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IMF

IMF chief expects 2023 growth to be steady at 2.7%

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imf

2023 would be another “difficult year” for the world economy: IMF MD Kristalina Georgieva Worry about an increase in oil prices had not materialized, she said. There is a lot of hope that China will start contributing more to global growth by 2023. The president of the international lender said on Thursday that the IMF … Read more

Rupee down 21 paisas against dollar

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Rupee down 21 paisas against dollar

KARACHI: The rupee witnessed a decline of 21 paisas against the dollar on Thursday, owing to foreign currency demand for import and corporate payments, dealers said. The rupee ended at Rs228.14 against the dollar from the previous day’s closing of Rs227.93 in the interbank foreign exchange market. The dealers said the rupee remained under pressure … Read more

Rupee continue to fall against dollar

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Rupee continue to fall against dollar

KARACHI: The rupee ended down against the dollar on Wednesday, as the negotiations between Pakistan and the International Monetary Fund (IMF) ended without any results. The rupee recorded a decline of five paisas against the dollar to close at Rs227.93 from the previous day’s closing of Rs227.88 in the interbank foreign exchange market. The dealers … Read more

Guterres urges world to show generosity for flood-hit Pakistan

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PM Shehbaz UNSG Guterres

GENEVA: Prime Minister Muhammad Shehbaz Sharif on Monday said that considering ‘the gigantic task of resilient recovery, rehabilitation and reconstruction of 33 million flood affected people’, they were looking towards the global support to generate $8 billion to meet the impending challenges. Addressing a joint press stakeout with United Nations Secretary General Antonio Guterres, the … Read more

PM Shehbaz: IMF delegation will come to Pakistan soon

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prime minister

“I also explained Pakistan’s economic difficulties,” he said. PM had held a telephonic conversation with the IMF MD. IMF delegation will come to Pakistan soon: PM ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Saturday said that he had told the Managing Director of the International Monetary Fund (IMF) about the government’s resolve to complete the … Read more

Imran fears new wave of inflation will hit countrymen

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Imran Khan inflation

Former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan fears that a new wave of inflation will hit the countrymen if Pakistan joins the International Monetary Fund (IMF) programme, adding that the country will be default without the programme. He further said that the country was passing through the most critical time of her … Read more

PSX adds 485 points over positive triggers

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PSX

KARACHI: The Pakistan stocks market closed higher on Monday as the investors’ activity increased in the gas sector owing to news flows regarding the government’s plans to cut circular debt, analysts said. An analyst Pearl Securities said that the benchmark KSE-100 Index started the week with a bullish momentum and remained positive throughout the day … Read more

Pakistan bourse closes higher after lacklustre session

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Pakistan bourse closes higher after lacklustre session

KARACHI: The Pakistan equity market closed higher on Wednesday following a range-bound session as investors’ opted for a cautious approach due to the uncertain economic and political environment, analysts said. An analyst at Pearl Securities said that the KSE-100 Index had a volatile session and moved both ways amid mixed trading activities. However, volumes remained … Read more

PSX closes higher after sluggish activity

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PSX

KARACHI: The Pakistan stocks exchange returned to the positive zone on Tuesday after witnessing a range-bound session owing to concerns regarding the economy of the country, analysts said. An analyst at Pearl Securities said that the bourse moved both ways with low volumes and closed in the green zone. “However, a lack of interest and … Read more

Rupee remains on downward stream

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Rupee

KARACHI: The Pakistani rupee extended its losses against the dollar on Thursday on the back of reduced inflows and increasing pressure on the economy, dealers said. The exchange rate shed 11 paisas against the dollar to reach Rs223.92 from the previous day’s closing of Rs223.81 in the interbank foreign exchange market. Currency experts said that … Read more

Lebanese parliament passed new law for banking security

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Lebanese parliament

Lebanon must undertake a list of measures before gaining access to $3 billion. President Michel Aoun sent the bill back to parliament for revision. The new draft allows more government agencies to request transaction data for criminal investigations. The Lebanese parliament passed a new set of modifications to a financial secrecy law on Thursday after … Read more

IMF warns that the global economy’s worst phase is yet to come

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IMF

The International Monetary Fund (IMF) has warned that as the crisis in Ukraine drags on and prices rise, “the worst is yet to come” for the global economy. The organization, which aims to stabilize the global economy, has revised downward its estimates of economic growth as a result of Russia’s invasion of Ukraine. The UK … Read more

Ishaq Dar leaves for US to negotiate with IMF, WB

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Ishaq Dar case
  • Ishaq Dar and a delegation left for the United States (US) on Tuesday to engage with international lenders
  • The delegation led by Finance Minister Ishaq Dar will meet with the IMF and WB
  • Pakistan has been requesting fresh terms from international lenders in the aftermath of disastrous floods in the country

ISLAMABAD: Finance Minister Ishaq Dar and a delegation left for the United States (US) on Tuesday to engage with international lenders.

According to reports, the delegation led by Finance Minister Ishaq Dar will meet with the International Monetary Fund (IMF) and the World Bank (WB).

Pakistan has been requesting fresh terms from international lenders in the aftermath of disastrous floods in the country.

After taking over the finance minister, Ishaq Dar met virtually with Nathan Porter, the Mission Chief of the International Monetary Fund (IMF).

According to a handout provided by the Finance Ministry, the finance minister briefed the IMF on the country’s economic predicament as a result of the disastrous floods that impacted infrastructure, agriculture, and people’s livelihoods.

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Govt to complete IMF programme, won’t approach Paris Club: Dar

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ishaq dar

ISLAMABAD: Minister for Finance and Revenue Senator Ishaq Dar on Sunday reaffirmed the government’s resolve to fully honour all the commitments made with International Monetary Fund (IMF) and will not approach private lenders for debt restructuring. Addressing a press conference, the minister also categorically dismissed the speculation regarding approaching the Paris Club for rescheduling loans … Read more

Ishaq Dar to negotiate 9th Review of IMF programme in Washington

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ishaq dar

Pakistan will negotiate for the 9th Review of EFF The talks will be held in Washington from 11-17 October Finance Minister Ishaq Dar will lead the Pakistani delegation ISLAMABAD: A Pakistani delegation led by Finance Minister Ishaq Dar is expected to visit Washington to hold talks with the International Monetary Fund (IMF) for the 9th … Read more

IMF may consider Ukraine receiving $1.3 billion in emergency assistance

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IMF

The International Monetary Fund’s executive board will discuss Ukraine’s request for $1.3 billion in emergency finance on Friday. The money would come from an emergency program approved last week to deal with food shortages. IMF staff believes Ukraine has obtained enough financial assurances from its international partners. According to two people with knowledge of the … Read more

Pakistan should halt debt repayments, UN policy paper

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UN policy paper
  • Pakistan should halt foreign debt repayments, UN policy paper
  • country’s creditors should explore debt relief, the UN policy paper noted
  • Pakistan has requested that the World Bank redirect $1.5 billion to $2 billion in money from slow-moving projects

Citing a UN policy note, Pakistan should halt foreign debt repayments and restructure debts with creditors after recent rains exacerbated the country’s financial situation, according to the Financial Times. 

According to the newspaper, the memorandum, which the UN Development Programme (UNDP) will share with Pakistan’s government this week, urges that the country’s creditors should explore debt relief so that policymakers can prioritize disaster response funding above loan repayment.

The damage in Pakistan has been estimated at $30 billion, and the government and UN Secretary-General Antonio Guterres have blamed the flooding on climate change.

According to the Financial Times, the memo also offered debt restructuring or swaps, in which creditors would waive repayments in exchange for Pakistan committing to invest in climate-resilient infrastructure.

Floods have affected 33 million Pakistanis, caused billions of dollars in damage, and killed over 1,500 people, raising fears that Pakistan may fail to meet its debt obligations.

In light of the country’s catastrophic floods, Pakistan has requested that the World Bank redirect $1.5 billion to $2 billion in money from slow-moving projects to areas where the deluge has inflicted destruction through the repurpose program.

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PM discusses economic issues with IMF, World Bank chiefs

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IMF chief

NEW YORK: Prime Minister Shehbaz Sharif met with the Managing Director of the International Monetary Fund (IMF) Ms Karistalina Georgieva on the sidelines of 77th session of the United Nations General Assembly. During the meeting, the two sides discussed the economic issues faced by Pakistan with particular reference to the situation after devastating floods in … Read more

Govt unable to manage economy despite IMF support: Hammad Azhar

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Hammad Azhar

LAHORE: Pakistan Tehreek-e-Insaf (PTI) leader Hammad Azhar on Wednesday said that despite the IMF programme, the federal government is unable to manage the national economy. The former federal minister said in a press conference that if Imran Khan gives a call, the whole nation will be closed. He said PTI wants to run the country … Read more

IMF releases report on loan program for Pakistan

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Loan program for Pakistan
  • International Monetary Fund (IMF) appreciated the efforts of the federal government to pursue the loan program
  • The IMF insisted on maintaining the IMF market-based exchange rate While increasing tax revenue and increasing foreign exchange reserves have been emphasized
  • The extension of the loan program to June 2023 will help secure the necessary external financing

WASHINGTON, D.C: International Monetary Fund (IMF) appreciated the efforts of the federal government to pursue the loan program, BOL news reported on Friday. 

According to the details, the IMF authorities put forward the 7th and 8th review reports in which the wrong policies of the previous government were highlighted. Reports reveal that the current government of Pakistan has taken some steps to revive the debt program, including budgeting based on a primary surplus, significantly increasing interest rates, eliminating fuel subsidies, and increasing fuel and electricity prices.

The IMF insisted on maintaining the IMF market-based exchange rate While increasing tax revenue and increasing foreign exchange reserves have been emphasized. Moreover, the demand to strengthen social security and energy sectors was also emphasized.

The extension of the loan program to June 2023 will help secure the necessary external financing, but despite policy reforms, the loan program faces extraordinary risks, the report said.

Due to political instability in recent years, demands and pledges were not fulfilled. Because of the instability, Pakistan faced an unstable external position and an increase in its current account deficit. As per the details, foreign exchange reserves and the value of the rupee decreased significantly, while five targets, including foreign exchange reserves, and primary budget deficit, were not fulfilled. In addition, seven more structural targets were not implemented.

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Bourse adds 108 points over IMF disbursement

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Bourse adds 108 points over IMF disbursement

KARACHI: The Pakistan equity market closed higher on Thursday as investors weigh the International Monetary Fund’s (IMF) disbursement of $1.16 billion to provide the much needed support to the rupee.

Ahsan Mehanti at Arif Habib Corp said that mid-session pressure remained over reports of 27.3 per cent CPI inflation in August, expectations for subdued growth in fiscal year 2023 on flood losses and a slump in the global equities.

“However, the robust data of Rs489 million tax collection for August, and the UN’s pledge of $160 million to support flash flood losses played a catalyst role in the higher close,” he added.

An analyst at Topline Securities said that the equities acknowledged the arrival of the funds from the IMF on a welcome note.

“Initially, the KSE-100 Index commenced the day on a positive note. It stayed in the green zone throughout the day and eventually settled at 42,460 points for the day,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 0.26 per cent, or 108.93 points, to close at 42,460.08 points. The KSE-30 shares Index gained 0.08 per cent, or 13.08 points, to close at 16,016.49 points.

An analyst at Arif Habib Limited said that the market witnessed a positive session as Pakistan received the tranche of the Extended Fund Facility (EFF) programme.

“The investors’ participation remained active throughout the day as healthy volumes were observed in the main board while the cement sector remained in the limelight,” he added.

As many as 345 scrips were active of which 185 advanced, 132 declined and 28 remained unchanged.

The ready market volumes stood at 248.19 million shares, compared with the turnover of 181.26 million shares in the last trading session.

The companies which reflected the highest gains included Sapphire Textile up Rs84.51 to close at Rs1,244.50/share, and Premium Textile up Rs39.50 to close at Rs699.50/share.

The companies which reflected the most losses included Bhanero Textile down Rs102.77 to close at Rs1,267.85/share, and Sanofi-Aventis Pakistan down Rs100.50 to close at Rs1,239.50/share.

The highest volumes were witnessed in Cnergyico PK with a turnover of 35.62 million shares. The scrip shed 4 paisas to close at Rs5.32/share, followed by Maple Leaf with a turnover of 23.49 million shares. It gained 27 paisas to close at Rs28.89/share. Fauji Cement remained the third with a turnover of 13.81 million shares. It gained 44 paisas to finish at Rs15.46/share.

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SBP receives $1.16 billion deposit from IMF

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IMF

KARACHI: The State Bank of Pakistan Wednesday received $1.16 billion deposit from the International Monetary Fund (IMF). “Today, SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight reviews under the Extended Fund Facility (EFF) for Pakistan,” wrote the bank. The … Read more

Allied govt vows to defeat PTI conspiracy to sabotage IMF program

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govt vows to defeat PTI
  • The allied parties in the government on Friday in a joint statement stated that the country was bracing for a devastating situation caused by floods but at this difficult stage
  • The government of Khyber Pakhtunkhwa indulged in politics and refused to implement the condition laid down in the agreement with the IMF

ISLAMABAD: The allied parties in the government on Friday in a joint statement stated that the country was bracing for a devastating situation caused by floods but at this difficult stage, the government of Khyber Pakhtunkhwa indulged in politics and refused to implement the condition laid down in the agreement with the International Monetary Fund (IMF).

The allied parties said the letter of the finance minister of the Khyber Pakhtunkhwa government to Minister for Finance Miftah Ismail was a ploy to drown Pakistan in the flood of economic crisis.

They said it was Imran Khan who signed the agreement with IMF on tough conditions and tied down the hands and feet of the Pakistani economy. Then Imran Khan himself violated the agreement and got the program suspended and laid landmines in the foundation of the Pakistan economy by giving subsidies so that Pakistan could economically default.

In the statement, the coalition partners said the government was compelled to take very determined and difficult decisions to save Pakistan from default.

After persistent efforts for four months, the value of the rupee and the economic condition started to improve.
Although the people were still drowning in the four years of economic disaster and the deluge of inflation caused by Imran Khan, they asserted.

They said the government of Pakistan Tehreek I Insaf (PTI) knew that the IMF would hold its board meeting on August 29 to revive the economic program of Pakistan.

At this time, the government of Khyber Pakhtunkhwa took a step with bad intentions. This action proved that a foreign aided party was bent upon pursuing an agenda for the economic destruction of Pakistan, they said adding, “Like before, we will defeat this conspiracy as well and will defend the economic sovereignty of Pakistan.”

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Miftah berates KP finance minister for writing letter to IMF

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miftah

ISLAMABAD: Finance Minister Miftah Ismail appealed to the world to provide assistance to flood victims after torrential rains devastated the country. Addressing a press conference along with Information Minister Marriyum Aurganzeb, the federal minister said the current situation is worse than the 2010 floods. He said the prime minister visited parts of Sindh and will … Read more

Electricity and oil cost will reduce in 2 months, says Energy Minister

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Energy Minister

ISLAMABAD: Minister of Energy, Engineer Khurram Dastgir Khan, on Tuesday stated that every possible effort was being made to bring down the cost of electricity and oil over the next two months.

While speaking to a private television channel, he predicted that in October, both the price of oil and the price of electricity would fall.

According to him, the government was required to make difficult decisions to protect the interests of the country. Khurram Dastgir stated that the people were having problems as a direct result of the Pakistan Tehreek-e-ineffective Insaf’s economic policies (PTI).

He remarked that Pakistan was forced to experience economic difficulties due to the poor administration of Imran Khan.

The Minister of Energy gave the assurance that the Pakistan Muslim League-Nawaz was making every effort to provide relief to the masses by taking all possible measures.

He stated that the government had made reasonable agreements with the International Monetary Fund (IMF) in response to a question regarding agreements with the IMF. He was answering a question about agreements with the IMF.

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