The $2 billion loan was due in March and has been extended for one year. Beijing had communicated the decision to Islamabad, sources say. Pakistan’s cash-strapped economy is struggling to stabilize from a financial crisis and secured a $3 billion standby arrangement from the International Monetary Fund last summer. Pakistan’s vulnerable external position means that […]
China has consented to give Pakistan an additional two years to repay a $2 billion debt. Pakistan Day, which falls on March 23, was when this debt was due. China originally intended to increase the interest rates on this loan, but it appears that they have changed their minds and chosen to lengthen the payback […]
The International Monetary Fund (IMF) has disbursed $700 million as part of the previously agreed upon bailout program, which is a big development for Pakistan’s suffering economy, as revealed on Wednesday by State Bank of Pakistan (SBP) Governor Jameel Ahmed. Following the IMF Executive Board’s initial assessment last week, the loan was approved, bringing the […]
Saudi Arabia has committed a loan of $500 million (over Rs. 75.5 billion) to Pakistan; which is expected to aid the latter’s development of hydropower and other infrastructure projects. It will also facilitate the development of water resources in Pakistan; as shared by the President of the South Asian Association of Regional Cooperation (SAARC) Chamber […]
The Federal Board of Revenue (FBR) is reportedly resisting a proposal by the International Monetary Fund (IMF) to implement additional taxes of Rs. 176 billion on the salaried class in the upcoming budget. The news report quoted sources saying that various taxes are under consideration to boost the income tax collection from the current level […]
The World Bank’s Board of Executive Directors approved $600 million on Thursday in financing from the International Development Association (IDA) for the Crisis-Resilient Social Protection Program (CRISP) that will support Pakistan to expand Ehsaas, the national poverty alleviation program, to protect vulnerable households and increase resilience to economic shocks such as the COVID-19 pandemic. Covid […]
The foreign exchange reserves held by the central bank rose 0.45% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 23, the foreign currency reserves held by the SBP were recorded at $12,121.5 million; up $55 million compared with $12,066.6 million in the previous week. […]
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