The board of the International Monetary Fund on Wednesday agreed to loan Pakistan $7 billion to bolster its faltering economy, approving a relief package that the Prime Minister Shehbaz Sharif-led government has pledged would be the last from the Washington-based lender. The three-year programme “will require sound policies and reforms” to support Pakistan’s ongoing efforts to strengthen its ec
On the eve of the IMF executive board’s meeting to approve the first tranche of the $7 billion new bailout for Pakistan, equities experienced continuous selling pressure, extending overnight losses due to rising political uncertainty. Ahsan Mehanti of Arif Habib Corporation said stocks closed under pressure amid political noise and a weak rupee. He said that the government’s decision to revi
The board of directors of Amreli Steels Ltd (ASL) has decided to temporarily suspend operations at its oldest Karachi-based manufacturing facility, Site Rolling Mills (SRM), due to the uncertain economic and political situation. In a stock filing on Tuesday, ASL said that the SRM represents 30pc of the company’s total production capacity. The situation will be reviewed in six months, and the
In an apparent message to local banks, Finance Minister Muhammad Aurangzeb has said the government will now “borrow at its terms”. In his virtual address to an interactive session on the China-Pakistan Economic Corridor (CPEC) on Tuesday, Mr Aurangzeb said the government wanted to “send a clear message that it is not desperate to borrow”. Even if the government needs to borrow, it will do so
Commerce Minister Jam Kamal Khan announced on Tuesday that Pakistan and Belarus have agreed in principle to sign a Memorandum of Understanding (MoU) on the Trade Road Map 2025-27. The finalisation of the MoU will take place after Prime Minister Shehbaz Sharif’s upcoming visit to Belarus, followed by a reciprocal visit by Belarusian leadership. Addressing a joint press conference with Belarusia