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Ishaq Dar to visit Washington to attend IMF, WB meetings

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2 years ago

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  • Dar-led team to attend annual meeting of Bretton Woods Institutions.
  • Dar may present fresh proposals before IMF, WB for dollar inflows.
  • Pakistan, IMF to discuss possibility of combining 10th, 11th reviews.

ISLAMABAD: Finance Minister Ishaq Dar will be leading a high-powered delegation to the US which will attend the upcoming annual spring meeting of the Bretton Woods Institutions (BWIs), known as the International Monetary Fund (IMF) and World Bank, from April 10 to 16.

The finance minister, along with an official delegation comprising the Finance and Economic Affairs Division secretaries and the State Bank of Pakistan (SBP) governor, might present fresh proposals before the IMF and World Bank for providing dollar inflows.

During the meetings, according to a The News report, Pakistan and the IMF would also discuss the possibility of combining the remaining 10th and 11th reviews under the $6.5 billion Extended Fund Facility (EFF) programme in case the pending 9th Review is completed.

The IMF programme, signed in 2019, is going to expire on June 30, 2023, and under the set guidelines, the programme cannot be extended beyond the deadline.

It is yet to be seen how the two sides would proceed with the completion of the bailout programme when the 10th Review has already got delayed.

The pending 9th Review was scheduled to be completed in December 2022 and the 10th Review should have been kick-started from February 2023. The 11th Review was scheduled to commence on May 3.

Now the delayed decision on the 9th Review would increase the cost of rectifying the situation.

There is no easy solution available to fix the ailing economy of Pakistan and the government is of the view that they have taken all the tough decisions for reviving the stalled IMF programme.

Now the Fund is seeking verifications from the bilateral friends of Pakistan, including Saudi Arabia, the UAE and Qatar, if they would provide additional assistance of $6 billion till the end of June 2023.

The SBP foreign exchange reserves stood at $4.2 billion, which is not even sufficient for meeting obligations on account of foreign debt servicing including principal amount and markup.

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Business

SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

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The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

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The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

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At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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6 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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