Connect with us

Business

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

Published

4 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Your email address will not be published.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

In interbank trade, the Pakistani rupee beats the US dollar.

Published

5 days ago

on

By

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Continue Reading

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

6 days ago

on

By

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

Continue Reading

Business

The inflation rate in Pakistan dropped to its lowest level.

Published

6 days ago

on

By

On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

Continue Reading

Trending