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.
The meeting on the sidelines of the Global Financing Summit in Paris came with about a week left before the IMF's Extended Fund Facility (EFF) agreed in 2019 expires on 30 June.
The budget is being closely watched by the International Monetary Fund as the South Asian country seeks further bailout money during an economic and balance of payments crisis.
In the first eight months of the current fiscal year, New Delhi’s net tax intake didn’t even hit the halfway mark of what it expects to collect by March 31.
As Visakhapatnam readies a mega airport, the Andhra Pradesh government has revived its shelved Dagadarthi project, aiming to boost cargo and connectivity on the south coast.
Speaking at annual press conference, Army chief reiterated that India does not recognise 1963 Sino-Pakistan border pact under which Pakistan illegally ceded Shaksgam Valley to China.
UK, EFTA already in the bag and EU on the way, many members of RCEP except China signed up, and even restrictions on China being lifted, India has changed its mind on trade.
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