Tag: IMF programme
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Inflation has eroded purchasing power of Pakistanis: Bloomberg
A recent Bloomberg report reveals that Pakistan is facing the highest inflation rate in its region.
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Electricity prices increased by Rs2.56 per unit under fuel cost adjustment
In a move likely to compound the financial difficulties faced by inflation-burdened citizens, the federal government announced a Rs2.56 per unit increase in the power tariff on Thursday. This adjustment, pertaining to fuel cost adjustment (FCA) for June, will be reflected in electricity bills issued in August. This tariff hike is part of a strategy…
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Pakistan hires Chinese adviser to facilitate Panda Bond issuance
In a strategic effort to reintegrate into the international capital markets, Pakistan has appointed a Chinese adviser to aid in the issuance of Panda Bonds, Finance Minister Muhammad Aurangzeb announced during a press briefing following a Senate Standing Committee on Finance meeting. The move follows reports of interest from five Chinese banks in participating in…
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Pakistan’s next Finance Minister: Who is Muhammad Aurangzeb?
In a significant development, sources have revealed that Muhammad Aurangzeb, a distinguished banker, is poised to become the country’s next finance minister under the newly-elected Prime Minister Shehbaz Sharif. This comes as part of the impending formation of the federal cabinet.
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Economic situation worse than expected, subsidies not feasible: Finance Minister
In the midst of Pakistan’s ongoing battle with rising prices, the country’s interim Finance Minister, Shamshad Akhtar, issued a strong warning on Wednesday. She pointed out that Pakistan’s economic situation is even “worse” than expected, and the government can’t afford to provide subsidies to the public due to financial constraints.
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IMF and Pakistan discuss circular debt and energy sector losses in virtual meeting
Pakistan and the International Monetary Fund (IMF) recently discussed the country’s energy sector losses and efforts to reduce circular debt during a virtual meeting. The government is committed to adjusting fuel prices and quarterly tariffs to eliminate circular debt accumulation.
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Ministry of Finance halts clearing of bills including salaries due to deteriorating financial condition
The Ministry of Finance and Revenue has instructed the Accountant General Pakistan Revenues (AGPR) to stop clearing bills, including salaries, due to the current economic crisis and the deteriorating financial situation of the country. The ministry has also directed the halt of clearings of attached departments until further notice. According to The News, official sources…
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Dar assures US of Pakistan’s commitment to the IMF ‘despite challenging economic conditions’
Pakistan gave the United States reassurance on Wednesday that it was still committed to the International Monetary Fund (IMF) programme as the nation’s reserves fell to barely enough to cover one month’s worth of imports following another $500 million loan repayment.