Tag: Default
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Army gets more land for ‘agriculture’
The Pakistan Army is set to start agriculture farming on 41,000 acres of land in South Waziristan’s Zarmalam area. Peshawar Corps Commander Lieutenant General Sardar Hasan Azhar Hayat has said that the army was determined to increase agricultural farming in Khyber Pakhtunkhwa, as per Geo News. Lt Gen Hayat said the army has prepared a…
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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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Government mulling handing over Karachi Ports to UAE
In a last-ditch attempt to raise much needed foreign exchange, Pakistan’s government is planning to finalise a deal to hand over Karachi’s port terminals to the United Arab Emirates (UAE). This move may constitute the first intergovernmental transaction under the Intergovernmental Commercial Transactions Act, a law which was enacted last year in 2022. This law…
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Pakistan’s IMF bailout programme revival delayed: blame game between Pakistani authorities and IMF
Pakistani authorities and the International Monetary Fund (IMF) are blaming each other for the delay in reviving the IMF bailout programme. The IMF approved a $6.5 billion bailout package for Pakistan in 2019, of which $1.1 billion is still outstanding. However, issues related to fiscal policy adjustments have delayed the release of the funds since…
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Pakistan’s sustainable policy framework crucial to avoid default risk, says IMF
Whilst serving as Finance Minister, Ishaq Dar has repeatedly assured the public that Pakistan has not defaulted and will not do so in the future. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), has endorsed Dar’s views and stated that Pakistan has not yet reached the level of default.
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Pakistan has averted default, Army Chief assures businessmen of economic prosperity
The Chief of Army Staff (COAS), General Asim Munir, held a meeting on Monday night with the top businessmen in the country, in the presence of Finance Minister Ishaq Dar. While no official statement has been issued about the meeting, sources suggest that the army chief expressed optimism and confidence that the current economic difficulties…
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Ishaq Dar denies reports of financial emergency amidst economic turmoil
On Friday, Federal Minister for Finance and Revenue Ishaq Dar denied reports suggesting Pakistan should impose a financial emergency, amidst constant criticism over the current economic turmoil. He berated Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) for spreading “fake news” about Pakistan heading towards default. Dar blamed the previous PTI government for pushing the nation of 220…
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‘Pakistan default ho chuka hai’: Khawaja Asif
Defence Minister Khawaja Asif has said that Pakistan has already defaulted, and that we’re all citizens of a bankrupt country. “You all have heard that Pakistan is going to default. That has already happened. Pakistan has defaulted and we’re all living in a bankrupt country,” the Pakistan Muslim League-Nawaz leader said on Saturday while addressing…
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Pakistan will take fiscal measures set by IMF but there will be no burden on the common man: Ishaq Dar
Federal Minister for Finance and Revenue Ishaq Dar has categorically dismissed rumours suggesting that the government is considering “access to foreign exchange held with commercial banks.”
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Saudi Arabia mulls increasing investments in Pakistan to $10 billion
Saudi Crown Prince Mohammed Bin Salman has directed the Saudi Development Fund (SDF) to study increasing the deposit amount in the State of Bank of Pakistan (SBP) to $5 billion.