By Staff Reporter
KARACHI: Pakistan received $1 billion from China on Friday as a refinancing of a loan that it paid off earlier this week, easing the country’s debt burden as it faces a looming expiry of an IMF bailout programme.
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Pakistan says it is flexible on budget spending after IMF criticism
By Staff Reporter
ISLAMABAD: Pakistan’s finance ministry on Friday defended the tax exemptions in the budget for next year, saying they are “triggers” for economic growth and that the country is “not dogmatic” about its spending plans, though it also shows a willingness to make adjustments after the International Monetary Fund (IMF) expressed its concerns.
Cyclone Biparjoy hits India, Pakistan coasts
By Staff Reporter
KARACHI: Cyclone Biparjoy pounded the coasts of India and Pakistan with howling winds and heavy rain on Thursday evening, forcing more than 175,000 people to flee their homes and cutting power in some areas.
Dar says IMF wants Pakistan to default like Sri Lanka
By Staff Reporter
ISLAMABAD: Pakistan Finance Minister Ishaq Dar on Thursday accused geopolitics of being behind a stalled loan program with the International Monetary Fund (IMF), saying the Fund wanted Pakistan to default like Sri Lanka and then enter negotiations.
IMF uncertainty clouds Pakistan’s debt outlook, Moody’s says
By Staff Reporter
ISLAMABAD: Pakistan’s ability to secure loans from bilateral and multilateral partners will be severely constrained until a new program is agreed with the International Monetary Fund (IMF), ratings agency Moody’s Investors Service said on Thursday.
LSM output plunges 21pc in April amid economic woes
By Staff Reporter
ISLAMABAD: Pakistan’s large-scale manufacturing (LSM) sector contracted 21.07% in April, its tenth straight month of decline, data from the Pakistan Bureau of Statistics (PBS) showed on Thursday.
Sindh braces for cyclone Biparjoy
By Staff Reporter
KARACHI: Cyclone Biparjoy is expected to hit the southeast coast of Pakistan’s Sindh province and the Indian state of Gujarat on Thursday evening, bringing heavy rain and strong winds to the region, the Pakistan Meteorological Department (PMD) said on Wednesday.
IMF criticises Pakistan’s budget, casts doubt on loan program
By Staff Reporter
KARACHI: Pakistan’s government has drawn criticism from the International Monetary Fund for its budget, which the fund said was inadequate to meet the objectives of its $6.7bn loan program, raising doubts over whether the country will be able to secure the next tranche of aid by the expiry of Fund’s programme at the end of June.
ECC approves Pakistan LNG deal with Azerbaijan for spot cargoes
By Staff Reporter
KARACHI: Pakistan LNG Limited (PLL) has been allowed Economic Coordination Committee (ECC) of the cabinet to sign a framework agreement with SOCAR Trading, the international arm of Azerbaijan’s state oil company, the finance ministry said on Wednesday.
Moody’s warns of Pakistan’s failure to complete IMF bailout
By Naveed Naqvi
ISLAMABAD: Pakistan is at an increased risk of failing to complete its $6.7 billion bailout program with the International Monetary Fund (IMF), which expires at the end of June, Moody’s Investors Service said on Wednesday.