Lawmakers in Pakistan’s National Assembly have elected Shehbaz Sharif for a comeback term as the country’s prime minister, as allies of imprisoned former Premier Imran Khan in parliament shouted in protest, alleging rigging in last month’s election. Sharif held the same office from April 2022 to August 2023, and is the younger brother of three-time … Read more
Advertisement On July 12, the International Monetary Fund (IMF) approved a bailout package worth $3 billion for Pakistan. The first half of this year brimmed over with apprehensions, and predictions of Pakistan defaulting on its debt. While the IMF deal has ensured that Pakistan avoids default, at least for the time being, it unleashed a … Read more
Advertisement The International Monetary Fund approved a much-awaited $3 billion bailout for Pakistan on Wednesday, the global lender said, a move that’s likely to save the nation from defaulting on its debt repayments. The IMF said its executive board approved an agreement to release the funds over nine months to support Pakistan’s economic stabilization program. … Read more
Advertisement After months of delays and uncertainty, Pakistan and the International Monetary Fund (IMF) have finally reached a crucial $3 billion bailout deal. This last-minute Stand-By Arrangement (SBA) agreement, which unlocks more than the expected $1.1 billion before the expiry of a ninth review on June 30, comes as a much-needed respite for Pakistan, which … Read more
The Pulse | Economy | South Asia The long-awaited package will provide the country, which is in the grip of political and economic crises, with some relief. Prime Minister Shehbaz Sharif meets with IMF Managing Director Kristalina Georgieva on the sidelines of the Summit for New Global Financing Pact in Paris, June 22, 2023. Credit: Twitter/Kristalina Georgieva Advertisement The … Read more
Advertisement Pakistan is ensnared in a classic sovereign debt trap: too much foreign currency denominated external debt, too few foreign exchange resources, and too little cash flow denominated in foreign currencies to service contractual periodic interest and principal payments on such debt. The current approach to alleviating the excruciating pain of the debt trap is … Read more
The Pulse | Economy | South Asia Amid stalled negotiations over restarting a bailout package, the IMF has criticized the government for failing to implement a more fair tax system. Advertisement The International Monetary Fund slammed Pakistan’s government on Thursday over its proposal for the new annual budget, saying it failed to implement a more fair tax system in … Read more