PAKISTAN stands on the brink of default even as it remains engaged with the IMF at the tail end of a three-year programme. While the country’s economic woes are rooted in its own inept policies, IMF has escaped scrutiny of its stabilisation programmes that have failed to put Pakistan on a sustainable path in 22 attempts and certainly needing another programme immediately after this one concludes.
The US State Department has urged Pakistan to “continue working” with the International Monetary Fund (IMF), especially on reforms that will improve the country’s business environment, highlighting that it would help Pakistan attract “high-quality investment”. State Department spokesperson Ned Price made the remarks in response to a query at a weekly press briefing on Wednesday. “We encourag
Pakistan’s foreign exchange reserves held by the central bank rose to $4.3 billion in the week ending on March 3, the State Bank of Pakistan (SBP) said on Thursday. “During the week ended on March 3, SBP’s reserves increased by $487 million to $4.3bn due to receipt of $500m as GoP commercial loan from China,” it added. The SBP said total liquid foreign reserves held by the country stood at $
A Turkish investor announced on Thursday its intention to buy more than 51 per cent shares and control of Tri-Star Power Ltd, a publicly listed electricity producer. Aykut Çalikuu is a diversified investor with core expertise in e-commerce and the sale of locally sourced products in the Gulf countries. Its other areas of interest include clean energy and healthcare. As for Tri-Star Power, th
Commerce Minister Syed Naveed Qamar on Thursday stressed the need to exploit the potential for boosting trade volume between Pakistan and the United Arab Emirates (UAE). In a meeting with UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi, the commerce minister highlighted the huge potential for cooperation between the two countries in the field of renewable energy, agriculture, tex