Having spent about $1.5 billion equivalent from its resources so far on flood rehabilitation, Pakistan would be seeking concessional loans from international development partners during the upcoming ‘donor conference’ in Geneva to build a resilient future with over $16bn worth of recovery, rehabilitation and reconstruction activities. Talking to journalists, Secretary Ministry for Planning, De
Minister for Finance Ishaq Dar on Thursday directed the committee constituted for settlement of circular debt in the gas sector to finalise its report within three working days to resolve the issue. Mr Dar issued the directive while presiding over a meeting on reforms in the energy sector at the Finance Division here. The committee members briefed the meeting on circular debt in the gas sector
Snubbing sovereign default possibility, Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha on Thursday said the discussions with China and Saudi Arabia were continuing for inflows of $3 billion each and the government was also in contact with International Monetary Fund (IMF) for a bailout. Talking to journalists after a meeting of the Senate Standing Committee on Finance and Revenu
The State Bank of Pakistan (SBP) has raised the export refinancing markup rates by 200 basis points, bringing them close to the current policy interest rate of 16 per cent. In a circular issued on Thursday, the central bank said it had decided to reduce the gap between its policy rate and the Export Finance Scheme (EFS) and Long-Term Financing Facility (LTFF) rates from the existing 5pc to 3pc
With the expected IMF tranche still nowhere to be seen, State Bank of Pakistan’s foreign exchange reserves on Thursday further declined by $294 million to $5.8 billion — their eight years’ low — making it even more difficult for the country to repay its foreign debts. The country has been facing a worrisome scenario as the reserves are not enough to service its huge foreign debt. Though Fina