Pakistan’s Finance Minister, Ishaq Dar, announced on Saturday that he had cancelled his scheduled trip to attend the spring meetings of the International Monetary Fund and World Bank in Washington. This decision was made on the orders of the Prime Minister, due to the current political situation in the country. Despite not attending in person, […]
Pakistan’s Finance Minister Ishaq Dar is scheduled to lead a high-level delegation to the United States to attend the annual spring meeting of the International Monetary Fund (IMF) and the World Bank. The primary objective of the delegation is to negotiate a $1.1 billion bailout for Pakistan with the IMF and present fresh proposals for […]
JS Bank, one of Pakistan’s fastest-growing banks, has partnered with the Green Climate Fund (GCF), the world’s largest climate finance organization, to promote and undertake climate-resilient projects in the country. The announcement was made in a meeting hosted by JS Bank in Islamabad, where both parties discussed various aspects of the Pakistan Distributed Solar Project […]
The State Bank of Pakistan (SBP) has fulfilled a condition set by the International Monetary Fund (IMF) to reach a staff-level agreement by removing all cash margin requirements on imports. The SBP has withdrawn the existing Cash Margin Requirement (CMR) on imports from March 31, 2023, as per a circular dated March 24. The move […]
Pakistan’s Defence Minister, Khawaja Asif, recently spoke to international media in a press conference with Information Minister Marriyum Aurangzeb. He stated that the country’s finance ministry does not have enough funds to cover the costs of the upcoming elections. Asif also criticized Imran Khan, the leader of the PTI party, and called his claim of […]
The International Monetary Fund (IMF) has dismissed claims by the Economic Coordination Committee (ECC) of Pakistan that the IMF has blocked funds to the country. The ECC had previously accused the IMF of blocking a $450 million loan to Pakistan, which it said was needed to bridge the country’s budget deficit. However, the IMF has […]
A recent media report has indicated that Pakistan is facing severe inflationary pressure, with the yearly inflation rate hitting a new high of 38.42% in the outgoing week. This increase in inflation is attributed to the rising prices of essential commodities, which have continued to climb. The Pakistan Bureau of Statistics has released data indicating […]
The principal shareholder and co-founder of the Hong Kong-registered virtual currency exchange Bitzlato Ltd. was detained, according to US officials, on Wednesday for allegedly handling $700 million in illegal money. Russian native Anatoly Legkodymov, who resides in China, was detained on Tuesday in Miami on suspicion of running an unregistered money exchange company that “in […]
The country’s finance minister said on Tuesday that Saudi Arabia may examine trading in currencies other than the US dollar, one of the strongest indications yet that the oil-rich kingdom is open to diversifying away from the currency. Whether it is in the US dollar, the euro, or the Saudi riyal, addressing how we pay […]
Pakistan is facing a severe shortage of flour in Lahore, the country’s second-most populous city. Flour prices have also increased in Islamabad and Rawalpindi. According to Pakistani news outlet ARY News, the hikes have been attributed to mismanagement between the food department and flour mills. In response, the Shehbaz Sharif government has increased the prices […]