By Staff Reporter KARACHI: The State Bank of Pakistan (SBP) unexpectedly raised its benchmark rate by 100 basis points to a record high of 22
Macro
Pakistan clears budget hurdle for IMF loan
By Staff Reporter
ISLAMABAD: Pakistan’s lower house of parliament approved a revised budget for the next fiscal year on Sunday, with additional fiscal tightening to meet the International Monetary Fund’s (IMF) conditions for a $1.2 billion loan tranche.
PM Sharif hopes for IMF funds release after meeting chief in Paris
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday he hoped the International Monetary Fund would release funds under its bailout program soon, after meeting IMF Managing Director Kristalina Georgieva on the sidelines of a summit in Paris.
H.E. Mr. Donald Blome, Ambassador of the United States of America to Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar,at Finance Division in Islamabad on June 21, 2023.
Pakistan scrambles to revive IMF loan program before expiry
By Staff Reporter
ISLAMABAD: Pakistan is making a final push to revive a stalled $6.7 billion International Monetary Fund (IMF) loan program before it expires at the end of June, with its prime minister seeking a meeting with the IMF chief and its finance minister meeting the U.S. envoy.
Pakistan’s foreign borrowing falls 36pc in 11 months
By Staff Reporter
ISLAMABAD: Pakistan borrowed $8.613 billion from various sources, including $900 million from foreign commercial banks, in the first 11 months of the 2022-23 fiscal year, down 36 percent from the same period a year earlier, official data showed on Tuesday.
Pakistan posts current account surplus of $255 million in May as trade gap narrows
By Staff Reporter
KARACHI: Pakistan posted a current account surplus of $255 million in May, compared with a deficit of $1.5 billion in the same month last year, the central bank said on Monday, as a sharp fall in imports and a rise in exports helped improve the country’s external balance.
Pakistan’s IMF hopes dashed as board ignores bailout review
By Staff Reporter
KARACHI: Pakistan is not on the agenda of the International Monetary Fund’s Executive Board for the rest of June, indicating no breakthrough on the ninth review under a $6.7 billion stalled bailout program that expires this month.
Pakistan’s default odds rise as IMF sours on bailout: Bloomberg
By Staff Reporter
KARACHI: The International Monetary Fund (IMF) is unlikely to deliver the stalled tranche to Pakistan before its bailout program ends at the end of June, increasing the risk of default, according to Bloomberg’s Pakistan Insight report.
Pakistan gets $1 billion loan from China
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.
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.