Finance Minister Rules Out Any Energy Debt Restructuring Deal With China

Finance Minister Muhammad Aurangzeb said on Wednesday there would be no immediate signing of any energy debt restructuring deal with China. He said no agreement would be signed during the Chinese prime minister’s upcoming visit. He clarified that negotiations were still in progress, and the process would take years to complete and require approval from lenders and project sponsors, reported Express Tribune. Finance Minister added that China is open to discussions on the subject but no final terms are in place. On agricultural income tax, Aurangzeb said all provinces would begin collecting the tax at new rates in July 2025. Provinces are required to amend their tax laws by January 1, 2025. Aurangzeb also hinted at delays in the government’s plan to tax retailers and increase property valuation rates, both of which were aimed at generating Rs. 90 billion in revenue this fiscal year.