid an explosion of vaping outlets in Pakistan's cities. Researchers from the Sustainable Development Policy Institute, note that vape devices and nicotine pouches have 'made rapid ingress' in Pakistani society, making it mandatory for the government to ban all new nicotine products, including vapes, e-cigarettes, and nicotine pouches. They are openly sold in corner stores, malls and specialty shops in major cities – Karachi, Lahore, Islamabad, Peshawar and Quetta – with no consistent enforcement of age limits. Health surveys find e-cigarettes sold 'to people of all ages in many stores and supermarkets across Pakistan's major cities'. Additionally, the flavors such as candy, chocolate, mango, and other fruity/minty flavors are specifically designed to entice children and youth towards addiction. In Karachi alone, studies reported that roughly 68% of surveyed college students had tried vaping devices. Similarly, SDPI experts observed that cheap nicotine pouches are available in 'almost every convenience store' and dedicated vape bars, sheesha cafes and cigar lounges are targeting young, urban consumers. The rapid spread of these outlets – often advertising vaping as a trendy or 'safer' alternative – confirms what doctors and NGOs have warned: without regulation, nicotine products will proliferate unchecked. Punjab's ban builds on earlier provincial efforts. In Khyber Pakhtunkhwa (KP), activists with the NGO Blue Veins and the KP Tobacco Control Cell raised the alarm when youth vaping soared. In January 2024, the KP government imposed a 60-day interim ban on e-cigarette storage, sale, and use that was extended multiple times before entering the process of becoming a provincial law. The Deputy Commissioners were ordered to ban sales within 50 meters of schools and restrict sales to under-21. Civil society groups (Blue Veins, provincial doctors, the Alliance for Sustainable Tobacco Control) applauded the move as a 'significant victory' for health. They immediately pressed for extension and permanent legislation, pointing out that the ban had protected youth from 'addictive substances' and that comprehensive laws were needed for lasting impact. In Peshawar district, a wider local ban on vapes and nicotine pouches was announced under the 'Live Well' health initiative (Section 144) in mid-2024, prohibiting sales near hospitals and schools and to minors These provincial actions – paralleled by spot enforcements by Lahore's own and the Federal Tobacco Control Cell – show a clear consensus at the local level that new nicotine products pose unacceptable risks. For example, Lahore authorities have recently inspected and sealed several vape shops, signaling that even the provincial capital recognizes the threat. Health experts have repeatedly sounded the warning about why these steps are needed. E-cigarettes and heated tobacco devices still contain highly addictive nicotine and toxic chemicals, contrary to industry claims of harmlessness. Tobacco control experts from around the globe at the World No-Tobacco Day emphasized that 'none' of the new nicotine products is safe. They noted that e-cigarettes, nicotine pouches, and heated tobacco cause damage not only to the lungs, but also to the cardiovascular, immune, renal, and nervous systems, with equal or more severe repressions replicating that of cigarettes. In a similar event jointly organized by the SDPI and SPDC, the industry messaging was attributed to false claims of 'risk-free', 'stain-free', 'discreetness', or other children/youth enticing slogans, as a smoking cessation aid, but independent analyses show no evidence of any of these claims. As SDPI reports, the tobacco industry's 'harm reduction' narrative is a ploy to renormalize smoking and evade regulation and attract children and youth to new forms of addiction. The WHO has concluded there is 'insufficient independent evidence to support e-cigarettes as a smoking cessation intervention' and that these products are 'undoubtedly harmful'. Pakistani tobacco control experts point out that nicotine itself is a powerfully addictive drug – vaping can deliver even higher nicotine doses than cigarettes, and that cooling-toxins like formaldehyde, acetaldehyde and novel compounds (e.g., synthetic 'nicotinoids') have been found in e-liquids. The misleading rhetoric of 'harm reduction' by tobacco companies has been discredited by recent developments. Worldwide, governments are stepping in. SDPI notes that 'many countries across the globe have banned the sales and consumption of e-cigarettes'. This list includes dozens of nations from Australia, Brunei Darussalam, Singapore, and Saudi Arabia to Argentina, Bahrain, India, and Thailand. Australia now classifies nicotine as 'hazardous poison' and a prescription-only medicine (as per Schedule 4 Poison) adults cannot legally buy nicotine vapes without a doctor's prescription. Singapore and Brunei Darussalam have strict prohibitions on any vaping products for consumers. Even the European Union has seen bans: Belgium and France prohibit disposable vapes, and France has just outlawed nicotine pouches (finding 131 poisonings in 2022 alone) Alarmingly, French regulators recently discovered a new synthetic nicotine analog (6-methyl-nicotine, or 'Metatin') in some e-cigarette cartridges. Previous studies suggest this compound may be three times more addictive than regular nicotine and even more toxic to lung tissue. The French anti-smoking group CNCT has sued a vape company over this finding and is calling for a ban on all untested nicotine analogs. These global examples underline that nicotine-delivery devices are inherently dangerous and evolving; a free market approach risks allowing unknown toxins to spread. Importantly, many Pakistani experts and advocates have long argued that such bans are necessary. Think-tanks and NGOs, including the Sustainable Development Policy Institute (SDPI), have been producing evidence and policy briefs on e-cigarettes for years. In SDPI's 2022 analysis, researchers warned that novel products were filling a regulatory vacuum in Pakistan: 'In the absence of a distinct policy, these products are spreading across the length and breadth of the country.' They explicitly called for urgent discussion and policy development to curb e-cigarettes and heated tobacco. Similarly, public health seminars (like the recent events organized by all tobacco control organizations on World No Tobacco Day), brought together doctors and civil society to demand immediate bans on vapes, e-cigarettes, and nicotine pouches, besides the implementation of high taxes on cigarettes to reduce consumption. Conclusively, both research institutions and practicing clinicians in Pakistan recognize that novel nicotine products, including vapes, e-cigarettes, heated tobacco products, and nicotine pouches, are undermining decades of tobacco control. Punjab's ban is an important breakthrough, but it also highlights a crucial gap: the lack of a national law banning vaping and nicotine pouches. Currently, at the federal level, there is no blanket ban; vapes are illegally sold nationwide as an 'accessible choice for adults'. The tobacco control advocates in Pakistan urge federal and provincial policymakers to seize this momentum. The Punjab cabinet has shown the way by treating nicotine and vaping as a public health emergency. Now Pakistan's National Command and Operation Centre, Federal Tobacco Control Cell, and parliament should enact a permanent, harmonized ban on vapes and nicotine pouches. Such a law should match Punjab's and KP's provisions, and also address internet and import channels. This national prohibition would fulfill our commitments under WHO Framework convention on Tobacco Control (FCTC), and demonstrate that Pakistan prioritizes youth health over the tobacco industry's profits. Combined with enforcement and public awareness, a countrywide ban would ensure that the gains made in Punjab (and earlier in KP) protect all Pakistani children and youth. Punjab e-cigarette ban is a milestone won by evidence-based advocacy and leadership. Now is the time to translate this province-wide victory into a federal policy – banning vaping products everywhere in Pakistan. The scientific evidence, global experience, and local advocacy all point the same way: vapes and nicotine pouches are not safe or beneficial, and must be removed from our markets. A unified national ban, supported by enforcement and education, is the logical next step to secure the health of our nation's youth and uphold Pakistan's tobacco control goals. (The writer is a Senior Research Associate at Sustainable Development Policy Institute) Copyright Business Recorder, 2025
Business Recorder
29-05-2025
- Business
- Business Recorder
Packaged milk and infant milks: Experts, stakeholders for reversing 18pc ST
ISLAMABAD: The experts and stakeholders from government, industry, and research institutions on Tuesday called for reversing 18 percent sales tax on packaged milk and infant milks in budget (2025-26). The pre-budget seminar has concluded for immediate reforms in the taxation regime affecting Pakistan's dairy industry to promote formalization, nutrition and growth. The Sustainable Development Policy Institute (SDPI) organized a focused policy dialogue titled 'Enabling Dairy Sector Transformation through Smart Taxation'. The Federal Board of Revenue (FBR) is finalizing proposals on dairy sector. Through the Finance Act 2024 the government withdrew zero-rating (Serial no.12(xvii) and 17 of the Fifth Schedule of the Sales Tax Act 1990) and imposed 18% GST on locally produced infant formula, baby food and fortified child nutrition products. Before that the locally produced preparations suitable for infants were eligible for zero-rating if the cost was within a threshold defined by the government. The FBR is reviewing this budget proposal to restore zero-rating on infant milks. The session, moderated by Zainab Naeem and organized as part of the Sustainable Development Policy Institute's (SDPI) pre-budget consultation series, aimed to finalize a joint statement and action plan to formalize the largely informal dairy sector through rational tax policies. In his opening remarks, Dr. Abid Qaiyum Suleri, Executive Director of SDPI, highlighted that despite contributing significantly to economic activity, over 90% of Pakistan's dairy sector remains undocumented and untaxed. 'Documentation of the economy is crucial not just for fiscal stability but also for tackling malnutrition and ensuring food safety,' said Dr. Suleri. He emphasized that the current tax policy – particularly the 18% GST on packaged milk – disincentivizes the formal sector and undermines both public health and economic development. Dr. Umar Farooq, Research Associate at SDPI, presented key findings from a policy brief. He revealed that the sales tax hike led to a 20% drop in packaged milk sales and closure of over 500 formal milk processing units, redirecting Rs1.3 trillion in revenue to the informal sector. 'This is a fiscal miscalculation. Globally, milk is taxed at an average of just 6%. Pakistan's 18% GST on packaged milk is a policy outlier that compromises health, nutrition, and livelihoods,' he stated. Representing the private sector, Muhammad Nasir of Friesland Campina Engro Pakistan stressed the sector's socio-economic importance, especially in rural areas. 'Dairy acts as a social safety net, yet our productivity remains among the world's lowest,' he said. Nasir also flagged Pakistan's alarming 40% stunting rate and warned that increased taxation on safe milk could worsen national nutrition indicators. Aatekah Mir from Nestlé Pakistan explained that the sales tax freeze has halted investment in milk conversion infrastructure. 'This tax was criticized across political lines,' she noted, adding that Nestlé and others are fully aligned with the SDPI's policy recommendations. Dr. Shehzad Amin, CEO of the Pakistan Dairy Association, called for a rational and uniform tax regime. 'No country taxes milk at 18% – the highest global rate is 9%. Safe milk is not a luxury, it's a right,' he asserted. He warned that shifting consumption from packaged to loose milk due to pricing pressures could severely impact public health and contribute to a stunted generation in the next five years. Dr Muhammad Anjum Iqbal, Animal Nutritionist at the Ministry of National Food Security and Research urged the government to incentivize quality milk production, highlighting the need for improving animal health, diet, and environment. During the questions and answers session, the experts emphasized the importance of pasteurization, certification, and infrastructure. Muhammad Nasir from Engro Pakistan reiterated that only registered and tested products were certified, and that modern safety protocols like those in the Netherlands were needed to combat zoonotic disease risks. Dr Shehzad Amin pointed out that 96% of milk samples from the informal sector are adulterated, compared to the formal sector's strict testing standards. 'Bringing the informal sector into the tax net could improve both revenue and milk quality,' he said. In conclusion, stakeholders unanimously called for immediate reduction of GST on packaged milk to 5%, recognition of milk as a nutrition-sensitive commodity, alignment of fiscal policies with health and nutrition goals, and promotion and protection of the formal dairy sector through public awareness and infrastructure development. Copyright Business Recorder, 2025
