By Staff Reporter
KARACHI: Pakistan’s central bank said on Thursday it had fined six banks a total of Rs350.8 million for failing to comply with rules on anti-money laundering, customer due diligence and other areas.
Macro
China rolls over $2.4 billion loan to Pakistan for two years
By Staff Reporter
ISLAMABAD: China has agreed to defer principal payments on loans worth $2.4 billion to Pakistan for two years, Finance Minister Ishaq Dar said on Thursday, a boost for the cash-strapped country as it tries to rebuild its foreign currency reserves.
IMF bailout helps Pakistan narrow fiscal deficit, boost growth
By Staff Reporter
ISLAMABAD: Pakistan’s fiscal deficit is expected to narrow to 5.5 percent of gross domestic product (GDP) in the fiscal year ending June 2024, from 7.9 percent a year earlier, as the government curbs non-interest spending and boosts revenue collection, the finance ministry said on Wednesday.
US says Pakistan needs to work with IMF for economic fix
By Staff Reporter
ISLAMABAD: The U.S. urged Pakistan to continue working with the International Monetary Fund to address its economic challenges, saying there is no easy solution to its fiscal woes.
Dar says no new taxes on agriculture, construction sectors
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar said the government won’t impose any new taxes on the agriculture and construction industries, dismissing media reports that suggested otherwise.
Pakistan’s foreign borrowing falls 37 percent in fiscal 2023
By Staff Reporter
ISLAMABAD: Pakistan’s external borrowing fell 37 percent to $10.8 billion in the fiscal year 2022/23, the lowest level in four years, as a stalled IMF programme reduced access to foreign loans from commercial banks and friendly countries, official data showed on Friday.
Pakistan must keep raising policy rate to fight inflation, IMF says
By Staff Reporter
ISLAMABAD: The International Monetary Fund has urged Pakistan to continue its monetary tightening cycle to rein in inflation and support the exchange rate, after approving a new $3 billion loan for the country last week.
Pakistan’s current account surplus widens in June as imports plunge
By Staff Reporter
KARACHI: Pakistan’s current account posted a surplus for the fourth straight month in June, as the country’s import bill fell sharply amid dollar shortages, data from the central bank showed on Tuesday.
Pakistan gets $600 million loan rollover from China
By Staff Reporter
ISLAMABAD: China has rolled over a $600 million loan to Pakistan, boosting the country’s foreign exchange reserves as it seeks to stabilise its economy under an International Monetary Fund (IMF) program.
Pakistan gets $1.2 billion IMF boost as reserves rebound
By Staff Reporter
Pakistan received $1.2 billion from the International Monetary Fund as part of a nine-month bailout program, boosting its foreign-exchange reserves and easing pressure on its currency.