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Islamabad: The International Monetary Fund (IMF) on Monday urged Pakistan to follow the Constitution in order to resolve its political disputes, as Prime Minister Shehbaz Sharif contacted Managing Director Kristalina Georgieva to revive the derailed USD 6.5 billion bailout package apparently in a last-ditch effort to avoid default, The Express Tribune reported.The discussion between Shehbaz and
Colombo: The International Monetary Fund has urged crisis-hit Sri Lanka to decide on debt restructuring, including with China, by October this year in order to obtain the applied bailout fund of USD 2.9 bn from the IMF, Daily Mirror reported.According to Daily Mirror, China’s delaying tactics clearly indicate that without their assistance, an IMF bailout would be impossible for Sri Lanka, Daily
Islamabad: Caught in a quagmire between political instability and economic turmoil, the development projects under the China-Pakistan Economic Corridor (CPEC) have been delayed in Pakistan, angering China, reported The Friday Times.China is angry in particular as it recently helped Pakistan out by rolling out loans and extending much-needed support. Diplomatic sources say Chinese authorities are
Colombo: Sri Lanka’s creditor nations held their first meeting and discussed restructuring the island country’s debt but China, which is itself the largest creditor, raised doubts over the success of the process, Nikkei Asia reported.Earlier, on Tuesday, India, Japan and France co-chaired the meeting where participants agreed to reduce Sri Lanka’s debt at an early date but China was just an
Islamabad: According to Pakistan’s central bank’s weekly update, commercial bank financing to federal and provincial governments surged to PKR 3.06 trillion from July 1 to April 14, 2023, compared to PKR 944.54 billion in the same period of last year, Express Tribune reported.On the other hand, credit to the private sector slowed by 5.44 times to PKR 219.92 billion compared to PKR 1.19 trillion
London: Pakistan’s former Army chief General Qamar Javed Bajwa had reportedly told two senior journalists that Pakistan lacked the ammunition and economic strength to fight against India, according to UK-based Pakistani media ‘UK44’.The Pakistani journalists- Hamid Mir and Naseem Zehra- during a show said that Gen Bajwa had in 2021 revealed that he held secret talks with India’s National Security
Kathmandu: Nepal Airlines Corporation, the government flag carrier, even after 60 years of its establishment has remained in debt for a long time, EPardafas reported. The Nepal Airlines Corporation, which faces a debt of around 50 billion, is drowning further due to Chinese planes.As per the plan to take the corporation to profit, those Chinese aircraft were bought around eight years back. Four
Beijing: China’s rapid economic growth was referred to as a "miracle" that would not have occurred without the high corruption. China poured billions of dollars into Africa and so in that sense has disseminated the same model of corruption to Africa, Jianli Yang writes in the Washington Times.According to Washington Times, through state-owned and state-funded enterprises, China has poured massive
Islamabad: Pakistan’s finance minister, Ishaq Dar, revealed on Saturday that the federal government has decided to raise the cost of petrol by Rs 10 per litre for the ensuing 15 days, Geo News reported.High-speed diesel, and light diesel oil rates remained stable, whereas the price of petrol increased to (PKR) 282 per litre. Kerosene oil’s price is also increased by (PKR) 5.78 per litre.The
Islamabad: While Pakistan’s economic conditions are at their worst, it is also increasingly getting exposed to terrorism. Pakistan is facing the most difficult phase in its history marked by a mix of all-round failure on the economic front, political front and heightened terrorist threats, the Pak Military Monitor reported.Due to flawed priorities and a debt-dependent economic growth model,