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.
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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.
SCP orders elections in Punjab, Khyber Pakhtunkhwa within 90 days
By Naveed Naqvi
ISLAMABAD: The Supreme Court of Pakistan on Wednesday ruled that elections for the provincial assemblies in Punjab and Khyber Pakhtunkhwa must be held within 90 days as mandated by the Constitution.
Armed militants attack police compound in Karachi
By Staff Reporter
KARACHI: A group of armed militants attacked Karachi police headquarters on Friday, as paramilitary troops and police rushed to stave off the attack in the city’s high security zone amid an uptick in terror targets across the country.
Dar tables IMF-backed mini-budget to raise Rs170bln additional in taxes
By Staff Reporter
ISLAMABAD: The government on Wednesday tabled a money bill in parliament to raise Rs170 billion in taxes by June this year as part of conditions by the International Monetary Fund (IMF) to revive a stalled $6.5 billion loan program.
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.