In 2023, Pakistan was grappling with the risk of debt default, unprecedented inflation, record-high yields on government bills, and political instability. But 2024 is all set to be a happy new year.
Data shows China has committed $68.91 bn in long-term loans to Pakistan & that Islamabad secured at least one emergency rescue loan from Beijing each year from 2012 till 2021.
The currency has lost about 6% of its value against the dollar in the first three weeks of Anwaar-ul-Haq Kakar’s tenure, as he faces economic challenges and IMF terms.
On Wednesday, Pakistan’s central bank received $1.2 billion from International Monetary Fund as the first tranche of a $3 billion bailout to stabilise the economy.
Saudi Arabia pledged the money and then waited for the aid package from the International Monetary Fund to go ahead before depositing it with the State Bank of Pakistan.
IMF executive board is scheduled to meet on 12 July to approve $3 billion SBA with Pakistan. But there are doubts whether this will stave off default, or just push issue to 2024.
Pakistan PM Shebhaz Sharif has said arrangement will help 'strengthen foreign exchange reserves, enable Pakistan to achieve economic stability & sustainable economic growth'.
Islamabad has taken a slew of policy measures since an IMF team arrived in Pakistan earlier this year, including a revised 2023-24 budget last week to meet the lender's demands.
By turning a blind eye to the snakes in his own backyard, Trudeau is setting the stage for a disaster of epic proportions for his country, his people, and the world at large.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
While there are patrolling points (PP) 10, 11, 12, 12A and 13 in the Depsang Plains, the patrol in the region Monday was carried out to only one point as decided by India and China.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
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