By Staff Reporter
ISLAMABAD: Pakistan’s new $3 billion loan program from the International Monetary Fund (IMF) will anchor its immediate efforts to stabilize the economy and meet its balance of payments needs, a senior IMF official said.
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PM Sharif to step down in August, sets stage for polls
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said he will hand over power to a caretaker government in August, paving the way for national elections that could end the political turmoil that has gripped the country since the ouster of his predecessor Imran Khan last year.
World Bank approves $100 million to increase family planning in Punjab
By Staff Reporter
ISLAMABAD: The World Bank approved a $100 million program to increase the use of family planning services in Punjab, Pakistan’s most populous province, as part of its efforts to reduce poverty and improve human capital.
Manufacturing sector shrinks for 11th straight month
By Staff Reporter
ISLAMABAD: Pakistan’s large-scale manufacturing (LSM) sector contracted 14.37 percent in May, its 11th consecutive monthly decline, as high costs, currency devaluation and political turmoil weighed on the industry, official data showed on Thursday.
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.
Pakistan seeks more Russian oil after first discounted deal
By Staff Reporter
ISLAMABAD: Pakistan is in talks to buy a second shipment of discounted Russian crude oil, its petroleum minister said on Wednesday, as the cash-strapped nation seeks to diversify its energy sources and save on foreign exchange reserves.
Pakistan gets $1 billion deposit from UAE to boost reserves
By Staff Reporter
ISLAMABAD: Pakistan received a $1 billion deposit from the United Arab Emirates, the second inflow of funds from a friendly nation in two days, as it seeks to shore up its dwindling foreign exchange reserves.
IMF bailout secured, $3 billion to flow
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) executive board approved on Wednesday a new $3 billion loan for Pakistan to support its economic stabilization program, and released about $1.2 billion immediately, the IMF and the Pakistani government said.
PM Sharif hopeful of $3 billion IMF loan approval today
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif expressed optimism on Wednesday that the International Monetary Fund (IMF) executive board would approve a $3 billion loan program, a lifeline for its struggling economy, later today.
Four soldiers killed in militant attack on army base in southwestern Pakistan
By Staff Reporter
ISLAMABAD: Suspected Islamist militants attacked a Pakistani army base in the southwestern Balochistan province early Wednesday, killing four soldiers and wounding five others in a brazen assault that highlighted the security challenges facing the country.