According to sources, the visit will aim to conduct talks on a $1 billion additional loan facility to support Pakistan’s economic stability and growth. Sources revealed that the loan negotiations will focus on climate change mitigation efforts, building on Pakistan’s request for climate financing submitted to the IMF last month. As part of this initiative, […]
Pakistan’s FM called on ADB President Masatsugu Asakawa in Washington and appreciated the bank’s support for Pakistan’s development agenda and approval of a US$ 500 mln policy-based loan for climate protection and safety program for natural disasters in the country. In the meeting, the two officials also agreed on an increase in Pakistan’s revenues, regional […]
IMF’s Director of Communication, Julie Kozek, confirmed an Executive Board meeting scheduled on September 25 in a press briefing, adding that negotiations for a new $7 billion loan program were finalized back in July. On the other hand, the Finance Minister of Pakistan – Muhammad Aurangzeb – announced that all matters with the IMF have […]
As per details, a joint working group will be established between Pakistan and China to facilitate the loan rescheduling, sources added. Additionally, discussions will address China’s energy circular debt, which currently amounts to Rs 480 billion. The Finance Minister will also engage in talks regarding the Panda Bond. Pakistan aims to secure a $250 million […]
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 […]
