Politics

Chinese bank rolls over $600m loan to Pakistan: PM Shehbaz

Published

2 years ago

Farwa

Rollover boosts cash-strapped country’s foreign exchange reserves.
Friendly countries’ assistance improving economic indicators, PM says.
Exim Bank of China latest institution to roll over Pakistan’s loan.

Prime Minister Shehbaz Sharif said Tuesday that a bank in China rolled over a $600 million loan to Pakistan, boosting the cash-strapped country’s forex reserves.

The premier was addressing the launching ceremony of the Prime Minister’s Youth Sports Initiative in Islamabad, where he announced to allocate more funds for the development of the youth if he comes into power again.

“Yesterday, Exim Bank of China rolled over $600 million to Pakistan, which increased our foreign currency reserves,” PM Shehbaz Sharif said and added that assistance from friendly countries is improving economic indicators.

However, he didn’t elaborate further on when this payment was due.

The country is showing signs of economic stability after the International Monetary Fund (IMF) approved a $3 billion bailout programme and transferred the first tranche of $1.2 billion under a nine-month stand-by arrangement.

Having teetered on the brink of a sovereign debt default, Pakistan earlier this month also received $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia, as both were reassured by the agreement struck between Islamabad and the IMF at the end of June.

Pakistan’s foreign exchange reserves held by the central bank slightly increased by $61 million to stand at $4.524 billion in the week ending July 7, the State Bank of Pakistan said last Thursday.

IMF projections

An IMF statement said the bailout programme would focus on an appropriately tight monetary policy aimed at curbing price pressures in the South Asian country of 220 million people.

The IMF expects inflation to average 25.9% in fiscal year 2024, though it anticipates a substantial moderation to around 16% towards the end of that period.

With the key policy rate at 22%, the government has projected inflation at 21% for fiscal 2024.

“A continued tight, proactive and data-driven monetary policy is warranted going forward,” the IMF statement said.

The ailing Pakistani economy has faced an acute balance of payments crisis with only enough central bank reserves to cover barely a month of controlled imports. The IMF projects it will have an import cover of 1.4 months in fiscal 2024.

The IMF deal, a lifeline for Pakistan after it was on the cusp of default, came after eight months of tough negotiations over fiscal discipline.

“A market-determined exchange rate is also critical to absorbing external shocks, reducing external imbalances, and restoring growth, competitiveness, and buffers,” the IMF said.

Latest News

PTI suggests resuming talks with government over judicial commission issue.

Published

1 week ago

Farwa

Barrister Gohar, Chairman of the PTI, has claimed that the party’s founder has suspended negotiations, emphasizing that the government should declare the commission within seven days.

He emphasized the PTI’s openness to rethink if the government makes headway and establishes the commission.

Barrister Gohar told the reporters, “Seven days were enough to announce the commission.” We are ready to reconsider, but the government must first announce the commission.”

He stated that the PTI approached the negotiations with an open mind. “The PTI founder has halted the negotiations. “The government had eight laws on their agenda, while we only had two demands,” he stated.

The PTI chairman went on to say that even after seven days, no progress had been made in forming the commission. He encouraged the government to reconsider the decision and proceed with the announcement.

Latest News

PTI will declare February 8 to be “Black Day,” sparking protests across the country.

Published

2 weeks ago

Farwa

According to reports, the Pakistan Tehreek-e-Insaf (PTI) intends to hold rallies nationwide on Wednesday in support of its decision to declare February 8, the one-year anniversary of the general elections, a black day.

According to media sources, PTI founder Imran Khan has instructed all party lawmakers—including MPAs and MNAs—to plan and take part in demonstrations in their local communities on February 8 in order to draw attention to their complaints and issues.

In a recent meeting with legal advisors on Wednesday, Imran Khan expressed dissatisfaction with the performance of the party’s Information Secretary Sheikh Waqas Akram. The meeting emphasized the importance of party discipline and gave stern directives to abstain from any criticism of Maulana Fazlur Rehman, the head of the JUI-F.

It has also been suggested that the PTI engage opposition leaders in the demonstrations in order to win their support.

Party insiders revealed that the founder has urged leaders to ensure effective coordination and mobilised efforts in preparation for February 8.

Latest News

In 13 cases involving the D-Chowk demonstration, Bushra Bibi granted temporary release until February 7.

Published

2 weeks ago

Farwa

Bushra Bibi, the wife of the PTI chairman, was granted temporary release by the Islamabad Anti-Terrorism Court (ATC) in 13 counts pertaining to the November 26 D-Chowk protest. Judge Tahir Abbas Supra ordered the police to produce all pertinent documentation by February 7 and granted bail against surety bonds of Rs. 5,000 apiece.

Additionally, Bushra Bibi was given temporary release until February 7 in the Rangers’ accident case. During the hearing, Judge Tahir Abbas Supra expressed disappointment over the behavior of the defense counsel on two occasions. Addressing the lawyers, he remarked, “You demand VIP protocol everywhere, but this is not possible. Prepare your files properly before coming to court.”

Three cases at the Secretariat Police Station, two each at the Margalla, Karachi Company, and Ramna Police Stations, and one each at the Tarnol, Kohsar, Aabpara, and Khanna Police Stations are among the numerous charges against Bushra Bibi.

In addition, the judge chastised the defense team for requesting that Bushra Bibi sign and thumbprint blank documents. He said, “The accused must sign and thumbprint the court orders, not blank sheets.”

Bushra Bibi also went to the Islamabad High Court to have her biometrics verified in relation to her appeal to be exonerated in the Toshakhana-II case. On Monday, Bushra Bibi and the PTI chairman submitted their acquittal petitions. After finishing the biometric procedure, she departed right away.