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The Pakistan Stock Exchange (PSX) started the week on a strong note. Investor confidence soared due to progress in negotiations between Pakistan and the International Monetary Fund (IMF). Optimism over the resolution of circular debt in the energy sector also fueled market gains. The KSE-100 Index climbed 663.43 points, or 0.57%, closing at 116,199.59. This …
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Islamabad: Pakistan and the International Monetary Fund (IMF) have made significant progress toward a Staff-Level Agreement (SLA) on the first review of the $7 billion loan program. IMF Mission Chief Nathan Porter confirmed the development. He stated that discussions between the lender and Pakistani authorities moved forward on economic reforms under the Extended Fund Facility …
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Federal Minister for Energy, Awais Leghari, announced significant progress in reducing electricity rates, with ongoing discussions with the International Monetary Fund (IMF) potentially lowering tariffs by Rs10 to 12 per unit. Speaking at the Parliament House, he revealed that renegotiations with Independent Power Producers (IPPs) have already saved the country Rs1,100 billion, directly benefiting consumers. …
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Defense Minister Khawaja Muhammad Asif stated that Pakistan would not need the International Monetary Fund (IMF) if half the country’s corruption ended. He made this statement while addressing the Sialkot Chamber of Commerce. Khawaja Asif assured the industrial community that he understands their challenges. He acknowledged that the country is in a tough economic phase. …
Continue reading “Economic Indicators Improving, Corruption Must Be Curbed: Khawaja Asif”
KARACHI: Pakistan’s crippling debt crisis has sparked intense debate among experts. While some advocate default and restructuring, others back the International Monetary Fund’s (IMF) strict austerity program. However, both approaches are flawed, say financial analysts. Instead, they propose a third way to steer the country out of its debt spiral. Rising Debt and Crushing Repayments …
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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
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ISLAMABAD: The International Monetary Fund (IMF) approved a $7 billion bailout package for Pakistan on Wednesday. This came after Pakistan pledged to reform its agriculture income tax, transfer fiscal responsibilities to the provinces, and limit subsidies. The Prime Minister’s Office announced that the IMF’s Executive Board had given the green light to a 37-month Extended …
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KARACHI – The Pakistani rupee appreciated by 0.03% against the US dollar in the inter-bank market on Friday, closing at 277.84. This marks a small gain of Re0.07 from Thursday’s closing rate of 277.91, as reported by the State Bank of Pakistan (SBP). The rupee’s movement comes ahead of the International Monetary Fund (IMF) Executive …
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The International Monetary Fund (IMF) is expected to approve a new loan program for Pakistan during its Executive Board meeting on September 25, news reported on Thursday. Julie Kozek, IMF’s Director of Communication, confirmed the meeting in a press briefing, stating that negotiations for the $7 billion loan program were finalized in July. Pakistan’s Finance …
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Prime Minister Shehbaz Sharif announced that his government is committed to implementing the International Monetary Fund’s (IMF) conditions to complete the $7 billion loan program. He expressed hope that this will be the country’s last borrowing from the IMF. In July, Pakistan and the IMF agreed on a 37-month loan program. However, the program requires …
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The International Monetary Fund (IMF) has released its Executive Board meeting schedule up to September 4, 2024, with Pakistan, despite its severe financial struggles, notably absent from the agenda. This omission has raised concerns, as Pakistan is in dire need of financial support to stabilize its economy. However, sources indicate that the Pakistani government remains …
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Islamabad: In the coming fiscal year, the government intends to borrow roughly $16 billion in gross foreign loans to cover maturing external public debt and finance the budget deficit. According to Ministry of Finance sources, the expected $15.7 billion borrowings in fiscal year 2021-22 are roughly 10% higher than this year’s revised estimates of foreign …
Continue reading “Pakistan to receive loan from IMF to retire debts in FY22”
ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
KARACHI: On the fuel crisis 2020, Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari has demanded the resignation of the entire government, including the Prime Minister. He also declared that the State Bank of Pakistan (SBP) ordinance will be challenged in every forum. Bilawal Bhutto said at a press conference in Karachi that the government …
Continue reading “Petrol Crisis 2020, Bilawal Demands PM to step down”
KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand. On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas …
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ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country. The amount includes a $200 million loan to combat locust attacks, a scheme that has been met …
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ISLAMABAD: Even if a new Act of Parliament is approved, the federal government will have a powerful presence in state-owned enterprises (SOEs), which runs counter to the aim of maintaining productive and financially stable public sector companies by eliminating political intervention. According to the proposed State-owned Enterprises (Governance and Management) Act 2021, the government also …
