By Staff Reporter
ISLAMABAD: Pakistan failed to secure any spot liquefied natural gas (LNG) cargoes for October-to-December delivery, traders said on Tuesday, as suppliers shunned the country’s tenders due to banking issues.
Economy
Government unveils new economic revival plan
By Staff Reporter
ISLAMABAD: The government announced on Tuesday a new strategy to boost the country’s economy, which has been battered by high inflation, interest rates and dwindling foreign exchange reserves.
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.
No special deal for Pakistan as it buys Russian oil in Chinese yuan
By Staff Reporter
ISLAMABAD: Pakistan has bought Russian crude oil for the first time, paying in Chinese yuan, but did not receive any special discount on the price, Russian and Pakistani officials said on Friday.
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.
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.
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.