*MORNING NEWS* *Friday, 24 February 2025* *Two IMF missions due for talks on climate finance, EFF review* | The International Monetary Fund (IMF) confirmed on Friday that two of its missions will visit Pakistan in the next two weeks; the first mission will focus on discussions regarding climate finance, while the second will carry out the first review of Pakistan’s progress under the $7 billion Extended Fund Facility (EFF). https://tinyurl.com/2a44pqpu *EFF approved despite ‘dissenting voices’: IMF MD* | Managing Director, International Monetary Fund (IMF), Kristalina Georgieva, reportedly stated that there were dissenting voices within the IMF on Extended Fund Facility (EFF) for Pakistan but she approved the program despite “internal “concerns. https://tinyurl.com/27q7nsje *Pakistan, Turkiye eye $5b trade partnership* | In an effort to further diversify strategic business planning with Turkiye, economic stalwarts have suggested promoting bilateral trade, addressing brain drain, boosting human capital and manufacturing capacity, and above all to reshaping national economic, trade and industrial landscapes. https://tinyurl.com/28b4bt7m *Tax reforms reduced burden on exchequer: Aurangzeb* | Finance Minister Muhammad Aurangzeb said on Saturday that the government’s move to expand the tax base reduced the burden on the national treasury. https://tinyurl.com/23ajs4df *Windfall for govt as Rs23bn collected from 16 banks in just one day* | The Federal Board of Revenue (FBR) recovered Rs23 billion from 16 major banks in a single day on February 21, 2025, following a Sindh High Court (SHC) ruling upholding a Windfall Tax. https://tinyurl.com/23scvehj *To resolve Rs2,381bn circular debt issue: Talks on with banks to finalise terms for Rs1,240bn loan* | The government functionaries are in talks with banks to finalise the term sheet for borrowing Rs1,240 billion to resolve the stock of circular debt which currently hovers at Rs2,381 billion, as the discount rate has tumbled to 12 percent from 22 percent, top officials privy to the development told this scribe. https://tinyurl.com/296tw8y7 *Broadening tax base: PRAs and depts share data with FBR* | Provincial Revenue Authorities (PRAs) and departments have shared data with the Federal Board of Revenue (FBR) for the purpose of broadening the tax base. https://tinyurl.com/25sjpn9f *Oil falls 2pc but concerns over supply disruptions provide support* | Oil prices fell 2% on Friday but were unchanged on the week as concerns about supply disruptions in Russia provided support while there was continued uncertainty about a potential peace deal in Ukraine. https://tinyurl.com/2d923bnv *PPDA warns of industry collapse over deregulation push* | The Pakistan Petroleum Dealers Association (PPDA) has alleged that Petroleum Minister Musadik Malik is driving the petroleum industry towards ruin by advocating for deregulation. https://tinyurl.com/28jv8gll *ECC for resolving asset issues of DISCOs* | Pakistan's economic managers have emphasised the importance of prioritising the settlement of audit and asset transfer issues of power distribution companies (DISCOs) to pave the way for privatisation of state-owned utilities. https://tinyurl.com/25t2mu4x *ABAD urges govt to unveil revival package* | Association of Builders and Developers Chairman North Zone SM Nabeel has expressed hope that the federal government will soon announce a revival package for the construction industry to address challenges and drive sustainable development. He extended gratitude to Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb and Housing Minister Riaz Hussain Pirzada for their proactive role in revitalising Pakistan's housing sector. https://tinyurl.com/2ylhrwk6 *DRAP allows production of new drugs for cancer, other ailments* | In a landmark decision, the Drug Regulatory Authority of Pakistan (DRAP) has authorised local pharmaceutical companies to manufacture Sildenafil Citrate and Tadalafil tablets for the treatment of Erectile Dysfunction (ED) and new drugs for the treatment of cancers, non-communicable diseases (NCDs), including diabetes, hypertension, kidney diseases among many others, officials said. https://tinyurl.com/2akxltxc *Bids invited for export of another 50,000 MTs of rice to Bangladesh* | The state-run grain trader has invited bids for the export of 50,000 metric tons of non-Basmati parboiled rice to Bangladesh. Following the successful 50,000 metric tons export deal of long-grain white rice with Bangladesh, the Trading Corporation of Pakistan (TCP) has issued a new tender seeking quotations for the export of an additional 50,000 metric tons of rice. https://tinyurl.com/2d9pdumc _Regards_ _Ismail Iqbal Securities_