Tag: balance of payments crisis
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Pakistan receives $1.2 billion deposit from IMF
The State Bank of Pakistan (SBP) has received a substantial deposit of $1.2 billion from the International Monetary Fund (IMF), offering a glimmer of hope to the economically strained nation that has been on the verge of default for an extended period.
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Commercial importers forced to suspend food and drink imports due to dollar shortage
In a significant development impacting the country’s economy, commercial importers in Pakistan have announced their decision to suspend the import of all eatables and beverages starting from June 25. The move comes as a result of the unavailability of dollars, with banks refusing to provide the necessary foreign currency to importers.
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Pakistan commits to IMF bailout deal without fuel subsidy scheme
Pakistan has informed the International Monetary Fund (IMF) that it will not be implementing a fuel subsidy programme during ongoing negotiations for a $1.1 billion bailout for the country. The IMF has stated that it will continue to engage with the government on the loan, despite increasing political tensions. Prime Minister had previously proposed a…
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World Bank lowers Pakistan’s growth forecast tighter financial conditions
Pakistan’s current-year growth forecast has been significantly reduced by the World Bank due to tighter financial conditions and limited fiscal space. The country’s economy is now expected to grow only 0.4 per cent in the current year, compared to the October 2022 forecast of 2 per cent growth.
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Donald Blome assures Pakistan of US cooperation on IMF deal
The US Ambassador to Pakistan, Donald Blome, expressed hope for a deal between Pakistan and the International Monetary Fund (IMF), stating that Washington was prepared to support the country’s efforts to resume its stalled $6.5 billion bailout program. Speaking at an event on Tuesday, Blome assured journalists that the IMF bailout package for Islamabad would…
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Pakistan’s current account deficit drops by over 90% amid import restrictions
According to data released by the State Bank of Pakistan (SBP) on Monday, Pakistan’s current account deficit in January 2023 reduced by 90.2 per cent to $0.24 billion, compared to $2.47 billion in the same month last year. The decrease in deficit is attributed to the persisting import restrictions, which have been implemented due to…