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$7 billion deal: PM hopes that all IMF requirements are met on time

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4 months ago

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Shehbaz Sharif, Pakistan’s prime minister, has stated that Pakistan intends to finish the present International Monetary Fund (IMF) program.

The prime minister told the federal cabinet on Tuesday, “Remember that this should be Pakistan’s last IMF program.” The PM emphasised throughout the meeting the necessity of continuing reforms to guarantee long-term economic stability and the government’s commitment to prompt fulfilment of IMF conditions.

He expressed optimism that the required steps to satisfy IMF requirements would be completed on time and said, “The case will soon go to the IMF board, and after approval, we will embark on a new journey.”

Shehbaz addressed the gathering, “Measures are being taken to meet the conditions of the IMF program,” emphasising the need to quicken the pace of gains that have already begun and declaring that Pakistan is progressively approaching economic recovery.

The people were given assurances by Prime Minister Shehbaz Sharif that Pakistan had ample resources and is capable of surmounting its difficulties. “I’m confident we’ll make it to our goal. He acknowledged that the road is challenging but not unachievable, saying that “nations have changed their fortunes through hard work.”

The prime minister observed that enormous adversity frequently results in notable advancement, reflecting on the challenges faced by other great nations. In addition to stressing the need of stopping smuggling and eliminating corruption in revenue collection, he underlined the gravity and resolve of the government’s efforts to stabilise the economy.

In order to cut back on needless spending, Prime Minister Sharif also demanded that the government expedite its right-sizing and downsizing projects. “We should push ahead with cost-cutting measures,” the PM emphasised.

Congratulating Finance Minister Ishaq Dar and other officials on their work in managing the economy, he asked the pertinent agencies to accelerate cost-cutting initiatives.

With the inflation rate dropping to 9.6% in August, he also emphasised a promising trend in inflation reduction. He indicated a slow recovery in the economy when he added, “The burden of inflation is gradually easing.”

To sum up, Prime Minister Shehbaz Sharif stressed the importance of proceeding swiftly with economic change, saying, “The journey is long, but with collective effort and determination, we can achieve our goals.”

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In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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