Defence Minister Rajnath Singh on Saturday stated people in Pakistan are also desirous of a Prime Minister like Narendra Modi. The Defence Minister was speaking at a Holi milan function in Lucknow. Addressing a business community, the Defence Minister said, “There is no need to tell what kind of crisis both Pakistan and Sri Lanka … Read more
A resident of Surjani town in crisis-hit Pakistan, the sole earner of the family who was living in a rented house with his 35-year-old wife and two infant daughters, was struggling with inflation and unemployment. His frustration over rising prices forced him to put a full stop to the family’s life. Police informed that the … Read more
If crisis-hit Pakistan does not secure funding from the International Monetary Fund (IMF), the country will need to stop its debt repayments, a US bank warned as Islamabad is close to inking a deal with the IMF to unlock the $1.1 billion loan from the $6.5 billion bailout package. The Bank of America said China … Read more
US President Joe Biden has proposed to double the economic support fund to crisis-hit Pakistan to USD 82 million for fiscal 2024 to help its recovery from devastating floods, diversify the energy supply, and support activities to build emergency preparedness capabilities. The US State Department said that assistance to Pakistan will expand private sector economic … Read more
The United States on Thursday urges crisis-hit Pakistan to improve its business environment which would make the South Asian country more attractive and competitive around the world. Currently, Pakistan is struggling with its worst financial collapse and is in talks with the International Monetary Fund (IMF) for financial assistance. Speaking to media persons at a … Read more
Pakistan’s external foreign debt amounts to $126 billion, out of which $30 billion is held by China, according to the International Monetary Fund (IMF) data. This amount is three times larger than Pakistan’s IMF debt of $7.8 billion and exceeds its borrowings from the World Bank and Asian Development Bank altogether. According to a report … Read more
While the International Monetary Fund (IMF) will temporarily increase funding limits for member nations to help them overcome current financial challenges, at the same time, it is still locked over an unfinished loan program required for the ongoing economic crisis. Under the fund’s General Resources Account, the annual limit will be raised to 200% of … Read more
Pakistan’s economic crisis has continued to get worse with each passing day. Now, the international rating agency company, Moody’s Investors Service has reportedly downgraded the long-term deposit ratings of five Pakistani banks to Caa3 from Caa1. According to Moody’s Investors Service, the five banks to be downgraded on deposit rating include Allied Bank Limited (ABL), … Read more
Pakistan and the International Monetary Fund (IMF) are locked in a debate over an unfinished loan program required for the ongoing economic crisis. The government has been trying hard to fulfill all its demands to unlock the USD 1.1 billion bailout package. However, the officials reveal that the administration is quite nervous as it finds … Read more
The current economic situation of Pakistan has raised the question of whether the cash-strapped country can control mass protests as the cost of living is becoming intolerable for its citizens due to rising inflation, reported Asian Lite International. The current account deficit (CAD) of the crisis-hit country shrank 90.2% to USD 0.24 billion in January … Read more