The central bank’s foreign exchange reserves dropped for the first time in six weeks, shrinking by some $354 million during the week that ended on March 24, it said on Thursday. Meanwhile, China is working on a request from cash-strapped Pakistan to roll over a $2 billion loan that matured last week, a top finance ministry official told Reuters, amid a stalemate in bailout talks with the Intern
“The real beauty in the Belt and Road Initiative (BRI) is the spirit of sharing, China shares its success with developing countries,” said Ahsan Iqbal, Minister for Planning, Development and Special Initiatives, on Wednesday. During the ongoing Boao Forum for Asia (BFA) Annual Conference 2023 in China, Iqbal said, “BRI welcomes everyone to jointly explore opportunities for shared growth and pro
Currency dealers in open market have offered loans of $24 billion to the government for the next two years to help it stay away from the International Monetary Fund (IMF) programme, which has badly hit Pakistan’s economy. Talking to The Express Tribune, Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said, “We have offered $1 billion a month in financing to the governme
For over three months, the Ministry of Finance has been sitting on the central bank’s inspection report against commercial banks in a foreign currency manipulation case, delaying action against them despite clear incidences of charging ‘higher spreads.’ The action against at least eight commercial banks has been put on hold despite Finance Minister Ishaq Dar’s repeated vows to impose heavy taxe
Pakistan claimed on Wednesday that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF) and said that it was not planning to prematurely quit the $6.5 billion programme. “We have received an indication from Saudi Arabia about getting something,” Dr Aisha Pasha, the Minister of State for Finance, said after at