State Bank of Pakistan increases interest rate by 0.5 percent 1

State Bank of PakistanSource: GEO TV

The State Bank of Pakistan (SBP)raised its key discount rate to 9.5 percent from 9.0 percent for September-October 2013 in line with requirements set by the International Monetary Fund.

Governor SBP, Yaseen Anwar, made an announcement to this effect after chairing a meeting of the central board of directors of the central bank here on Friday. More…

IMF urges caution on govt spending 0

imfSource: The National

The International Monetary Fund (IMF) said the government should be cautious when spending on free health, education, law and order improvement and infrastructure development.

An IMF team led by Yongzheng Yang was in the country from Aug 19-Sept 3 for the Article IV Consultation and provided some recommendations based on the government’s policies. More…

Foreign reserves once again surge to $10.37b 0

dollarSource: The Nation

After reaching to five year’s lowest level, Pakistan’s foreign exchange reserves have once again crossed ten billion dollars following getting first installment worth of $ 550 million from International Monetary Fund (IMF) under Extended Fund Facility (EFF) programme. More…

Reforms are having positive impact on economy: Dar 0

Ishaq DarSource: The Nation

Finance Minister Senator Ishaq Dar on Wednesday said that reforms being introduced by PML-N government are having positive impact on the economy.

He further said that government has prepared a three-year macro-economic framework for revival of the economy and it has started positive impact on the economic situation of the country. More…

Pakistan economy to get a boost by IMF program: Moody’s 0

Moody'sSource: The News International

Loan granted by the International Monetary Fund (IMF) and the economic reforms under the program will help bring stability in the country’s economy, International Financial Rating Agency Moody’s report said.

The handout issued by the Moody’s here said that the disbursement of IMF granted loan to Pakistan augured well for the economic crisis confronting it, as the economy was expected to recover with the implementation of IMF reforms program. More…

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 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…

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…