Although there are a few bright spots here and there, the economic downturn is taking a grim toll on the country’s industry. By Muhammad Ali.
Macro
Dar says Pakistan ‘very close’ to signing IMF agreement
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar said on Thursday the country was very close to signing a staff level agreement with the International Monetary Fund though Islamabad is still resolving differences with Fund to resume its $6.5 billion loan program..
Pakistan seals another $1.3bn loan rollover from all-weather ally China
By Staff Reporter
ISLAMABAD: Pakistan will get another $1.3 billion from all-weather ally China to shore up its fast-depleting forex reserves, Finance Minister Ishaq Dar said on Friday, days after the country received $700 million from Beijing.
SBP raises policy rate by 300 bps to 25-year high of 20pc
By Staff Reporter
KARACHI The State Bank of Pakistan (SBP) on Thursday raised its benchmark interest rate by 300 basis points to 25-year high of 20 percent to tame runaway inflation and also to win back a stalled $1.2 billion loan tranche from the International Monetary Fund.
Rupee plunges over 8pc against the dollar to hit record low
By Staff Reporter
KARACHI: The rupee plunged over eight percent against the dollar on Thursday, posting a new all-time low of Rs290.18, after the central bank apparently allowed a freefall in the currency to adjust its real market value – a precondition to unlock a vital bailout from the International Monetary Fund (IMF).
Bloomberg reports markets brace for potential default by Pakistan as $7bn debt looms
By Monitoring Desk
Bondholders are bracing for a potential default by Pakistan as the beleaguered nation faces billions of dollars in debt repayments that it will struggle to make good on without a bailout from the IMF or rollovers from bilateral creditors.
Inflation hits 31.5 percent, highest in 50 years
By Staff Reporter
KARACHI: Inflation in February hit the highest in 50 years on runaway food, beverage and transportation prices, official data showed on Wednesday, highlighting the challenge for the central bank as the country reels under its worst financial crisis in over 75 years of history.
Minibudget passes Senate body after tough speechmaking
Treasury and opposition members made hard-hitting speeches against the inflationary measures included in the supplementary finance bill, but the committee eventually embraced the draft law, requisite to unlock financing from the International Monetary Fund (IMF). By Naveed Naqvi.
Fitch downgrades Pakistan’s Issuer Default Rating to CCC-
By Staff Reporter
KARACHI: Fitch on Tuesday cut Pakistan’s sovereign credit rating by a notch to CCC- from CCC+, citing policy risks, critically low reserves and large refinancing risks, and difficult conditions set by the International Monetary Fund (IMF).
Gas prices raised to unlock IMF funding
By Staff Reporter
ISLAMABAD: The government approved a plan to increase domestic gas prices to meet a key condition set by the International Monetary Fund for reviving its bailout program as the two sides resume talks virtually on Monday to reach a deal.