The Executive Board of the International Monetary Fund (IMF) is tentatively scheduled for Dec 7 to approve the Staff-Level Agreement (SLA) with Pakistan for the first review of the $3bn Stand-By Arrangement (SBA) leading to disbursement of about $700 million on Dec 8. The IMF staff and the Pakistani authorities reached the SLA on Nov 15 in Islamabad, according to an end-of-mission statement. Th
Pakistan on Monday floated an urgent international tender for a Liquefied Natural Gas (LNG) cargo in the first part of January to meet anticipated peak winter shortage in the residential sector. The tender, issued by the state-run Pakistan LNG Limited (PLL) with a four-day notice, asked bidders to submit technical and financial bids by Nov 24 for a standard LNG cargo with targeted delivery on J
The Central Power Purchasing Agency (CPPA) on Monday sought a massive Rs3.55 per unit as fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) to raise another Rs33bn from consumers in December, despite a healthy 76 per cent electricity generation from cheaper domestic fuels. This comes on top of about 26pc increase in the annual base tariff and around 18pc hike under th
The caretaker government is jubilant, feeling a sense of vindication. The market, in turn, embraced the International Monetary Fund (IMF) agreement with warmth. The deal unlocked the critically needed second $700 million tranche, bringing the total disbursement to $1.9 billion, within the $3bn bailout framework deemed essential for Pakistan’s financial stability. While the business community ex
International Monetary Fund Managing Director Kristalina Georgieva has said this week’s meeting between US President Joe Biden and Chinese President Xi Jinping is a badly needed signal that the world needs to cooperate more. “It sends a signal to the rest of the world that we must find ways to cooperate on those challenges where no country on its own can succeed,” Georgieva told Reuters on Frid