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India is poised to oppose Pakistan’s plans to acquire a stake in the New Development Bank (NDB), a multilateral lender established by the BRICS nations (Brazil, Russia, India, China, and South Africa) in 2015. Pakistan intends to purchase a 1.1% stake in the NDB for approximately $582 million, aiming to diversify its funding sources and reduce dependence on Western-backed institutions like the
Reuters: Moody’s turns negative on US credit rating, draws Washington ire NEW YORK/WASHINGTON (Reuters) – Moody’s on Friday lowered its outlook on the U.S. credit rating to “negative” from “stable” citing large fiscal deficits and a decline in d…
Colombo: Sri Lanka’s is facing a big challenge from its largest bilateral lender, China to secure a concrete debt relief framework, as it is blocking access to desperately needed cash bailout of 3 billion US dollars’ from International Monetary fund, Nikkei Asia reported.Last month’s visit by IMF officials to the crisis-recovering nation seems like a hope for the country. But IMF which has
New York: Pakistan caretaker Prime Minister Anwarul Haq Kakar during his visit to the UNGA session in New York got advice from International Monetary Fund (IMF) Managing Director Kristalina Georgieva to tax rich people in the country and provide relief to the poor, ARY News reported on Wednesday.According to ARY News, the IMF Chief met the Pakistan caretaker PM on the sidelines of the UNGA
Pointing out at Pakistan’s poor economic condition, former PM Nawaz Sharif has said that while India reached the moon, his country has been reduced to begging for dollars reported TOI.Sharif was addressing his party workers from London where he has been staying in exile. Sharif also claimed that the Indian government, while carrying out its economic reforms in 1991, had copied his economic reform
Karachi: Amid a major financial crisis, Pakistan International Airlines (PIA) cancelled several domestic and international flights, ARY News reported on Thursday.The flights scheduled to take off from/to the Karachi airport were cancelled after the national airline failed to pay Pakistan State Oil (PSO) for fuel supply.The Pakistan-based media outlet reported that the cancelled flights include
Islamabad: Pakistan’s Ministry of Finance has failed to pay the salaries of staff employed in certain diplomatic missions for the last three months due to the dollar liquidity crunch in the country. This has led to a massive hue and cry, The News International newspaper reported.The News International, published in broadsheet size, is one of the largest English-language newspapers in
Hajira: Tens of hundreds of people took to the streets in the Hajira region of Rawalakot district in Pakistan-occupied Kashmir as they staged massive demonstrations against the government.They expressed frustration over unjust tax hikes, an unprecedented surge in electricity bills despite prolonged power cuts, and against a state-manufactured crisis of essential services in the
Islamabad: As Pakistan continues to face economic challenges, the International Monetary Fund has made it tougher for the country to manage by rejecting the proposal for any tariff adjustment or provision of additional subsidy, Geo News reported.This occurred despite the authorities’ claims that bill collection for August was close to expectations.In response to the IMF’s serious objections to
Islamabad: People took to the streets and thousands of shopkeepers in Pakistan shut their shops on Saturday to hold a protest against inflated energy and fuel bills which sparked widespread discontent among the public prior to general elections, Pakistan-based Geo News reported.The recent increase in electricity bills has further frustrated the people and traders who have already been heavily