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Islamabad: The USD 3 billion staff-level agreement Pakistan inked with the International Monetary Fund (IMF) on Friday should be the country’s last loan program with the Fund, said Pakistani Prime Minister Shehbaz Sharif, Dawn reported.The executive board of the lender must approve the staff-level deal, which is on a USD 3 billion stand-by arrangement, the IMF said. The long-awaited judgement was
Beijing: Beijing is using infrastructure and connectivity as its tools to somehow enmesh Tibet and Xinjiang – the two autonomous regions — into its fabric and link them with the rest of China.One of the most visible elements of China’s infrastructure investments in Tibet and Xinjiang has been the construction and upgradation of airports and heliports. It offers PLA additional platforms to launch
Islamabad: As the ninth review under the Extended Fund Facility (EFF) program still remains pending, the International Monetary Fund (IMF) Executive Board has issued meetings scheduled till June 29 without Pakistan, Pakistan-based ARY news reported.Pakistan has barely enough currency reserves to cover imports for one month. It was hoping to have 1.1 billion USD of the funds released in November –
Islamabad: In a major relief to the cash-strapped country, Pakistan received USD 1 billion from China, ARY News reported citing the State Bank of Pakistan."This is to inform you that USD 1 billion has been received from China," said the central bank in a brief message to journalists on Friday night.While the country is waiting for International Monetary Fund to release a loan from the bailout
Colombo: Owing to its location in the Indian Ocean, Sri Lanka has long been seen as a strategically significant nation by China. For this reason, Beijing has actively boosted its presence and influence in Sri Lanka over the years, especially in the energy industry, Daily Mirror Online reported. Daily Mirror Online is Sri Lanka’s 24 Hours Online Breaking News portal.The energy industry in Sri
The first consignment of Russian oil that arrived in Karachi on Sunday was refined in an Indian refinery in Gujarat. But keeping Islamabad’s sensitivities in mind, it was shipped via the United Arab EmiratesThe move helped Moscow achieve two aims. First, it ensured that India will not be upset by its oil deal with Pakistan. Second, a discounted source of oil to Pakistan will help it negotiate
Islamabad: Time is running out for Pakistan to convince the International Monetary Fund to release the remaining USD 2.2 billion from its bailout programme before June 30 otherwise the country might face default, according to Dawn citing Moody’s latest report.Moody, in its latest report, expressed fear that Pakistan might face default in case of failure of the IMF programme.Pakistan’s Finance
Islamabad: Pakistan is set to face a burden of Pakistani Rupees (PKR) 7.3 trillion in the next fiscal year, as interest payments on domestic and foreign debt continue to increase, The Express Tribune reported.Initially, the Pakistani government had budgeted PKR 3.9 trillion to cover markup on loans for the ongoing fiscal year 2022-23. However, revised estimates have revealed that the spending on
Islamabad: The current political and economic instability in Pakistan has left the country susceptible to various crises. While some of these crises have already impacted the nation, others are looming, posing a threat to its vulnerable population and fragile institutions. One significant challenge is the mounting debt burden that Pakistan is facing, according to InsideOver.Pakistan’s external
Colombo: Reaffirming its commitment to the people of Sri Lanka, India on Tuesday signed an agreement with Colombo to enable the use of USD 1 billion credit facility for the procurement of medicine, food, and other essentials for one more year.Taking to Twitter, the High Commission of India in Colombo, Sri Lanka said, "#India reaffirms its commitment to the people of #SriLanka.The Amendment