Page 8 - Pakistan

Cash-starved Pak to receive another $1.3 billion from ally China

Pakistan will get another USD 1.3 billion from all-weather ally China to shore up its fast-depleting forex reserves, Finance Minister Ishaq Dar said on Monday, days after the cash-strapped country received USD 700 million from Beijing. Addressing a press conference here, Dar said that the Industrial and Commercial Bank of China Ltd (ICBC) would provide the funding in the coming days. "All our formalities with the ICBC are complete as of last night. We returned them USD 1.3bn in the last few months they are giving it back and have renewed this facility, he said. The minister said that USD 500 million would be transferred to Pakistan possibly in the next few days - by Monday or Tuesday - and another USD 500 million within 10 days. Last week, Pakistan received a much-needed cash injection of USD 700 million from China to help its ailing economy before the finalisation of talks with the IMF for financial assistance. It prompted Prime Minister Shehbaz Sharif to express gratitude to th

Pakistan hikes policy rate by 300 basis points amid rising inflation

The State Bank of Pakistan (SBP) has decided to increase policy rate by 300 basis points to 20 per cent amid rising inflation

China blames 'certain developed country' for Pakistan's financial crisis

The spokesperson called on concerted efforts of all parties to play a constructive role in the economic and social development of the country, The Express Tribune reported

Pakistan raises key rate by 300 bps, slaps Rs 3.23 power surcharge

Rate now highest in 26 years; currency falls to record low, $ bonds slump

Markets brace for potential default by Pakistan as $7 bn debt looms

Pak was downgraded deeper into junk by Moody's Investors this week as the country faces its worst economic crisis in decades, with foreign reserves plummeting and inflation soaring to record high

TTP aims to push Pakistan govt out of Khyber Pakhtunkhwa: US report

According to the 2021 Country Reports on Terrorism, the TTP uses the tribal belt along the Afghanistan-Pakistan border to train and deploy its operatives

Pakistan's CPI jumps 31.5%, retail inflation highest in 49 years

Pakistan's annual inflation, measured by the Consumer Price Index (CPI), soared to a record high of 31.55 per cent in February, compared to 27.6 per cent in the previous month

Pakistan has no food for its poor but purchases weapons, shows report

While Pakistan's citizens are queuing up for wheat flour, pulses and medicines, the Generals have usurped a major part of the Budget for new weapons, reported Afghan Diaspora Network (ADN)

Toshakhana case: Pak Court issues arrest warrant against Imran

An Islamabad sessions court hearing the Toshakhana case against PTI chief Imran Khan issued non-bailable arrest warrants against him over persistent absences, Pakistan-based Dawn newspaper reported

DHL suspends operations in Pak amid restrictions on outbound remittances

DHL, a global logistics company announced the suspension of some of its operations partially in Pak due to the govt's restrictions on outbound remittances, Pakistan-based Dawn newspaper reported

Pak accepts more IMF condition, agrees to increase rate by 200 basis points

The decision by Pakistan authorities will push the interest rate to 19 per cent, just below the previous record of 19.5 per cent set in October 1996, The Express Tribune reported

DRDO official arrested for passing info to Pak spy sent to 4-day remand

According to the police, the Balasore police applied for remand of five days in Balasore court for further investigation of the incident. But the Court granted permission to remand him for four days

Nikki Haley pledges to cut billions in aid to Pak, other US adversaries

According to Haley, America spent USD 46 billion on foreign aid last year. That's more than any other country by far. Taxpayers deserve to know where that money is going and what it's doing

Pakistan govt halts clearance of bills, salaries amidst economic crisis

The cash-strapped Pakistan government has directed the accountant general to cease the clearing of bills, including salaries, owing to the current economic crisis, according to a media report on Saturday. The Ministry of Finance and Revenue also instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all the bills of the federal ministries/divisions and attached departments until further notice, The News International quoted official sources as saying. The newspaper reported that the operational cost-related releases faced difficulties mainly due to the economic hardship facing the country. Pakistan's foreign exchange reserves, which fell to a critically low level of USD 2.9 billion a few weeks ago, have now risen closer to USD 4 billion, even as the country eagerly waits for the USD 1.1 billion tranches of funding from the International Monetary Fund (IMF). Minister for Finance Ishaq Dar, who was contacted for a comment by the newspaper, said it might

Cash-strapped Pak receives funds worth $700 mn from China Development Bank

Pakistan Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) has received $700 million from China Development Bank (CDB)

India can send wheat to Pak to avert food crisis: RSS leader Krishna Gopal

Rashtriya Swayamsevak Sangh (RSS) joint general secretary Krishna Gopal has said that India is in a position to send wheat to Pakistan to avert the food crisis in the neighbouring country

Pakistan-Afghan border crossing shut after brief reopening: Officials

Pakistan shut down a key border crossing with Afghanistan just hours after it was reopened on Thursday, officials said, the latest twist in the controversial closure of the Torkham junction that started earlier this week. The issue of the crossing, a key trade route for both Afghanistan and Pakistan, has added to increasing tensions between the two countries, which share a troubled and volatile boundary. Afghanistan's Taliban rulers on Sunday closed the crossing, claiming Islamabad was not abiding by an agreement with Kabul to allow Afghan patients and their caretakers to cross into Pakistan without travel documents for medical care. On Monday, Afghan Taliban forces and Pakistani border guards exchanged fire, which wounded a Pakistani soldier. On Wednesday, Pakistan's defence minister, Khawaja Mohammad Asif, and secret service chief, Lt. Gen. Anjum Nadeem, travelled to Kabul and met senior Taliban officials to discuss the border issue. On Thursday morning, Torkham was reopened by .

No country can come out of difficulties if basic industry is terrorism: EAM

He also stated that it is in nobody's interest that any country least of all a neighbouring country get into severe economic difficulties

Robust US-Pak trade relationship is more important than ever: US Official

A robust US-Pak relationship is more important than ever to bolster the economy of Pakistan, which is recovering from devastating floods, the Biden Administration has said. Speaking at the daily news conference, State Department Spokesperson Ned Price told reporters said that the robust trade relations between the US and Pakistan is also providing business opportunities for the Americans. We believe that a robust trade relationship between the United States and Pakistan is more important than ever to bolster Pakistan's economic stability as it recovers from devastating floods, while at the same time also providing opportunity to Americans and to American businesses in this country, exposing them to new markets, Pakistani markets in this case, State Department Spokesperson Ned Price told reporters at his daily news conference. A delegation of Pakistani officials is here in town for the Trade and Investment Framework Agreement Council ministerial meeting, which was Co-chaired by US ..

Pak provides safe havens to terrorists and does so with impunity: India

Indian Counsellor Pratik Mathur said, "I am taking the floor to say that India chooses this time not to respond to Pakistan's mischievous provocations"