The nine-month $3 billion Stand-By Arrangement (SBA) with the International Monetary Fund is generally seen as a breather and bridge to a subsequent broad-based and longer reform programme to enforce financial discipline and reduce debt default risks. It has brought much-needed relief to the policymakers and capital market but does not enthusiastically raise hope of an early economic recovery.
Imagine it’s early 2022. You are scrolling through LinkedIn and looking at all the gurus talking about the unstoppable rise of Pakistan’s startup scene. After all, the country had raised $365 million in investment during 2021, almost 6x the value of the previous year. The optimism is contagious, even if the posts are cringe and cliched. Fast forward to now, and all of those self-styled gurus ha
In a way, every baby born in Pakistan has over Rs200,000 debt on her head. Debt per person is calculated as Pakistan’s total debt and liabilities divided by the total population. Since 1958, the country has kept going to the IMF for more loans, which come with strings attached. Turning to domestic banks for funds leaves the industry high and dry. When industries don’t have access to enough c
The current fiscal year that began on July 1 may turn out to be another year of low growth and high inflation due to political instability, uncertainty about elections and the growth-choking nature of the International Monetary Fund’s (IMF) short-term financial support. This means people who don’t have jobs — and there are eight million permanently jobless people — may not get jobs during this
Virgin Atlantic operated its final flight from Islamabad International Airport on Sunday after announcing earlier in the year that it will suspend operations between London Heathrow, Lahore and Islamabad. A spokesman for the Civil Aviation Authority said in a press release that a Virgin Atlantic flight took off from Islamabad to London’s Heathrow Airport at 8am on Sunday. Virgin Atlantic com