For the Pakistani economy, the IMF bailout is key to its economy. In the week ending 25 April, Pakistan’s total foreign exchange reserves stood at $15.25 billion.
Pakistan's Punjab govt has tabled legislation that could see rates as high as 45%. Agricultural income tax hikes among measures prescribed to raise revenue under $7bn IMF bailout deal.
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.
Initial talks held on the possibility of India entering the programme that was started in 2017 between France, Germany and Spain to ensure European sovereignty in defence and security.
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