Tag: economic turmoil
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IMF’s disapproval of budget raises odds of default and economic fallout for Pakistan
In a recent report, the International Monetary Fund (IMF) expressed criticism of Pakistan’s latest budget, increasing the likelihood that the lender may withhold the much-needed aid before the bailout programme concludes at the end of June. According to Bloomberg, this development could lead to a severe dollar shortage in the first half of the upcoming…
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Historic high: Gold price in Pakistan soars to record-breaking Rs225,300 per tola
Pakistan’s economic turmoil and an increase in international gold rates have led to a new high in the value of the precious metal in the country. According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) surged by Rs2,600 per tola and Rs2,229 per 10…
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IMF receives assurance of $1 billion from UAE to support Pakistan’s economy
In a significant development towards reviving the stalled bailout programme, the authorities in the United Arab Emirates (UAE) have pledged to provide $1 billion in bilateral support to Pakistan, according to Finance Minister Ishaq Dar.
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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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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…