Pakistan News

Govt accepts all IMF conditions for $6.6b loan 0

PakistanSource: The Nation

The Finance Ministry on Thursday unveiled Pakistan-IMF loan agreement worth $6.68 billion as Islamabad assured the Fund to increase domestic power tariff by 30 percent, imposition of new gas levy and privatisation of 65 public sector enterprises. More…

Pakistan, Turkey to strengthen business ties 0

Pakistan, Turkey to strengthen business tiesSource: The Express Tribune

The Lahore Chamber of Commerce and Industry and the Pak-Turk Businessmen Association have inked a memorandum of understanding to pave the way for bringing more Turkish investment, promote joint ventures and deepen business-to-business relations. More…

Pakistan approved for $6.7 billion IMF loan to help economy 0

IMFSource: Bloomberg Businessweek

The International Monetary Fund approved a $6.7 billion loan for Pakistan intended to help stabilize the nation’s economy and boost its currency reserves.

The three-year program will be disbursed under the IMF’s Extended Fund Facility aimed at aiding nations with long-term payments imbalances, the lender said in a statement in Washington today. The fund had initially agreed on a $5.3 billion loan, with the government requesting more assistance. More…

Rising 8.6pc inflation may lift interest rate 0

InflationSource: The Nation

Continuing its upward journey, the inflation rate has enhanced to 8.6 percent in August 2013 over corresponding period of previous year that may pave way to the central bank to raise interest rate, one of the prior conditions of IMF for $6.6 billion loan package for Pakistan. More…

Tax collection: Next IMF tranche in jeopardy as FBR misses target again 0

IMFSource: The Express Tribune

Pakistan may get the $6.6-billion bailout package from the Washington-based International Monetary Fund (IMF) but qualifying for the next tranche may not be an easy goal, as the country has so far struggled to fulfil a key performance criterion – tax collection.

The Federal Board of Revenue (FBR) managed to collect almost Rs145 billion worth of taxes in August, showing a healthy growth rate of 17% over the corresponding month’s collection last year. More…

Punjab govt part of MoU for coal-based projects worth $5 bn 0

PowerplantSource: The News International

A ceremony for the signing of MoUs between federal, Punjab governments, China National Power and Q-Investment Qatar for over 6,600 MW coal-based projects worth more than $5 billion was held on Thursday.

Punjab Chief Minister Shahbaz Sharif, Federal Water and Power Minister Kh Asif, provincial ministers, various federal and provincial secretaries as well as senior officers concerned were present. More…

Afghanistan-Pakistan finance ministers agreed on economic cooperation 0

afghanpakcoopSource: Bakhtar News

Hazrat Omar Zakhailwal,Afghan Finance Minister and Mohammad Ishaq Dar, Pakistan Finance Minister in presence of Hamid Karzai President of the Islamic Republic of Afghanistan and Mia Nawaz Sharif, Pakistan Prime Minister signed an agreement on extending some projects and cooperation between the two countries.

Presidential press office said BNA, as per of the documents, Afghanistan and Pakistan jointly construct a hydro-power dam on Kunar River. More…

Pakistan to get $12b in next 3 years: Dar 0

Pakistan-flagSource: The Nation

Finance Minister Senator Ishaq Dar on Monday claimed that Pakistan would receive $12b in next three years from different International Financial Institutions (IFIs) in different packages that would help Islamabad in repaying loan to lenders.

Finance Minister expressed hope that Pakistan would not face any problem in repaying previous loans, as country would receive $12 billion from IFIs like International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), and Islamic Development Bank (IDB) in next three years. “Pakistan held talks with these IFIs during last few weeks”, he added. More…

Budget deficit clocks in at 8.2% of GDP in FY13 0

topics-subPAKISTANmapSource: Daily Times

The federal and provincial consolidated budget deficit for the last fiscal year 2012-13 has been recorded at 8.2 percent of the gross domestic product (GDP) as against the anticipated 8.8 percent of the GDP. However, the budget deficit target was 4.7 percent of the GDP for the entire fiscal year, revealed fiscal operations report released on Monday. More…

Weak rupee ups textile exports 0

Pakistan TextileSource: The Nation

Pakistan’s textile exports have surged by over 10 per cent in July 2013 mainly due to sharp increase in dollar value against the Pakistani rupee, which is under severe pressure these days.

According to the figures of Pakistan Bureau of Statistics (PBS) released on Wednesday, the country exported textile related goods worth of $1.21 billion during the month of July 2013, which were $1.09 billion in same month of preceding year 2012, showing an increase of 10.96 per cent in one year. More…