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Budget-implementation shake-up imminent as govt engages IMF | The Express Tribune

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Budget-implementation shake-up imminent as govt engages IMF | The Express Tribune


Fifteen reform proposals have been under intense discussion between Pakistani authorities and an IMF tech team

In a bid to plug long-standing leaks in its fiscal machinery, the Ministry of Finance is scrambling to finalise a comprehensive set of proposals aimed at overhauling Pakistan’s budget-implementation system, with plans to present the reforms to the International Monetary Fund (IMF) by next month, highly placed officials told The Express Tribune.

The reform package—built around 15 proposals—has been under intense discussion between Pakistani authorities and an IMF technical team. At the heart of the plan is a push to fully digitise the Public Finance Management (PFM) system, a move that officials believe could end chronic inconsistencies that have long plagued budget execution.

To steer this transformation, the government is considering the formation of a specialised committee tasked solely with overseeing the implementation of the digitisation plan.

Read: Pakistan faces risk of corruption-related money laundering

The reforms also envisage taking the entire budget-preparation cycle online through e-office and e-pads, streamlining financial data, and preparing budgets on the basis of consolidated, verified datasets. Officials insist that improved coordination with line ministries is crucial to making the annual budget process less fragmented and more evidence-based.

Sources confirmed that the IMF mission has also held wide-ranging talks on possible adjustments to tax policy for the upcoming budget—an area where the Fund has consistently pushed Pakistan to undertake deeper, more politically difficult reforms.

The Ministry of Finance maintains that the objective of these measures is straightforward: create a transparent, efficient and digitally integrated budget-implementation system that strengthens fiscal discipline and reduces the scope for manipulation.

The urgency behind these reforms has sharpened after the IMF, earlier this week, issued a stark warning about Pakistan’s entrenched corruption challenges. In its Governance and Corruption Diagnostic Report—released by the Ministry of Finance on November 19—the Fund flagged “significant risks of corruption-related money laundering,” particularly in banking, real estate, construction, dealings involving politically exposed persons and public procurement.

The report paints a picture of systemic institutional weaknesses and presses Islamabad to immediately roll out a 15-point reform agenda to improve integrity across the board.

Also Read: IMF opposes purchasing rule tweaks

In a separate but related admonition, the IMF criticised the federal and Punjab governments for amending procurement rules to allow contracts to be handed to state departments without competitive bidding—practices that, according to the Fund, have opened the door to opaque subletting arrangements with private firms.

The IMF has now demanded that Pakistan eliminate preferential treatment for state-owned enterprises within a year, warning that such exemptions distort competition, create opportunities for abuse and increase corruption risks.

The coming weeks, officials say, will determine whether Islamabad can translate these reform plans into actionable commitments—something the IMF will scrutinise closely as it weighs Pakistan’s next steps.



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Asian stocks today: Markets trade in green after US SC’s blow to Trump’s tariffs; HSI jumps over 2% – The Times of India

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Asian stocks today: Markets trade in green after US SC’s blow to Trump’s tariffs; HSI jumps over 2% – The Times of India


Asian markets inched higher on Monday after the US Supreme Court invalidated a major part of President Donald Trump’s tariff framework, a policy that had shaken the global economy since last year. Hong Kong’s HSI climbed more than 2% or 579 points reaching 26,992 with ecommerce heavyweights Alibaba and JD.com each jumping over three percent. Seoul also scaled a fresh record high to 5,816, buoyed by strong gains in chipmakers Samsung Electronics and SK hynix.Markets in Singapore, Wellington, Taipei and Manila also ended in positive territory, while Sydney slipped. Meanwhile, trading in Tokyo and Shanghai was shut due to holidays.The gains across the region were driven primarily by technology stocks. These companies have powered much of Asia’s market strength this year as investors increasingly shift funds away from Wall Street in search of relatively cheaper valuations. Trump’s trade strategy suffered a significant legal setback on Friday when the nation’s highest court ruled that the International Emergency Economic Powers Act, which the White House relied on in April to introduce broad tariffs, “does not authorise the president to impose tariffs”. In response, the president pledged to introduce a fresh global tariff of 10% using another legal route, which by Saturday, he had increased to 15%. The latest developments have injected a new layer of uncertainty into the trade outlook. There are now also demands for authorities to return funds collected under the earlier tariff scheme, while analysts caution that the administration could still look for alternative mechanisms to enforce duties.The court’s decision has also affected the outlook for trade agreements negotiated by Washington. Even so, investors in Asia largely welcomed the ruling, which is widely viewed as supportive for China and India. Technology counters emerged as the biggest winners.In currency markets, the dollar came under pressure, falling sharply against the yen, pound and euro. Meanwhile, oil prices declined by more than one percent on optimism surrounding a potential Iran nuclear deal.



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Zudio, Trends: Budget fast fashion is taking small-town India by storm

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Zudio, Trends: Budget fast fashion is taking small-town India by storm



More Indians in small towns are now shopping for affordable brands instead of unlabelled goods in the bazaars.



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AI contributes to spike in fashion sales complaints to Citizens Advice

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AI contributes to spike in fashion sales complaints to Citizens Advice



The rising use of AI by fashion retailers contributed to Citizens Advice receiving almost 18,000 complaints from customers last year – a surge of 21% on a year earlier, it has reported.

The advisory service said it was helping a consumer with a fashion purchase every seven minutes, finding that the ever-increasing use of AI “makes it easier for scammers to trick people into buying items that look nothing like the images advertised”.

According to the charity’s consumer service, 82% of complaints about clothes, shoes and accessories related to online orders (14,487), while 14% were bought in-store (2,569).

Women’s clothing caused the most headaches, making up almost half (48%) of all complaints (8,508), while men’s clothing made up 20% (3,523).

The most common five issues suffered by fashion buyers last year were faulty goods, making up 18% of all complaints, delivery failures or delays (13%), trouble returning unwanted goods (12%), breach of contract (9%) and poor customer service (6%).

Of last year’s complaints, one in 13 involved scams, including shoppers thinking they were buying items from UK-based companies, due to their advertising.

Instead, consumers had received poor quality items that were not as pictured, and, when they tried to return them, were asked to pay expensive fees to send them to an address overseas.

One consumer, Hannah, a mother in her 30s from the East Midlands who did not want her surname published, told Citizens Advice she was Christmas shopping online when she saw a jacket she liked advertised at half price.

The company selling the jacket claimed it was based in London’s Covent Garden, and Hannah bought it for £35 using a debit card.

Hannah said: “The jacket took a few weeks to come and when it did, it was a totally different material and colour, and not as premium as it was pictured. The pockets were different and it had massive plastic buttons, but the one in the photograph had nice metal ones. It even smelled cheap.”

Hannah emailed the company to complain and request a refund.

She said: “The service felt very different to any other clothing company I’d dealt with. They asked for pictures of the jacket I’d received and I thought ‘this company sent the item to me, surely they should know what it looks like’. They also emailed me on Boxing Day.

“They said I could return the jacket if I sent it to China at my own expense, it left me fuming. I looked up the cost of shipping and it was about £15. The website clearly stated it was a UK business, which was deceptive.”

Hannah reported the incident to the Citizens Advice Consumer Service, and was able to get a full refund through her bank, which covered the cost. Eventually, the company did issue a refund itself.

Jane Parsons, consumer spokeswoman at Citizens Advice, said: “Shopping should be simple and stress-free, but every year we hear from thousands of frustrated people who have a tough time trying to resolve issues with retailers and sellers.

Consumers face all kinds of problems from receiving faulty items, to waiting weeks for deliveries and poor customer service. Plus, the ever-increasing use of AI makes it easier for scammers to trick people into buying items that look nothing like the images advertised.

“It’s important consumers know what steps to take before they part with their cash or after there’s an issue. It can make all the difference in avoiding a trap or getting a refund.”

Mike Andrews, national coordinator of the National Trading Standards eCrime Team, said: “Online retail scams leave shoppers out of pocket and understandably frustrated.

“What appears to be a genuine retailer can turn out to be a fake website, a misleading advert or goods that never arrive.

“Criminals are increasingly using professional-looking sites and convincing promotions to exploit people’s confidence in well-known brands.

“We would encourage consumers to pause before buying online – check the retailer using a URL checker from a reputable website like Get Safe Online, be cautious of offers that seem too good to be true, avoid buying directly through social media adverts and always pay by card or a secure payment platform.”

UK consumer laws are difficult to enforce when sellers turn out to be based overseas.

Citizens Advice suggests the following before buying from an unfamiliar company:

– Check reviews on search engines and third party websites– Watch out for heavily discounted, ‘too good to be true’ prices and huge closing down sales– Be mindful of the targeted shopping adverts in your social media feeds – this is often how customers are drawn in– Consider whether images used to advertise an item were created by AI. This can be difficult, but look for overly airbrushed images, inconsistent textures or distortions on the face and body– Check the company’s website delivery information. Overseas stores offer shipping to the UK in a much longer timeframe than a genuine UK brand would– If you’ve been caught out by this type of scam and you paid by debit or credit card, you may be able to use a ‘chargeback scheme’ or a ‘section 75’ claim to get a refund.



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