Pakistan
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Chinese bank approves $700m to Pakistan, says Dar | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar on Wednesday announced that the board of China Development Bank (CDB) approved a loan of $700 million for Pakistan. Earlier this month, the country’s foreign exchange reserves slipped to the alarming level of below $3 billion for the first time in nine years, reducing import capacity to slightly over two…
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Gas shortage exposes fragile Pakistan, Bangladesh to more pain | The Express Tribune
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[ad_1] With a little over a month to go for peak shopping season during Ramadan, the head of Pakistan’s retail industry body is shuttling between meetings, pressing officials to relax orders that forced malls to shut by 8.30 p.m. to save energy. More than 40% of annual retail sales occur in the 30 days of…
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Economic crisis in Pakistan and the role of West | The Express Tribune
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[ad_1] ISLAMABAD: One thing is common among international financial institutions (IFIs), which is they trap and exploit countries, and blame others for their exploitation. It is an unwritten rule of business and they are applying it with dedication. It is a known fact that many countries crumbled during the reform period under an IMF programme.…
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IMF chief urges Pakistan to tax rich, protect poor | The Express Tribune
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[ad_1] International Monetary Fund (IMF) Managing Director Kristalina Georgieva has urged Pakistan to take necessary steps “to be able to function as a country” and avoid “getting into a dangerous place where its debts need to be restructured”. She said this while speaking to German broadcaster Deutsche Welle at the Munich Security Conference. Pakistan is confronting an acute…
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Pakistan has defaulted, says Khawaja Asif
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[ad_1] Defence Minister Khawaja Asif addresses a convention in Sialkot on February 18, 2023, in this still taken from a video. — Geo News SIALKOT: Defence Minister Khawaja Asif said on Saturday that Pakistan has already defaulted as the country goes through an economic crisis with no early respite in sight. “The country has defaulted.…
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Gold rate increases by Rs2,800 per tola in Pakistan
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[ad_1] An undated image of gold jewellery displayed at a store. — AFP/File As bargain hunting trickled in after rates dropped a day earlier in response to the continued recovery of the rupee against the US dollar, gold regained lost ground on Saturday. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association…
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Fitch Ratings downgrades Pakistan to ‘CCC-‘
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[ad_1] The logo of Fitch Ratings. — AFP/File Fitch Ratings Tuesday announced downgrading Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to “CCC-” from “CCC+”. The downgrade reflects further sharp deterioration in external liquidity and funding conditions and the decline of foreign exchange reserves to critically low levels. Falling reserves reflect large, albeit declining, current account…
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Virgin Atlantic announces suspension of services to Pakistan
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[ad_1] Virgin Atlantic aircraft can be seen at an airport. — AFP/File Virgin Atlantic has announced that it would be suspending its services “between London Heathrow and Lahore and Islamabad”. The UK-based aviation company’s operations will suspend on May 1 between London and Lahore and on July 9 between London and Islamabad, a statement said.…
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Panic over blocked imports in crisis-stricken Pakistan
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[ad_1] A security personnel stands guard beside a ship carrying containers on Gwadar port. AFP/File Pakistan business chiefs are clamouring for the cash-strapped government to allow manufacturing materials stuck at the key port of Karachi into the country, warning that a failure to lift a ban on imports will leave millions jobless. Faced with critically…
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What has Pakistan agreed with IMF? | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has agreed with the International Monetary Fund on the conditions to release $1.1 billion in critical funding, Finance Minister Ishaq Dar said on Friday, adding that the payout was delayed due to “routine procedures”. Below are the key points Pakistani authorities say they have already reached agreement on with the IMF: The…
