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 […]
The future of thousands of Pakistani students studying abroad on government-funded scholarships is sceptical due to the current economic challenges facing the country. The Higher Education Commission (HEC), which manages these scholarships, has reportedly not received the necessary funds from the government to continue supporting the students. According to reports, the HEC has requested approximately […]
Rising Gold Prices in Pakistan have broken all previous records, reaching the climax, as it has been increased by PKR 33000 per tola. On Monday, which was the first business day in Pakistan in the calendar year, while the gold prices were steady in the international market, they surpassed previous inflation records. The price per […]
The rupee saw violent swings throughout the year, often hitting its record low against the US dollar, only to finish the year with a significant fall of 22%, marking the worst 12-month period since the global financial crisis of 2008. The rupee has fallen in 18 of the 22 years since the year 2000, with […]
With a few exceptions, Pakistan’s rulers, lawmakers, and policymakers have all struggled to manage the country’s balance of payments since its formation, and as a result, Pakistan was forced to turn to international lenders for financial assistance. Since the initial loan application, which was made in 1958, only a few years after the country’s 1950 […]
Pakistan’s current debt situation is a bit more complicated than most people think. On the surface, it seems like the country is about to default on its loans. The media has been full of stories about how the government is struggling to repay its debts, and there was even a default warning from credit rating […]