Business

IMF team to visit Pakistan for first review talks on Nov 2

Published

1 year ago

Farwa

IMF Mission Chief to Pakistan Nathan Porter will lead delegation.
Finance ministry has started preparations for talks with IMF.
Ministry met to get updates on all structural benchmarks, criteria.

An International Monetary Fund (IMF) delegation is scheduled to visit Pakistan for talks regarding the initial assessment of the country’s $3 billion standby arrangement (SBA) on November 2.

The finance ministry, too, has started preparing for the upcoming talks with the global lending institution.

The development was confirmed by the IMF’s resident representative, Esther Perez Ruiz, as the cash-strapped nation, currently functioning under a caretaker administration, endeavours to steer towards economic revival after the IMF approved its loan programme in July this year.

The loan programme averted a sovereign debt default with Pakistan receiving its first $1.2 billion tranche from the Washington-based lender soon after the approval.

“An International Monetary Fund team led by Mr Nathan Porter will field a mission to Pakistan starting in November 2 on the first review under the current Stand-By Arrangement,” Ruiz told Reuters.

Meanwhile, the finance secretary has convened an important meeting of all ministries, divisions, and departments for tomorrow (Thursday) to get an update on all structural benchmarks, indicative criteria and performance criteria agreed with the IMF for the end of September 2023.

As per The News, the finance ministry has made all-out efforts to restrict the budget deficit target within limits agreed with the lender.

It had warned the provinces to trip down spending, and the latest provisional estimates suggest that Punjab and Sindh had made significant progress on it.

Another challenge for restricting the overall fiscal deficit is the rising debt servicing requirements that would, of course, balloon and stand beyond Rs8.3 trillion to Rs8.5 trillion for the current fiscal year 2023–24 against the initially envisaged target of Rs7.3 trillion in the wake of surged policy rate of the central bank.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

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

Published

1 week ago

Farwa

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.

Business

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

Published

1 week ago

Farwa

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.