Pakistan received a much-needed inflow of $1 billion from the United Arab Emirates on Wednesday, hours before the formal approval of the $3 billion nine-month Stand-By Arrangement by the executive board of the International Monetary Fund. The UAE, our brotherly country and friend has deposited $1bn into the State Bank of Pakistan’s account,” Finance Minister Ishq Dar announced in a video messag
The International Monetary Fund (IMF) said on Wednesday that its executive board had approved a $3 billion loan agreement for Pakistan, unlocking crucial funding for the troubled economy. In a statement, the IMF said its executive board green-lit the nine-month standby arrangement (SBA) in order “to support the authorities’ economic stabilisation programme”. This follows a staff-level agree
Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises, such as the Covid-19 pandemic, with the burden being felt acutely by developing countries, a United Nations report said. Domestic and external debt worldwide has increased more than five times in the last two decades, outstripping the rate of economic growth, with gross domestic product only tr
Infighting among the ultimate owners of K-Electric Ltd led one group of investors to announce on Wednesday that it wants to wind up a Cayman Islands-based company to establish a direct shareholding in Karachi’s only power utility. In a densely worded statement, IGCF SPV21 Ltd said it had filed a petition in the Grand Court of the Cayman Islands for a “just and equitable winding up” of the holdi
The benchmark index for the top 100 shares listed on the Pakistan Stock Exchange crossed the psychological barrier of 45,000 points on Tuesday, thanks to the ongoing bull run that commenced after the country signed up for a $3 billion Stand-By Arrangement with the International Monetary Fund during the Eid break. Topline Securities said the upward trend began right after the opening bell and ca