Citing security and financial reasons, Pakistan’s defence authorities and election officials have urged the Supreme Court to reconsider its order to hold elections in the politically crucial Punjab province on May 14. A three-member panel of the court led by Chief Justice Umar Ata Bandial on April 4 in its judgment ruled that elections should … 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
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
Cash-strapped Pakistan’s current account deficit shrank 90.2 per cent to USD 0.24 billion in January from USD 2.47 billion in the same month last year, the data shared by the State Bank of Pakistan (SBP) showed on Monday. “Current Account Deficit (CAD) recorded USD 0.2 billion in Jan 2023 against a deficit of USD 2.5 … Read more
The State Bank of Pakistan’s foreign exchange reserves dipped $11 billion to $5.6 billion from $16.6 billion in January 2022. | Photo Credit: Reuters Pakistan central bank’s foreign exchange reserves plummeted to an eight-year low of over $5.5 billion amidst fear of default, according to a media report on Friday. The forex reserves have dwindled … Read more
Representational image only. | Photo Credit: Twitter/@StateBank_Pak Pakistan’s central bank has criticised the cash-strapped Shehbaz Sharif government for prioritising growth at the expense of price and financial stability. The State Bank of Pakistan (SBP) in its annual report issued recently said international experience has repeatedly shown the countries that prioritise growth at the expense of … Read more
Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan’s foreign reserves, state news agency SPA and Pakistan’s central bank said. Saudi Arabia deposited the money in Pakistan’s central bank late last year as a loan to shore up the cash-strapped country’s reserves. The central bank reserves stood at … Read more