Pakistan achieved a significant breakthrough by signing a new nine-month Stand-By Arrangement (SBA) deal with the International Monetary Fund (IMF) worth $3 billion (SDR 2.25 billion) on Friday. The development is being seen by many as a major positive for Islamabad that ran from pillar to post to meet conditions of the Washington-based lender only to see an incessant delay …

Pakistan is likely to avert default this year, stated Bloomberg Economics in a report on Friday, as the country managed to secure a last-minute International Monetary Fund (IMF) bailout. “A last minute bailout from the IMF should help Pakistan avoid default this year,” Ankur Shukla, who covers South Asia at Bloomberg, stated on Friday. Shukla was of the view that …

After a harrowing year of skirting the edges of a catastrophic default, some good news has finally arrived as the International Monetary Fund (IMF) announced it has reached an agreement with the Pakistani authorities on a nine month stand-by arrangement of $3 billion. Not only that, the announcement also gives a date by when the IMF’s executive board approval is …

The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said, a decision long awaited by Pakistan, which is teetering on the brink of default. The deal subject to approval by the IMF board in July comes after an eight-month delay and offers some respite to Pakistan, which is battling …

Prime Minister Shehbaz Sharif said on Friday that the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) with Pakistan will help strengthen the country’s foreign exchange reserves and enable it to achieve economic stability. The premier thanked IMF Managing Director Kristalina Georgieva and her team for their “cooperation and collaboration, especially during the course of the last week”. His remarks come …

The wait is finally over for Pakistan, literally on the day the Extended Fund Facility (EFF) was scheduled to expire. Early morning on Friday, it was announced that Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on a fresh nine-month, $3 billion stand-by arrangement (SBA) with an Executive Board meeting expected by mid-July. The news comes as …

The Petroleum Development Levy (PDL) is expected to increase by Rs 5 from July 1, 2023, amid hopes of renewing a broader agreement with the International Monetary Fund (IMF). the news Report With the chances of completing the ninth review under the $6.5 billion Extended Fund Facility (EFF) program expiring tomorrow (Friday) diminishing, Pakistan and the IMF will have to …

South Africa-based DNI Group has invested $1 million in Pakistani startup Neem as part of a strategic partnership, with the aim of “fostering innovation and growth in the embedded finance space” and “transforming the financial landscape in Pakistan”. The funds will be used to further develop Neem’s Banking-as-a-Service technology and platform and acquire talent across key areas including product, partnerships, …

HOHHOT: Erenhot Port in north China’s Inner Mongolia Autonomous Region has logged over 1,500 China-Europe freight trains so far this year, the local railway authorities said on Monday. Since the port launched its China-Europe freight train service in 2013, it has handled a total of 12,592 China-Europe freight trains to date. The Erenhot Port is the largest land port between …

China-Europe freight train services saw solid growth from January to May this year, with the transport capacity and efficiency continuously rising. The number of China-Europe freight train services increased by 16 percent year on year to 7,126 trips in the first five months of the year, according to the China State Railway Group Co., Ltd. Some 774,000 20-foot equivalent units …

In a final attempt to secure a stalled rescue package with the International Monetary Fund (IMF), Finance Minister Ishaq Dar announced on Saturday that the federal government has implemented several changes to its fiscal year 2023-2024 budget. These changes have been introduced in hopes of reaching an agreement with the IMF and addressing the concerns that have hindered progress thus …

According to a statement issued by the multinational pharmaceutical company, the company said it is analyzing which of its manufacturing activities may no longer be of strategic focus going forward. Bayer intends to stay put and continue operations in Pakistan despite the shift. The corporation disclosed that it plans to transfer certain assets, including its pharmaceutical and consumer health production …

Despite the suspension of trade, Pakistan’s imports from India increased last month by 12 percent on an annual basis. It is worth mentioning here that Pakistan’s imports from India have increased for the second time during the current financial year. The volume of Pakistan’s imports reached $23010,000 in May last whereas in May 2022, the volume of imports from India …

Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, has once again decided to shut production citing raw material and component shortages. This time production will be suspended from June 26 to June 27. The automaker shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. The automaker said that the company and its …

Pakistan’s dollar bonds registered significant improvement as sentiment for distressed debt boosted after Zambia clinched a deal with bilateral creditors, reported Bloomberg on Friday. “Pakistan’s 8.25% 2024 bond was indicated climbing half a cent to about 50 cents on the dollar,” reported Bloomberg, adding that “Sri Lankan’s 7.55% 2030 bond is indicated trading at 38.7 cents on the dollar, the …

TIANJIN: North China’s Tianjin port saw its foreign trade surge by 8.4 percent year on year to 812.1 billion yuan (about 113.1 billion U.S. dollars) in the first five months of the year, according to Tianjin Customs. From January to May, trade volume with the Association of Southeast Asian Nations totaled 127.08 billion yuan, up 26.4 percent year on year, …

AD Ports Group, a UAE government-owned maritime and logistics provider, on Thursday announced the signing of a 50-year concession agreement with Karachi Port Trust (KPT) to operate the Karachi Gateway Terminal Limited (KGTL). Under the terms of the agreement, a Joint Venture (JV) will be formed between AD Ports Group and Kaheel Terminals. AD Ports will be the majority shareholder, …

Finance Minister Ishaq Dar expressed his frustration and anger in response to a journalist’s question about the success of negotiations with the International Monetary Fund (IMF). The incident occurred when the finance minister was coming out of the National Assembly (NA) after attending the budget session. The atmosphere became tense as the journalist questioned the reasons behind the repeated failures …

International Monetary Fund (IMF) and World Bank officials are joining dozens of economic leaders for a two-day summit in Paris, aiming to tackle the interlinked challenges of poverty alleviation and climate change. The summit has also brought focus on the IMF and World Bank’s own climate change policies, amid calls for multilateral development banks (MDBs) to do more to help …

QUETTA: Balochistan Finance Minister Zamrak Khan Piralizai has said the government’s efforts to attract investment in the province could not bear fruit until free movement of foreign and local investors was ensured. Speaking at the post-budget press conference on Tuesday night, he wondered who will be interested in investing in Balochistan when the entry of investors was prohibited. “We have …

Federal Minister for Finance Ishaq Dar on Wednesday told US ambassador Donald Blome that the latest government’s budgetary measures for fiscal year 2023-24 are aimed at reducing the fiscal gap in order to meet national as well as international financial obligations. The Finance Division said Dar also informed the US diplomat about the progress on the ongoing talks with the …

The caretaker government of Khyber Pakhtunkhwa (KP) on Tuesday presented its budget for the next four months (July-October 2023), until the federal government is dissolved and general elections are called. While presenting the budget, Adviser to KP Chief Minister on Finance Himayatullah Khan said that the provincial leadership had set aside Rs462.16 billion for expenses, while Rs112 billion have been …

Pakistan LNG Limited (PLL), a government subsidiary that procures LNG from the international market, has not received offers for six cargoes on a delivered-ex-ship (DES) basis for October and December delivery to Port Qasim, reported Bloomberg, citing traders with knowledge of the matter. Last week, Pakistan issued two tenders seeking spot liquefied natural gas (LNG) cargoes. As per the PLL …

The International Monetary Fund’s (IMF) criticism of Pakistan’s latest budget suggests chances are rising that the multilateral lender will opt not to release funding under its bailout programme that is scheduled to expire on June 30, warned Bloomberg in a report on Monday. As per a note by Ankur Shukla, South Asia Economist for Bloomberg Economics, the Pakistani economy will …

PARIS: Europe’s Airbus announced the biggest plane deal in history on the opening day of the Paris Airshow on Monday, with an order for 500 narrowbody jets from Indian budget carrier IndiGo. The multibillion-dollar deal is the largest ever by number of aircraft, eclipsing Air India’s provisional purchase of 470 jets earlier this year as India’s two largest carriers plan …

30pc raise in salaries; up to 20% hike in pensions, allocates Rs1bn for Journalist Welfare Endowment fund Furthermore, to alleviate the financial burden on the people of Punjab, an allocation of Rs70 billion has been approved for a four-month period. In an effort to boost the construction industry, the rate of stamp duty has been fixed at a modest one …

PARIS: Boeing expects the number of commercial planes in service around the world to double in the next 20 years, according to estimates published on Sunday, anticipating a slightly larger increase than competitor Airbus. The American aircraft manufacturer estimates 48,575 planes will be in service in 2042, compared with 24,500 last year. This will require producing, across all manufacturers combined, …

MOSCOW: Energy minister Nikolai Shulginov also says Russia agreed payment would be made in currencies of friendly countries Russian Energy Minister Nikolai Shulginov confirmed Moscow had started exporting oil to Pakistan, clarifying, however, that there was no special discount for the country, and the rate was the same as for other buyers. In a report published by Voice of America …

KARACHI: Russia has confirmed registration of another 15 Pakistani mills for export of rice to Russia. This will help further escalate the rice exports, which have already earned $2.5 billion for the exchequer during last fiscal year. According to Rice Exporters Association of Pakistan (Reap), Federal Service for Veterinary and Phytosanitary Surveillance of Russia (Rosselkhoznadzor) has confirmed registration of 15 …

In a detailed response to the International Monetary Fund’s (IMF) concerns, the Ministry of Finance said on Friday that the budget for fiscal year 2023-24 was “never a part of the ninth review”, a complete deviation from earlier reports that Pakistan was required to take the Washington-based lender onboard for the new taxation measures announced last week. “Though the Budget …

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million, clocking in at nearly $4.02 billion as of June 9, data released on Thursday showed. This is the first increase in reserves after six weeks. The overall number still stands at a critical level at around a month of import cover. Total liquid foreign reserves …

Pakistan and Russia on Thursday agreed to exchange statistical data on mutual trade and signed a memorandum of understanding (MoU) between the customs departments of both countries. The MoU ceremony was held on the sidelines of the Saint Petersburg International Economic Forum between the Pakistan Customs and the Federal Customs Service (Russian Federation), said the statement by the Embassy of …

Company is set to start production from its Wali (Bettani) Gas Field, integrating it into the national grid Oil and Gas Development Company Limited (OGDCL), announced the commencement of hydrocarbon production from its oil and gas field in the district of Lakki Marwat, Khyber Pakhtunkhwa. The company announced the development in a notice to the Pakistan Stock Exchange (PSX) on …

KARACHI: Time is running out for Pakistan to convince the IMF to release the remaining $2.2 billion out of the $6.7bn bailout programme before June 30, said Moody’s in its latest report. The rating agency has expressed fear that the country might face default in case of failure of the IMF programme. Finance Minister Ishaq Dar did hold several sessions …

ISLAMABAD: The Pakistan Retail Business Council (PRBC), which represents numerous well-known retail establishments across the country, has expressed serious concerns over the ongoing budget announcements and discussions between the Federal Government and various chambers and trade bodies regarding proposed increase in taxes and restrictions on retail timings. In a letter addressed to various authorities, the PRBC highlighted the potential negative …

ISLAMABAD: Moody’s Investors Service has warned that Pakistan is at an increased risk of a failure to restart its $6.7-billion bailout program with the International Monetary Fund (IMF), stalled since November last year, pushing the country closer to a sovereign default, reported Bloomberg. “There are increasing risks that Pakistan may be unable to complete the IMF programme that expires at …

ISLAMABAD: The World Bank’s Board of Executive Directors on Wednesday approved $200 million in financing to strengthen state capacities in the newly-merged areas of Khyber Pakhtunkhwa, including investments for post-floods rehabilitation and reconstruction. As per the statement, the funding is part of the programme agreed with the Pakistani government to respond to the devastating floods, which hit the country last …

Pak Suzuki Motor Company (PSMC) has announced to extend the shutdown of its motorcycle plant until June 16, 2023. The automaker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. It said the decision was made due to the ongoing government import restrictions that have affected the auto sector, causing a shortage of inventory. “Due …

After Bykea users received two unfortunate notifications from the bike ride-sharing and delivery startup app, the company said it apologises “for the inappropriate messaging”. “We apologise for the inappropriate messaging sent through Bykea. We can confirm that this was a third party communication tool which got compromised,” said the company. “Our team has restored it and the Bykea app is …

SINGAPORE: Pakistan has issued two tenders seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year, said an official with a company in charge of buying LNG for the country. Pakistan LNG, a government subsidiary that procures LNG from the international market, in the first tender is seeking six cargoes on a delivered-ex-ship (DES) basis …