IMF to discuss Pakistan's budget plans as funding lifeline nears

A woman walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, US, on May 10, 2018. (REUTERS/File)
Short Url
Updated 04 May 2023
Follow

IMF to discuss Pakistan's budget plans as funding lifeline nears

  • Negotiations over key budget targets such as the fiscal deficit are among the hurdles to an IMF staff-level agreement
  • A successful staff-level agreement for the 9th review, pending since last year, will unlock the $1.1 billion in financing

KARACHI: The International Monetary Fund (IMF) is preparing to discuss Pakistan's budget plans for the coming financial year, as part of a long-awaited bailout tranche from the lender for the cash-strapped nation, the IMF's country mission chief told Reuters on Thursday.

Negotiations over key budget targets such as the fiscal deficit are one of the last hurdles before the IMF approves a staff-level agreement to release $1.1 billion in funding, which has been delayed since November, that is crucial for Pakistan to resolve an acute balance of payments crisis.

The finance ministry did not immediately respond to Reuters request for comment.

On Thursday, Finance Minister Mohammad Ishaq Dar reiterated that Pakistan has already complied with all the prior actions for the 9th review with the IMF.

A successful staff level agreement (SLA) for the 9th review, which has been pending since November, will unlock the $1.1 billion in financing.

The funding is part of a $6.5 billion bailout package the IMF approved in 2019, which is due to end in June, prior to the budget.

In response to a question about the possibility of combining the 9th and 10th reviews in light of the imminent end of the latest programme, Nathan Porter, IMF mission chief to Pakistan, said that the current baseline is to proceed sequentially with reviews.

"In all IMF programs, the authorities issue a letter of intent associated with the last review outlining their policy intentions for the period after the program," Porter said.


Saudi tourism employment surpasses 1m as hospitality sector expands 

Updated 08 January 2026
Follow

Saudi tourism employment surpasses 1m as hospitality sector expands 

RIYADH: Saudi Arabia’s tourism workforce surpassed 1 million in the third quarter of 2025, underscoring the sector’s rapid expansion as the Kingdom continues to develop its hospitality infrastructure and visitor economy. 

According to the latest Tourism Establishments Statistics report released by the General Authority for Statistics, the total number of employees in tourism activities reached approximately 1,009,691 in the third quarter of 2025, marking a 6.4 percent increase compared to the same period in 2024, when employment stood at 948,629. 

The growth in employment comes alongside a significant rise in the number of licensed tourism hospitality facilities, which increased by 40.6 percent year on year to reach 5,622 in the third quarter. Of these, serviced apartments and other hospitality facilities accounted for 52.6 percent, while hotels represented 47.4 percent. 

The robust growth reflected in the latest tourism statistics aligns directly with the goals of Vision 2030, as the Kingdom aims to double tourism’s gross domestic product contribution to 10 percent. The sector is also seeking to create 1.6 million jobs, and attract 150 million visitors annually by 2030.

The report showed that non-Saudi employees made up the majority of the tourism workforce, numbering 764,520 and accounting for 75.7 percent of the total. Saudi nationals employed in the sector reached 245,171, representing 24.3 percent of all tourism workers. 

In terms of gender distribution, male employees dominated the sector with 875,658 workers, while female employees totaled 134,033, making up just 13.3 percent of the workforce. 

Hotel performance showed positive momentum, with the average room occupancy rate rising to 49.1 percent during the quarter, an increase of 2.9 percentage points from 46.1 percent in the same period a year earlier. 

In contrast, serviced apartments and other hospitality facilities experienced a slight dip in occupancy, recording 57.4 percent compared to 58 percent in the same quarter of 2024. 

The average daily room rate in hotels decreased by 3.6 percent to SR341 ($90.9), down from SR354 in the third quarter of 2024. Meanwhile, serviced apartments and similar facilities saw their average daily rate rise by 4.1 percent to SR208, up from SR200 a year earlier. 

The average length of stay in hotels was 4.1 nights, down 1 percent from 4.2 nights in the third quarter of 2024. For serviced apartments and other hospitality facilities, the average stay was 2.1 nights, reflecting a marginal decrease of 0.2 percent year-on-year. 

The statistics draw on administrative records, surveys and secondary data to capture activity across the Kingdom’s tourism sector, GASTAT said.