The State Bank of Pakistan (SBP) said on Wednesday the current account deficit (CAD) fell to $0.4 billion in December 2022 from $1.9bn a year earlier, as the cash-strapped government slashed imports in a bid to avert an external payments crisis. Foreign exchange reserves held by the central bank stand at $4.3bn — enough cover for just three weeks of imports — and the International Monetary Fund
After extending the term of a $3 billion deposit to boost its foreign-currency reserves late last year, Saudi Arabia’s finance minister has said his country is also discussing with the World Bank and other institutions how can it be “more creative to provide that support” to Pakistan. Speaking at the World Economic Forum, Mohammed Al-Jadaan also indicated the kingdom is changing the way it prov
Traders declared open season on State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday, hurling barbs that sometimes bordered on outright insults for imposing import restrictions. Members of the Karachi Chamber of Commerce and Industry (KCCI) spared little mercy for the central bank chief in a town-hall meeting for letting 5,700 containers laden with food, medicine and industrial raw m
The World Bank has delayed the approval of two loans for Pakistan worth $1.1 billion until the next fiscal year pending some steps on the country’s energy debt and tariffs, a finance ministry source told Reuters on Wednesday. The approval of the loans have been pending since June, said the source, declining to be named as they were not authorised to talk to the media. Pakistan’s next fiscal yea
Shares at the Pakistan Stock Exchange (PSX) fell sharply on Tuesday, with analysts attributing the sell-off to political uncertainty and delay in the completion of the International Monetary Fund’s (IMF) ninth review. The benchmark KSE-100 index plunged by 1378.54 points, or 3.47 per cent, to close at 38,342.21 points, its lowest level since July 27, 2020. Today’s sell-off marked the highest