debt
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Govt, banks at stalemate over PIA debt restructuring | The Express Tribune
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[ad_1] ISLAMABAD: The government and commercial banks have failed to break an impasse over the restructuring of Pakistan International Airlines’ (PIA) Rs260 billion debt, compelling authorities to grant yet another extension to a committee attempting to find a solution. Sources from the Privatisation Ministry stated that Finance Minister Dr Shamshad Akhtar has not accepted any…
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Govt debt may soar to Rs81.8tr | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has projected the federal government’s total debt obligations will skyrocket to Rs81.8 trillion by the end of this fiscal year while budget deficit and interest payment costs will exceed approved allocations. Due to unrealistic budgetary allocations, the IMF has now projected the size of Pakistan’s federal budget at…
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PIA debt restructuring talks begin | The Express Tribune
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[ad_1] ISLAMABAD: In a significant development, the government and representatives of commercial banks have initiated discussions to prepare a plan for the debt restructuring of Pakistan International Airlines (PIA) with the aim of keeping the struggling airline operational for another six months with a limited number of flights. The 12-member committee consists of an equal…
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Pakistan is in a debt (death) trap | The Express Tribune
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[ad_1] KARACHI: During the last week the Pakistani Rupee achieved a historic first. It broke through the Rs300 barrier against the Dollar. Other firsts were also recorded: The price of petrol broke through the Rs300 per litre barrier. The cost of a unit of electricity rose to a historic high. More increases are forecast for…
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Circular debt forecast to jump by Rs545b | The Express Tribune
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[ad_1] ISLAMABAD: The circular debt is projected to increase by another Rs545 billion by March next year despite a surge in electricity prices as foreign loans pegged with the so-called power sector reforms are limited to only increasing prices and ignore other critical issues. Pakistan eyes another loan of $600 million from the World Bank…
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Debt soars Rs18.5tr during PDM govt | The Express Tribune
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[ad_1] ISLAMABAD: In an alarming development, the Pakistan Democratic Movement (PDM) government added Rs18.5 trillion to the public debt in just 15 months, which was more than the debt accumulated by its arch-rival Pakistan Tehreek-e-Insaf in its three-and-a-half-year tenure, reveals a central bank statement. Gross public debt jumped from Rs44.4 trillion in March 2022 to…
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Fitch lowers US credit rating over growing debt burden
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[ad_1] A ageneral view of the Fitch Ratings headquarters building in New York. — AFP/File WASHINGTON: Fitch stripped the United States of its stellar credit rating, downgrading by one point and blaming the rising federal debt load and an “erosion of governance” behind the debt limit standoffs for the decision. The decision to lower the…
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China agrees to reschedule $2 billion debt | The Express Tribune
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[ad_1] ISLAMABAD: China has agreed to reschedule over $2 billion publicly guaranteed debt of Pakistan for a period of two years, providing a major relief to the government that is in the process of rebuilding foreign exchange reserves through fresh loans and rolling over maturing debt. The Economic Coordination Committee (ECC) of the Cabinet on…
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G20 finance chiefs hash out global debt situation
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[ad_1] India’s Finance Minister Nirmala Sitharaman (right) speaks next to US Treasury Secretary Janet Yellen during a joint statement with US as part of the G20 Finance Ministers, Central Bank Governors (FMCBG) and Finance & Central Bank Deputies (FCBD) meetings, at the Mahatma Mandir in Gandhinagar on July 17, 2023. — AFP Aimed at bolstering…
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Even debt restructuring may not be enough: experts | The Express Tribune
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[ad_1] KARACHI: Pakistan’s economy is on the brink as it grapples with mounting pressure and hyperinflation caused by an overwhelming debt burden. Urgent calls for debt restructuring are echoing through the country, with experts warning that the rupee is poised to face immense strain in the first quarter of the upcoming fiscal year if the…
