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September 26, 2024

The Pakistan Daily

IMF approves seven billion dollars package for Pakistan

In a major development, the International Monetary Fund (IMF) Executive Board, during a meeting in Washington, has approved a $7 billion loan for Pakistan. This new financial support program is designed to span over 37 months, providing crucial relief to the country amidst its ongoing economic challenges. As per sources, Pakistan is likely to get $1 billion or $1.1 billion as the first instalment of the loan by September 30. After the approval of the loan program, the second installment will also be received in the same financial year, the sources added. Pakistani officials have confirmed that all preconditions for

September 8, 2024

News Desk

SIFC is pushing for the restart of the LPG plant

Islamabad: The Special Investment Facilitation Council (SIFC) has directed the Department of Petroleum to take positive steps to restart operations at the LPG (liquefied gas) plant of Jamshoro Joint Venture Limited (JJVL). This directive followed a report prepared by the Sustainable Development Policy Institute (SDPI) and discussed at a recent SIFC meeting. According to the report, JJVL’s annual LPG production is estimated at 91,250 metric tonnes (MT). Historically, Sui Southern Gas Company Limited (SSGC) has earned over Rs 30 billion from JJVL across various operating models. The resumption of JJVL operations is expected to reduce LPG imports by 9%, potentially

September 3, 2024

News Desk

Finmin Aurangzeb describes Pakistan’s path to sustainable economic development

Pakistan’s Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to steer the economy towards stability and sustainable growth. Speaking at a recent media briefing, Aurangzeb referred to the country’s ongoing economic challenges and the efforts being made to address them. He stressed that despite the difficulties, significant progress has been made, particularly in terms of remittances and credit assessments. Aurangzeb noted that remittances remained stable, reflecting the confidence of overseas Pakistanis in the country’s economic management. He further said that two prominent international rating agencies have maintained Pakistan’s credit ratings, which he interpreted as a positive sign that the country’s

August 1, 2024

News Desk

Borrowing cannot fix Pakistan’s economy: FM Aurangzeb

Listen to the article Islamabad: Finance Minister Muhammad Aurangzeb stated that the economic condition of the country cannot be improved by relying on foreign loans. Speaking at the inauguration ceremony of the SECP headquarters building in Islamabad, Aurangzeb stressed the need for immediate reforms in the energy sector to ensure that the current IMF program is the last. Aurangzeb stressed the importance of implementing reforms while staying on the IMF program and adhering to privatization policies. He stressed that Pakistan cannot improve its economic condition by depending on foreign borrowing. The finance minister also pointed to the need to reduce

July 19, 2024

News Desk

The Palestinian Authority will receive $435 million from the EU to prevent collapse

PARIS: The European Commission said on Friday it would provide the Palestinian Authority with 400 million euros ($435.5 million) in emergency financial support over the next two months amid concerns within the EU that the authority could collapse. The money will be disbursed in the form of grants and loans in three payments between July and September, subject to progress in implementing the Palestinian Authority’s reform agenda, the commission said in a statement. It had earlier signed a letter of intent with the Palestinian Authority setting out a strategy to address its fiscal and fiscal situation. “Together, we are laying

April 3, 2024

News Desk

Oil demand at a 21-month high

KARACHI: Demand for oil products hit a 21-month high of 1.15 million tonnes in March compared with the same month last year, suggesting a return to stability in the domestic economy. According to data from the Oil Companies Advisory Council (OCAC), compiled and reported by research houses, sales of oil marketing companies (OMCs) increased by 4% in the month under review compared to the same month last year and increased by 3% compared to the previous month of February. Excluding weak demand for outdated products such as furnace oil (FO), sales of premium products including gasoline and diesel rose 9%

March 4, 2024

News Desk

Is this economic stability sustainable?

KARACHI: Pakistan’s recent economic turmoil, which nearly pushed the country to the brink of bankruptcy last year, appears to have given way to a period of stability. However, a critical question remains: is this a harbinger of a real economic recovery or a temporary respite? There has been a marked decline in inflation since its peak last summer, coupled with the stability of the Pakistani rupee, which is now hovering around Rs 280 to the US dollar. Additionally, the current account deficit (CAD) has also narrowed, offering respite to the stressed forex reserves. The expectation of political stability under a

March 1, 2024

News Desk

The US encourages cooperation with the IMF

UNITED NATIONS: The United States (US) supports Pakistan’s efforts to “break free” from the vicious cycle of debt and financing, a State Department spokesman said, calling on the new government to continue working with the International Monetary Fund (IMF) and other global financial institutions. “Pakistan’s new government must immediately prioritize the economic situation because policies in the coming months will be critical to maintaining economic stability for Pakistanis,” spokesman Matthew Miller said at his daily briefing on Wednesday. The spokesman was responding to a question at the State Department’s daily briefing about a letter sent by former Pakistan Tehreek-e-Insaaf (PTI)

January 5, 2024

News Desk

Analysts are urging politicians to draw up economic stability plans

KARACHI: Analysts and market experts have described 2024 as the most volatile year locally and globally due to elections, energy crises, harsh terms of the International Monetary Fund (IMF) program and lack of clear directions from the incoming government to address the prevailing challenges. They said all local mainstream political parties contesting the country’s general election in February should provide their plans for economic stability to prevent further losses and delays. They also warned that many global issues are affecting global economies. Speaking to The Express Tribune, they said the incoming government should prioritize solving the energy crisis by providing

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