Chinese Foreign Ministry spokesman Wang Wenbin. File | Photo Credit: ANI Sri Lanka on October 11 welcomed China’s tentative agreement to a debt restructure, as the island nation works to restore its ruined finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion debt last year at a time when months … Read more
H.J.M Seneviratne cuts yellow paddy stems that dried following drought, at his paddy field in Anamaduwa, Sri Lanka. | Photo Credit: Reuters H.J.M Seneviratne (63) slices through yellowed paddy stems dried out by a drought that has destroyed more than 95% of his crop and is threatening crisis-hit Sri Lanka’s summer rice harvest. The island’s … Read more
Pakistan introduced a number of changes to its fiscal 2024 budget on Saturday, said Finance Minister Ishaq Dar, in a last-ditch effort to clinch a stalled rescue package with the International Monetary Fund. “Pakistan and IMF had detailed negotiations as a last effort to complete the pending review,” he told parliament. For the fiscal year … Read more
Pakistan Prime Minister Shehbaz Sharif meets with managing director of the International Monetary Fund (IMF), Kristalina Georgieva, in Paris, France June 22, 2023. Credit: Press Information Department (PID)/Handout via REUTERS | Photo Credit: VIA REUTERS Pakistan Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva on Thursday as the cash-strapped country made a last-ditch … Read more
Ishaq Dhar. File | Photo Credit: Twitter/@MIshaqDar50 Pakistan’s Finance Minister Ishaq Dhar on April 4 announced that the UAE has approved $1 billion in financial support, taking the cash-strapped nation a step closer to unlocking the crucial IMF bailout. Pakistan is tackling a major economic crisis as it awaits a much-needed $1.1 billion tranche of … Read more
The International Monetary Fund pared its forecast for India’s growth to 5.9% from 6.1% for the current fiscal year, while painting a bleak picture for the world economy battling tightening financing conditions even as the Russia-Ukraine war rages on and the pandemic lingers. “Over the medium term, the prospects for growth now seem dimmer than … Read more
Pakistan’s Finance Minister Ishaq Dar. File | Photo Credit: AFP Pakistan’s Finance Minister Ishaq Dar will be leading a high-powered delegation to the U.S. to attend the annual spring meeting of the International Monetary Fund (IMF) and the World Bank and for talks with the officials which can help the cash-strapped country to ink a … Read more
For Sri Lanka’s ruling establishment and its backers, March 20 was a good news day. The International Monetary Fund (IMF) finally responded to the government’s distress call following the collapse of the debt-ridden economy last year, by approving a $3 billion loan aimed at restoring economic stability and growth. “Sri Lanka will no longer be … Read more
Almost 30 million Pakistanis have no access to clean water, 80 per cent of people living in 24 major cities do not have access to clean water, and 16 million slum dwellers of Karachi do not have access to running water, Asian Lite reported. Pakistan has experienced several issues since its independence, but the most … Read more
The International Monetary Fund logo. The Ukraine Finance Ministry and IMF on March 22 agreed on a loan package to help mobilise financial support for Ukraine in light of the Russian invasion. | Photo Credit: Reuters Ukraine and the International Monetary Fund have agreed on a $15.6 billion loan package aimed at shoring up government … Read more