Connect with us

Business

Pakistan’s seeks $4 billion in approval from the IMF from Gulf countries.

Published

3 months ago

on

The government is reportedly looking into other options to meet its needs for outside cash, including speaking with Mashreq Bank and Dubai Islamic Bank.

The CEO of Dubai Islamic Bank and Minister of Finance Muhammad Aurangzeb met virtually to talk about investment prospects, according to sources.

To meet its needs for outside funding, Pakistan is looking to banks in the Gulf to provide $4 billion in commercial loans. There are $26.4 billion in debt repayments that are due in the current fiscal year, which presents significant issues for the nation in terms of external finance. Moreover, Pakistan wants to repay $12 billion in loans from Saudi Arabia and China.

This is a good time to point out that Pakistan and the IMF signed a $7 billion, three-year aid package agreement on July 13.

As per the statement, Pakistan should be able to establish stronger, more inclusive, and resilient growth and consolidate macroeconomic stability with the help of the new program, which is subject to approval by the Fund’s Executive Board.

The IMF’s executive board must approve the agreement.

Nathan Porter, the head of the Fund’s mission to Pakistan, was quoted in the IMF statement as saying, “The program aims to capitalise on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers, and remove economic distortions to spur private sector-led growth.”

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

17 hours ago

on

By

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Continue Reading

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

17 hours ago

on

By

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

17 hours ago

on

By

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

Continue Reading

Trending