• Tuesday, April 16, 2024

Results for "IMF"

Pakistan eyes fresh climate-focused IMF bailout: Report

Pakistan is gearing up to seek a fresh financial boost from the International Monetary Fund (IMF), emphasising on climate finance. According to a report by The News International, the government aims to secure a medium-term Extended Fund Facility (EFF) during the upcoming Annual Spring Meetings of Bretton Woods Institutions next…

Pakistan seeks bids for majority stake in airline

PAKISTAN is putting on the block a stake ranging from 51 per cent to 100 per cent of lossmaking national carrier Pakistan International Airlines (PIA), the privatisation panel said on Tuesday (2), as part of reforms urged by the IMF. The disposal of the flag carrier represents a departure from…

Debt restructure deal imminent, says Colombo

SRI LANKA is optimistic about reaching an agreement soon with bondholders to restructure about $12 billion (£9.54bn) in debt, a top official said on Monday (1), a big step that will help the island nation emerge from its worst financial crisis in decades.   China, the world’s and Sri Lanka’s…

Sri Lanka’s Gunawardena says China to develop ‘strategic infrastructure’

PRIME MINISTER of Sri Lanka on Wednesday (27) announced that China has committed to enhancing the strategic deep-sea port and the capital's airport of the island nation following discussions with his counterpart in Beijing. Prime minister Dinesh Gunawardena said China -- the island's biggest bilateral creditor -- would "assist" Sri…

Pakistan keen to restore trade ties with India: Minister

Pakistan will “seriously” consider restoring trade ties with India that remained suspended since August 2019, Foreign Minister Muhammad Ishaq Dar has said, indicating a potential shift in the country's diplomatic stance. Dar made these remarks during a press conference in London following his participation in the Nuclear Energy Summit in…

Pakistan seeking yet another bailout: IMF

The International Monetary Fund (IMF) has confirmed that cash-strapped Pakistan is seeking a 24th medium-term bailout package for a permanent push towards longstanding structural reforms. In its end-of-mission statement on Wednesday (20), the global lender said that Pakistan has “expressed interest in a successor medium-term Fund-supported programme to permanently resolve…

Pakistan’s central bank keeps interest rate steady

PAKISTAN’S central bank, on Monday (18), held its key interest rate at 22 per cent for a sixth straight policy meeting as inflation risks continued to loom.  The decision was in line with the expectations of a majority of analysts, although most are also expecting rate cuts from the second…

Imran Khan pushes for treason proceedings over ‘election theft’

PAKISTAN’S former prime minister, Imran Khan, has demanded high treason proceedings against officials whom he alleges stole his party’s mandate in the February general elections, enabling the rival Pakistan Muslim League (PML-N) and the Pakistan People’s Party (PPP) to form a coalition government.   Khan’s remarks came as he addressed…

IMF slams Pakistan’s claim on achieving all financial targets

The IMF has expressed its displeasure with Pakistan's claim that it had achieved all the targets even before the global lender could complete its review. A team from the International Monetary Fund has reached Islamabad to hold talks before releasing the much-needed final $1.1 billion tranche of a $3 billion…

Pakistan cabinet tasked with ending economic crisis

Pakistan Prime Minister Shehbaz Sharif announced the key members of his cabinet, tasking them with leading the country out of a crippling economic crisis fuelled by debt, spiralling inflation and a feeble rupee. Pakistan's 19 new ministers took their oath of office Monday, after an election marred by allegations of…

IMF backs new Pakistan programme, urges poll row resolution

THE International Monetary Fund (IMF) said on Friday it will support formulating a new economic programme for Pakistan if the country's new government seeks one, while encouraging the fair resolution of all electoral disputes. Cash-strapped Pakistan grappled with an uncertain February 8 election that delayed the formation of a coalition…

Shehbaz Sharif elected Pakistan’s prime minister for second term

PAKISTAN's newly formed parliament elected Shehbaz Sharif on Sunday (3) as prime minister for a second time, three weeks after uncertain national elections caused delays in the formation of a coalition government. "Shehbaz Sharif is declared to have been elected the prime minister of the Islamic Republic of Pakistan," National…

Hunt cautioned over pre-election tax cuts

CHANCELLOR Jeremy Hunt should not announce further pre-election tax cuts in his budget next week unless he can explain the painful spending cuts needed to pay for them, a leading economic thinktank said on Tuesday (27). Hunt and prime minister, Rishi Sunak, have said they want to lower Britain’s tax…

Pakistan’s majority parties struggle to form coalition government

Pakistan's two major parties are set to meet on Monday to try and bridge differences over forming a minority coalition government after an inconclusive election, a top party official said, underscoring its political and economic instability. Analysts say the nuclear-armed nation of 241 million, which has been grappling with an…

Sri Lanka upbeat about fiscal plan

SRI LANKA expects to implement a debt restructuring framework within the first six months of 2024, the country’s president said last Wednesday (7), expressing confidence that the nation was recovering from its worst financial crisis in decades. President Ranil Wickremesinghe said the island nation was aiming to grow its gross…

Pakistan political uncertainty continues

Pakistan's political stalemate after inconclusive elections last week showed no signs of ending on Tuesday as major parties struggle to cobble up alliances to pass the floor test. In the latest development, jailed former Prime Minister Imran Khan has said that independent members of parliament backed by Pakistan Tehreek-e-Insaf (PTI)…

IMF team may visit Pakistan after new government formation

A delegation of the IMF may visit cash-strapped Pakistan once a new federal government is formed, negotiations for which are ongoing between major political parties after the general elections threw a hung Parliament, a media report said on Monday. The International Monetary Fund's review mission might visit Islamabad by the…

Sri Lanka’s ‘financial crisis gradually easing’

CASH-STRAPPED Sri Lanka is “gradually” emerging from its worst economic crisis after the austerity of an IMF bailout, the president said last Sunday (4) in a speech to mark independence day. Recalling the “indignity of being labelled a financially bankrupt country”, president Ranil Wickremesinghe dispensed with the customary annual address…

Pakistan seals plan to sell national airline

AHEAD of elections next week, Pakistan's caretaker administration is making binding plans for a new government to sell loss-making Pakistan International Airlines, according to the minister in charge of the process and other officials. In the past, elected governments have shied away from undertaking unpopular reforms, including the sale of…

IMF revises growth rate for India while UK predicted to…

THE IMF announced on Tuesday (30) it has raised its 2024 global growth forecast to 3.1 per cent, citing unexpected resilience in major advanced and emerging market economies around the world, including the United States and China. The updated figure, released in the latest World Economic Outlook (WEO) report, is…

Pakistan central bank holds interest rates ahead of polls next…

PAKISTAN’S central bank on Monday (29) held its key rate at 22 per cent for the fifth policy meeting in a row and increased its full-year inflation projections. The governor of the State Bank of Pakistan (SBP) said the decision was warranted due to “elevated” inflation – which was 29.7…

Low-note campaigning begins in Pakistan polls

THE frontrunner party for Pakistan’s delayed elections began campaigning on Monday (15), after a weekend court decision effectively pushed the opposition party of ex-prime minister Imran Khan out of the race. Pakistan’s vote next month has been marred by claims of pre-poll rigging, with analysts saying that the army establishment…

Military-backed Nawaz Sharif to launch campaign for a fourth term

Pakistan's former prime minister Nawaz Sharif, whose party is considered a front-runner to win general elections in February, will kick off his campaign next week, aides said, days after the Supreme Court cleared him to run for a fourth term. The campaign for the Feb 8 poll, delayed since November,…

Is Forex Worth Investing In?

For many investors and financial advisors, fusing the stock market with the bond market is a wise choice to optimize their risk-reward management. They have been the most popular and favored investment option in the financial market.  Prices and yields are observed and forecasted with high precision due to their…

KJo confirms project with Salman on superstar’s 58th birthday

Filmmaker Karan Johar on Wednesday shared a heartwarming note for superstar Salman Khan on his 58th birthday and confirmed that they will be collaborating on an upcoming project. In an Instagram post, Johar shared the story of how Salman became a part of the cast of his directorial debut Kuch…

Sri Lanka IMF bailout review to be completed in early…

THE second review of Sri Lanka’s $2.9 billion (£2.29bn) bailout with the International Monetary Fund (IMF) could be completed as early as the first half of 2024, provided it managed to meet the debt restructuring and revenue targets set under the programmed, an official said last Wednesday (13). The IMF…

IMF approves £550m loan for Bangladesh

THE International Monetary Fund (IMF) announced last Tuesday (12) it authorized the release of close to $700 million (£550m) for Bangladesh after concluding it was making progress on programmed aimed at preserving macroeconomic stability. The IMF said in a statement that it concluded the first review of two loan programmes,…

India emerges as global growth star, says IMF

INDIA has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund (IMF) said on Monday (18). In its annual Article IV released on Monday in consultation with India, the IMF said the country, with its “prudent”…

Pakistan keeps high rate to cool inflation

PAKISTAN’S central bank kept its key rate unchanged at a record 22 per cent on Tuesday (12) as it waits for the effects of previous hikes to filter through the economy and further tame inflation. The State Bank of Pakistan’s monetary policy committee said an increase in gas prices last…

Sri Lanka credit talks may lead to more funds

SRI LANKA’S pact with creditor nations to restructure its debt prepares the way for the International Monetary Fund (IMF) to consider clearing the first review of a bailout next month, the global lender said last Thursday (30). Last Wednesday’s (29) in-principle deal comes about a month after Sri Lanka’s pact…

Sri Lanka cuts rates ahead of foreign debt deal

SRI LANKA cut key interest rates on Friday (24) for a second time in as many months ahead of a crucial debt restructuring deal with foreign lenders. The cash-strapped country defaulted on its $46 billion debt in April last year after running out of foreign exchange to finance imports of…

Pakistan set to receive $700m from IMF

THE International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout, where the country will receive $700 million after approval from IMF's executive board, the organisation said on Wednesday (15). Earlier, the Pakistani prime minister's office in a statement said…

Pakistan’s national vote ‘on February 11’

GENERAL elections in Pakistan will be held on February 11, the Election Commission informed the Supreme Court on Thursday (2), putting an end to months-long uncertainty over the polls. The Election Commission of Pakistan’s counsel, Sajeel Swati, said the process of drawing constituencies would be completed by January 29, paving…

IMF team to visit Pakistan to review standby arrangement

AN International Monetary Fund (IMF) mission will visit Pakistan on November 2 to discuss the first review of the country's current $3 billion standby arrangement (SBA), the lender's resident representative said on Tuesday (24). The south Asian nation is trying to navigate a tricky path to economic recovery under the…

IMF wants strong budget measures from Sri Lanka

THE International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said last Friday (20). Sri Lanka plunged into its worst financial crisis in…

Tentative Beijing debt deal is a relief for Colombo

SRI LANKA last Wednesday (11) welcomed China’s tentative agreement to a debt restructure, as the island nation works to restore its finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion (£37.7bn) debt last year at a time when months of food and fuel shortages were…

PIA flights to UK may resume soon as Pakistan seeks…

PAKISTAN will appoint an adviser to draft a plan to privatise its money-losing national airline, the caretaker government’s privatisation minister Fawad Hasan Fawad said on Tuesday (10). The outgoing coalition government said in August that Pakistan International Airline (PIA) will be privatised together with the outsourcing of operations at three…

Sri Lanka fails to secure funding despite reforms

THE International Monetary Fund (IMF) did not reach a staff-level agreement with Sri Lanka in its first review under a $2.9 billion (£2.39bn) bailout package, due to a potential shortfall in government revenue generation, the fund said last Wednesday (27). The IMF delegation head, Peter Breuer, said a second tranche…

Pakistan urges donors to release funds for flood relief

PAKISTAN is striving to get donors to release $10 billion (£8.22bn) in pledges to help it recover from devastating floods by launching rebuilding projects that hinge on the funding, care taker prime minister Anwaar-ul-haq Kakar said last Friday (22). Donors from around the world stepped up after Pakistan was hammered…

Relief and concern over Pakistan’s January polls

THE Election Commission of Pakistan (ECP) last Thursday (21) announced a general election for January, almost three months later than scheduled, removing political uncertainty over the timing to help salvage a falling economy. Elections were due to be held in November, but were delayed due to fresh demarcation of constituencies…

Pakistan sets national election for January

PAKISTAN has announced a general election for January, almost three months later than scheduled, removing political uncertainty over the timing to help salvage a falling economy. Elections in the politically and economically troubled south Asian nation were due to be held in November but were delayed due to fresh demarcation…

Sri Lanka economy hit by inflation and currency depreciation

SRI LANKA’S economy shrank 3.1 per cent in the April-June quarter, official data showed last Friday (15). The downturn was driven by high inflation, a depreciating currency and lower purchasing power, the Census and Statistics Department said in a statement. The agriculture sector grew 3.6 per cent from a year…

Sri Lanka faces IMF scrutiny to secure crucial debt restructuring

CRISIS-HIT Sri Lanka must convince IMF officials that it has met key goals under a $2.9 billion bailout to push forward debt restructuring efforts crucial to a recovery for its battered economy. The officials, set to arrive in Colombo on Thursday (14), will assess the island's performance under a four-year…

G20 leaders begin arriving in Delhi for summit

Among the prominent leaders arriving in India’s capital city on Friday (8) morning for the G20 summit are Italian prime minister Giorgia Meloni, Argentine president Alberto Fernández, and IMF Chief Kristalina Georgieva. The G20 leaders will deliberate on pressing global issues at the grouping's annual summit on September 9 and…

Saudi Arabia to invest $25 billion in Pakistan

SAUDI ARABIA will invest up to $25 billion (£19.9bn) in Pakistan over the next two to five years in various sectors, Pakistan’s caretaker prime minister Anwaar-ul-Haq Kakar said on Monday (4), adding his government would also revive a stalled privatisation process. The country is embarking on a tricky path to…

Asha Bhosle, who changed face of Indian commercial music, turns…

IN TERMS of ability, longevity, versatility, body of work and global impact, Asha Bhosle is regarded by most as India’s greatest singer of all time.  Born on September 8, 1933, the most recorded artist in history changed the face of commercial music in India and entertained countless people across different…

IMF and World Bank reforms on US agenda

US PRESIDENT Joe Biden will urge reforms to the IMF and World Bank that will better serve developing country needs at the G20 summit in New Delhi next month, the White House said on Tuesday (22). White House national security advisor Jake Sullivan said the two institutions need to offer…

IMF and World Bank reforms on US agenda

US PRESIDENT Joe Biden will urge reforms to the IMF and World Bank that will better serve developing country needs at the G20 summit in New Delhi next month, the White House said on Tuesday (22). White House national security advisor Jake Sullivan said the two institutions need to offer…

Anwaar-ul-Haq Kakar becomes Pakistan’s new caretaker prime minister

PAKISTANI prime minister Shehbaz Sharif and opposition leader Raja Riaz agreed to name Senator Anwaar-ul-Haq Kakar as caretaker premier to oversee elections, the prime minister's office said. Kakar, 52, a little-known politician from the southwestern province of Balochistan, will name a cabinet and head a government to steer the nation…

Pakistan parliament to dissolve to set stage for election

PAKISTAN prime minister Shehbaz Sharif said he would advise the president to dissolve parliament late on Wednesday (9), setting the stage for a national election as the country grapples with political and economic crises. The parliament's five-year term is due to expire on August 12, but this move would dissolve…

Pakistan’s thriving textile sector shrinks as global demand slows

A SLOWDOWN in in global consumption and a rise in energy costs following the outbreak of war in Ukraine have compounded problems for Pakistan’s industrial manufacturing sector. The textile sector, which accounts for about 60 per cent of Pakistan’s exports, has been hit by the critical state of the country’s…

Imran Khan barred from Pakistan politics for five years

FORMER Pakistani prime minister Imran Khan, who has been convicted and jailed on graft charges, was barred from politics for five years on Tuesday (8), an official order said. The order by the Election Commission of Pakistan (ECP), seen by Reuters and confirmed by a senior officer, said Khan was…

‘Fast and smooth debt restructuring of Sri Lanka top priority’…

JAPAN pressed bankrupt Sri Lanka last Saturday (29) to expedite its debt restructuring, including with its biggest creditor China, to stabilise the island nation’s economy after an unprecedented financial crisis. Tokyo’s foreign minister Yoshimasa Hayashi welcomed economic reforms under the auspices of an International Monetary Fund bailout, but said Sri…

Pakistan marks anniversary of joint plan with China

CHINESE vice-premier He Lifeng arrived in Islamabad last Sunday (30) to mark the 10th anniversary of a massive economic plan that is the cornerstone of Beijing’s Belt and Road Initiative. Since its initiation in 2013, the China-Pakistan Economic Corridor (CPEC) has seen tens of billions of dollars funnelled into huge…

Macron makes ‘historic’ stop in Sri Lanka

EMMANUEL Macron made a short stopover in Sri Lanka on Friday (28), the first visit by a French president to the island nation, which is undergoing a difficult economic recovery. The French leader, who spent less than two hours in the country, was welcomed by his Sri Lankan counterpart Ranil…

China grants Pakistan rollover on $2.4 billion loan

CHINA has granted Pakistan a two-year rollover on a $2.4 billion loan, Islamabad said Thursday (27), giving the debt-saddled nation breathing space in its balance-of-payments crisis. Soaring inflation, shrinking dollar reserves and crippling foreign debt led Pakistan to the brink of default before a pivotal $3 bn IMF bailout was…

Ishaq Dar put forward as leader of Pakistan’s caretaker government

ONE of the main parties in Pakistan's ruling coalition has proposed that finance minister Ishaq Dar lead the incoming caretaker government, party sources said, a move aimed at helping with continuity of economic reforms under an IMF deal. The Pakistan Muslim League-Nawaz (PML-N) put forward Dar's name to its coalition…

China agrees to reschedule $2 billion debt of Pakistan

CHINA has agreed to reschedule more than $2 billion debt of Pakistan for two years, providing a major relief to the cash-starved government, which is in the process of rebuilding foreign exchange reserves through fresh loans. Pakistan’s Economic Coordination Committee (ECC), chaired by finance minister Ishaq Dar on Thursday (20),…

Pakistan facing ‘exceptionally high’ risks, needs more support: IMF

PAKISTAN needs another IMF programme and support from other multilateral lenders beyond the coming election cycle and the ongoing standby arrangement, according to the Washington-based global lender. The Dawn newspaper reported that the International Monetary Fund said this in a 120-page report released on Tuesday (18), which analysed Pakistan's macroeconomic…

Sri Lankan president aims to allay India’s concerns regarding China

Sri Lanka's president is scheduled to arrive in India on Thursday (20) for his first visit to the country, with concerns mounting in New Delhi over China's increasing influence in the strategically placed but financially bankrupt island. New Sri Lankan leaders usually travel to India within a few weeks of…

Ajay Banga: Rich-poor divide risks deepening poverty in developing world

The new head of the World Bank said Tuesday (18) that growing divides between rich and poor nations risked deepening poverty in the developing world. Ajay Banga said he feared a lack of progress was in danger of splitting the global economy. "The thing that keeps me up at night…

Pakistan receives $1.2 billion first tranche from IMF bailout

PAKISTAN'S central bank has received $1.2 billion from the IMF as the first tranche of a $3 bn bailout to stabilise the economy, Finance Minister Ishaq Dar said on Thursday (13), a day after the global lender's board approved the package. Having teetered on the brink of a sovereign debt…

Imran Khan supports bailout deal after meeting IMF officials

PAKISTAN’S main opposition leader and former prime minister Imran Khan expressed support for a recently-reached bailout deal with the International Monetary Fund (IMF) after a meeting with officials of the lender last Friday (7), his party said. The IMF said it was, in the lead up to national elections in…

Pakistan gets $2 billion deposit from Saudi Arabia

PAKISTAN'S desperately low foreign exchange reserves were boosted on Tuesday (11) with a $2 billion deposit from Saudi Arabia, ahead of a key IMF meeting this month to approve a new deal. The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while…

Nandalal Weerasinghe says he warned about Sri Lanka crisis years…

THE man charged with clawing Sri Lanka out of bankruptcy said he had warned about economic calamity years before it hit - and was pressed into retirement for his troubles. Central bank chief Nandalal Weerasinghe was asked to return to the island nation last year to help steer it through…

Pakistan set to become fourth biggest IMF debtor

PAKISTAN will become the fourth largest IMF borrower in the world when it receives a fresh loan of $3 billion in the next nine months under an arrangement with the lender. On March 31, 2023, the country was the fourth largest borrower from the International Monetary Fund (IMF), The Express…

Tory backbenchers urge Sunak to do more on immigration

A group of Conservative MPs called on prime minister Rishi Sunak on Monday (3) to do more to cut immigration, saying he risked further eroding the trust of voters who lent the party their vote in 2019 if he failed to take action. The group of MPs, many elected for…

Pakistan inflation eases for first time in seven months

PAKISTAN'S headline inflation eased for the first time in seven months in June, figures released Monday (3) showed, a bright spot for a beleaguered government that must call an election this year. Year-on-year inflation was 29.4 per cent last month, Pakistan Bureau of Statistics data showed, compared with a record…

Pakistan secures critical $3 billion IMF bailout

In a much-needed relief for the Pakistani economy, the country successfully obtained a crucial $3 billion short-term financial package from the International Monetary Fund (IMF) on Friday (30). The agreement between Pakistan and the IMF has been reached, and it is now awaiting approval by the IMF board in July.…

Pakistan strikes $3 billion bailout deal with IMF

THE International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said. Subject to approval by the IMF board in July, the deal comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of…

Sri Lanka targets 30 per cent haircut for dollar bonds

SRI LANKA is asking international bond holders to take a 30 per cent haircut and is seeking similar concessions from investors in its domestic dollar-denominated notes as it seeks to overhaul its massive debt, its central bank governor said on Thursday (29). Unveiling details of the long-awaited plan, governor Nandalal…

Development banks have to find £157bn towards climate fund

MULTILATERAL development banks like the World Bank are expected to find $200 billion (£157bn) in extra firepower for low-income economies by taking on more risk, a move that may require wealthy nations to inject more cash, world leaders said last Friday (23). The leaders, gathered at a summit in Paris…

Pakistan hopes for IMF bailout decision soon

PAKISTAN hopes a bailout decision from the International Monetary Fund (IMF) will come in a day or two, its prime minister said on Tuesday (27), as the global lender said it was holding talks with the aim of "quickly reaching an agreement". Islamabad has been waiting for a deal after…

Debt restructuring: Sri Lanka to close financial markets for five…

SRI LANKAN authorities have declared a five-day closure of financial markets from Thursday (29) ahead of a controversial move to restructure the government's domestic debt amounting to more than $51 billion. The restructuring affects government bonds in line with an IMF bailout agreed in March, after Sri Lanka defaulted on…

Pakistan approves revised budget to secure IMF deal

PAKISTAN'S parliament on Sunday (25) approved the government's 2023-24 budget which was revised to meet International Monetary Fund (IMF) conditions in a last ditch effort to secure the release of more bailout funds. The IMF in mid-June expressed dissatisfaction with the country's initial budget, saying it was a missed opportunity…

World Bank’s welfare funds come to Sri Lanka’s rescue

THE World Bank is likely to approve $700 million (£548m) in budgetary and welfare support for Sri Lanka at its next board meeting next Wednesday (28), sources told Reuters, the biggest funding tranche for the crisishit island nation since an IMF deal in March. The economy is expected to shrink…

Rising inflation and interest rates hurt Sri Lanka’s growth

SRI LANKA’S economy shrank 11.5 per cent in the first three months of 2023, official data showed last Thursday (15), as the country remained in the grip of its worst financial crisis in decades. The downturn was driven by high inflation and high interest rates, the rising cost of components,…

India-UK FTA has to be win-win for both sides, says…

Speaking about the India-UK FTA, which recently concluded its 10th round of negotiations, the president of the Federation of Indian Chambers of Commerce and Industry (FICCI), Subhrakant Panda, emphasised the importance of ensuring a level playing field in free trade agreements (FTAs). Panda stressed the need for a mutually beneficial…

IMF says Pakistan’s budget a missed opportunity as loan deal…

THE International Monetary Fund (IMF) on Thursday (15) expressed dissatisfaction with Pakistan’s recently presented budget, a blow for the cash-strapped country which has only two weeks left until its bailout programme expires. Pakistan has barely enough currency reserves to cover one month's imports. It had hoped to have $1.1 billion…

Alia jets off to Brazil for Tudum 2023

Actress Alia Bhatt on Thursday dropped a couple of cute pictures as she jetted off to Brazil for an upcoming event. Taking to Instagram, she shared the pictures which she captioned, "No heart of stone here... just one filled with love... enroute #Tudum #SaoPaulo." In the first picture, the Raazi…

Pakistan unveils £40 billion budget, with half to service debt

PAKISTAN'S cash-strapped government unveiled a Rs 14.5 trillion (£40 billion) budget on Friday (9), with more than half set aside to service Rs 7.3 trillion (£20 bn) of debt. Pakistan's economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political…

Pakistan failing in every economic index: Key survey

Pakistan failed to meet any economic growth targets for the fiscal year 2022-23, according to a key government report released on Thursday (8). GDP growth was a miserly 0.3 per cent, while agriculture, industrial output, and exports all failed to meet their targets. Pakistan's economy has been stricken by a…

Watched by IMF, Pakistan to present budget amid economic, political…

PAKISTAN'S government will present its annual budget to parliament on Friday needing to satisfy the IMF to have any chance of securing the release of more bailout money, with the crisis-riven country due to hold elections by November. The risk of default on sovereign debt is rising, with the economy…

Sunak pledges personal commitment to halve inflation

Prime Minister Rishi Sunak announced on Wednesday (07) that he would personally assume responsibility if he fails to achieve his commitments of halving inflation and fostering economic growth by the year's end. These targets were outlined by Sunak in January as part of his five key priorities leading up to…

Pakistan politics: Imran Khan granted new bail as army vows…

FORMER Pakistan prime minister Imran Khan had his bail renewed in over a dozen cases on Thursday, a month after his three-day detention sparked violence, thousands of arrests, and the resignations of much of his party's leadership. The 70-year-old former international cricket star, facing more than 150 cases registered against…

Sri Lanka interest rate cut ‘could signal end of crisis’

In a sign of confidence that the worst of Sri Lanka’s financial crisis is over, its central bank surprised markets by cutting interest rates for the first time in three years last Thursday (1), signalling a change of course to fuel a rebound in the economy. The country plunged into…

India ‘one of the bright spots in global economy’: IMF

India's GDP grew by 7.2 per cent in the year to March, official figures showed last Wednesday (31), boosted by services and consumption, putting it among the world’s fastest-expanding major economies. The country is the world’s fifth-largest economy, and recently surpassed China to become the most populous country. Its growth…

Gita Gopinath: Immigration can help reduce inflation in UK

IMMIGRATION can help reduce Britain's high inflation rate, the deputy head of the International Monetary Fund has told the BBC as the UK restricts the net amount of legal migrants. UK inflation is cooling slower than expected, in part owing to sectors including hospitality and farming paying higher wages to…

Pakistan inflation rockets to record 37.97 per cent

Pakistan's year-on-year inflation hit a record 37.97 per cent in May, official data revealed on Thursday (1), with the nation on the brink of economic collapse and crucial bailout talks stalled. Non-perishable foods and transport costs climbed more than 50 per cent over May 2022, while average inflation for the…

Sri Lanka responds to falling inflation with first rate cut…

Sri Lanka on Thursday (01) implemented a substantial reduction in interest rates for the first time since the onset of its severe economic crisis last year. The country's central bank has expressed optimism about signs of recovery. Following the release of official data indicating a decline in inflation from 35.3…

Pakistan politics: Imran Khan gets bail on new charge of…

Former Pakistani prime minister Imran Khan was on Tuesday (29) granted bail on a new charge of abetting violence against the military by his protesting supporters after he was arrested and detained on May 9 in a corruption case, his lawyer said. The embattled Khan, who says the corruption charges…

Sri Lanka gets $350m loan boost from Asian Development Bank

The Asian Development Bank (ADB) on Monday (29) approved a $350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilisation, the regional lender said in a statement. The programme is part of a broader package of financial assistance anchored by the International Monetary Fund's (IMF)…

Pakistan to share budget details with IMF to unlock funds

Pakistan will share its upcoming budget details with the International Monetary Fund (IMF) in order to unlock stalled funds, Finance Minister Ishaq Dar said on Sunday (28). Hopes for a resumption of an IMF deal are diminishing, analysts say, with a bailout programme agreed in 2019 due to expire on…

Imran Khan’s arrest: Lawyer says 16 suspects to face military…

A PAKISTANI court in the eastern city of Lahore on Thursday (25) handed 16 civilians over to the military for trial over their suspected involvement in violent protests following the arrest of former Prime Minister Imran Khan this month. The military said after the violence that the suspects would be…

Bangladesh’s dollar woes worsen, owes $300 million to six overseas…

Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters from the state petroleum firm show, with it warning of an “alarming decrease” in fuel reserves. It owes more than $300 million to six overseas companies, some of which have either sent fewer cargoes than scheduled…

Are freeports the solution to the UK’s growth problem?

Britain has a chronic growth problem. Average annual growth rates have more than halved since the 2007-2008 global financial crisis, and the International Monetary Fund (IMF) has forecast that this year we will be the worst performing large, advanced economy in the world. Underlying this is a productivity crisis, which…

IMF asks Sri Lanka to speed up debt restructuring

The International Monetary Fund asked Sri Lanka on Tuesday (23) to speed its debt restructuring and warned any delays could undermine efforts to overcome the country’s worst economic crisis. Sri Lanka expected a quick deal with creditors shortly after defaulting on its $46 billion (£37.03bn) foreign debt in April last…

G20 event a chance to show Kashmir’s tourism potential

The Group of Twenty (G20) is now “the premier forum for international economic cooperation.” The G20 comprises 19 countries and the European Union. Founded in 1999 and upgraded after the 2007-08 financial crisis, “it plays an important role in shaping and strengthening global architecture and governance on all major international…

UK annual inflation slides to 13-month low

BRITAIN'S annual inflation rate fell sharply to a 13-month low of 8.7 per cent in April with energy prices much weaker than a year earlier, official data revealed Wednesday (24). The rate of price increases slowed from 10.1 per cent in March, bringing inflation under 10 per cent for the…

IMF no longer expects recession in Britain this year

The International Monetary Fund no longer expects a recession in Britain this year, it said on Tuesday (23), praising steps taken by the government to stabilise the economy and fight inflation and warning against pre-election tax cuts. The IMF said gross domestic product now looks set to grow by 0.4…

Pakistan police talk ‘terms and conditions’ for search of Imran…

Pakistani police and government officials arrived at the Lahore home of former prime minister Imran Khan on Friday (19) to discuss a possible search for suspects involved in this month's attacks on state and army buildings, authorities said. Police would only start the search after agreeing on terms and conditions,…

Pakistan’s anti-graft agency summons Imran Khan for questioning

Pakistan's powerful anti-corruption agency has summoned former Prime Minister Imran Khan for questioning on Thursday (18) into the graft charges that led to his arrest on May 9. A spokesman for the National Accountability Bureau (NAB), which has in the past investigated, put on trial and jailed all those who…

Imran Khan says police surround his house, fears re-arrest

Former Pakistani Prime Minister Imran Khan said on Wednesday (17) that police had surrounded his house and that he expected to be rearrested soon, after the government warned him to hand over supporters who it blamed for attacks on the army. Khan was arrested by the army on May 9…

Pakistan needs significantly more financing for bailout review: IMF

Pakistan needs significant additional financing for a successful completion of the long-stalled ninth review of the International Monetary Fund's bailout package, the IMF said on Thursday (11). Obtaining commitments of "significant additional financing" is essential before the IMF approves the release of pending bailout funds that are crucial for Pakistan…

Pakistan court orders Imran Khan’s release on bail: Lawyer

A Pakistani court ordered former Prime Minister Imran Khan's release on bail for two weeks, his lawyer said on Friday (12), following an arrest that sparked deadly unrest in the nuclear-armed nation. The arrest, ruled "invalid and unlawful" by the Supreme Court a day earlier, fuelled instability in the nation…

Pakistan’s top court ruled Imran Khan’s arrest was illegal, says…

Pakistan's top court on Thursday (11) ruled that the arrest of former Prime Minister Imran Khan was illegal, his lawyer said, two days after his detention on graft allegations ignited deadly protests and a tussle with the powerful military. "The Supreme Court reversed all legal proceedings against Imran Khan ...…

Pakistan’s deepening political crisis douses hopes for IMF relief

The political crisis engulfing Pakistan is eroding hopes that the south Asian country can get its much needed programme with the International Monetary Fund (IMF) back on track soon and escape a full-blown debt crunch, analysts said. Deadly clashes between supporters of Imran Khan and police spread across the country…

Imran Khan arrest: Pakistan police arrest hundreds of PTI supporters

Police in Pakistan on Wednesday (10) detained numerous followers of the deposed prime minister Imran Khan on charges of violence following his arrest on corruption allegations, deepening a political crisis in the nuclear-armed country. The arrest of the former cricket star, who is also the country's most popular politician based…

IMF to discuss Pakistan’s budget plans as elusive funding lifeline…

The International Monetary Fund (IMF) is preparing to discuss Pakistan's budget plans for the coming financial year, as part of a long-awaited financing injection from the lender for the cash-strapped nation, the IMF's country mission chief said on Thursday (4). Negotiations over key budget targets such as the fiscal deficit…

Pakistan inflation hits 36 per cent, its highest-ever

Pakistan's year-on-year inflation hit its highest-ever level of 36.42 per cent in April, after the government introduced new taxes and raised fuel prices to try to meet International Monetary Fund (IMF) conditions for a crucial bailout. Government data released Tuesday (2) showed month-on-month inflation was 2.41 per cent, while average…

Pakistan, Saudi Arabia set to sign deal for $2 billion…

Pakistan is set to sign a deal for additional deposits of $2 billion from Saudi Arabia, authorities said on Saturday (22), a move that will help the country secure the much-required bailout from the IMF. In March, Pakistan sought Saudi Arabia's confirmation for funds to secure an IMF deal. Earlier…

Pakistan’s top court directs central bank to issue funds for…

Pakistan's Supreme Court on Friday (14) directed the central bank to issue funds for provincial snap polls, a court order said, a day after parliament ruled against provision of the money. The development deepened a discord between the judiciary and the government amid months of economic and political turmoil. Chief…

Sitharaman, Yellen discuss stronger India-US economic and financial partnership

Indian Finance Minister Nirmala Sitharaman on Tuesday (11) met with US Treasury Secretary Janet Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 in Washington. The two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums. “Union Finance…

Pakistan minister cancels US trip, says IMF bailout on track

Pakistan finance minister Ishaq Dar on Saturday (8) said he had cancelled his trip to Washington for the spring meetings of the International Monetary Fund and World Bank on the orders of the prime minister due to the political situation in the country. However, Dar said he would attend important…

Pakistan awaiting China’s decision on $2 billion loan rollover &…

A top finance ministry official said China is considering Pakistan's request to roll over a $2-billion loan that matured last week. Pakistan urgently needs the rollover as its foreign exchange reserves have fallen to the equivalent of just four weeks' worth of imports. Meanwhile, Pakistan is also in discussions with…

China spent £194.97 billion rescuing ‘Belt and Road Initiative’ nations,…

A recent study published on Tuesday (28) revealed that China has allocated approximately £194.97 billion equivalent to about $240 billion in financial assistance to 22 developing nations from 2008 to 2021. The amount has notably increased in recent years due to more countries experiencing difficulties in repaying loans related to…

IMF bailout will be followed by difficult times, warns Sri…

Sri Lanka's president on Wednesday (22) cautioned that the country would face further economic challenges and that strict austerity measures would be necessary to repair its damaged finances following an IMF bailout agreement. The International Monetary Fund granted approval for the delayed rescue package on Monday, with China - Sri…

Pakistan struggles with high costs as economy teeters

Naureen Ahsan earns more than twice the average wage in Pakistan, but the school administrator says she has no choice but to homeschool her daughters and delay their London-board certified final exams because she can't afford their education. Like most people in the nation of 220 million, Ahsan and her…

IMF bailout ends Sri Lanka’s image of bankruptcy, says President…

During his address to Parliament on Wednesday (22), President Ranil Wickremesinghe announced that the IMF bailout had reinstated Sri Lanka's global recognition, thereby ending the notion of bankruptcy and enabling local banks to regain foreign investors' trust. On Tuesday, the IMF board sanctioned a four-year, USD 3 billion facility to…

Pakistan finance minister cites technical reasons for IMF bailout delay

Pakistan's finance minister Ishaq Dar explained on Monday (20) that technical reasons caused the delay in reaching an agreement with the International Monetary Fund (IMF). He also clarified that his recent comments about Pakistan's nuclear and missile programme were taken out of context. The IMF has denied attaching any strings…

Pakistan prime minister assures safety of nuclear programme despite concerns

Pakistan's prime minister Shehbaz Sharif has reaffirmed the safety and security of the country's nuclear programme, emphasising that it is "completely foolproof" and carefully protected by the state. This statement comes as international concerns have been raised over the safety of Pakistan's nuclear programme due to the country's financial difficulties.…

Sri Lanka president says China agreed to restructure loans

SRI LANKA'S president said Tuesday (7) that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to a long-awaited International Monetary Fund bailout. An unprecedented economic crisis has seen Sri Lanka's 22 million people suffer acute food, fuel and medicine shortages, along with…

Pakistan experiences highest ever recorded inflation rate

On Wednesday (01), the Pakistan Bureau of Statistics reported that the Consumer Price Index (CPI) which is measured by a basket of products showed a significant year-on-year increase, with monthly inflation surging to 31.6 per cent in February. Available data indicates that last month witnessed the steepest price surge ever…

Sri Lanka workers defy strike ban to protest rescue plan

SRI LANKAN workers went on strike Wednesday (1) in defiance of a government ban to protest a rescue plan for the bankrupt island nation, forcing the closure of hospitals, banks and ports. President Ranil Wickremesinghe is facing a public backlash over steep tax hikes and spending cuts imposed to secure…

India’s growth slows in December quarter

INDIA's economic growth slowed further in the December quarter as pent up demand eased and weakness in the manufacturing sector continued. Asia's third largest economy recorded year-on-year growth of 4.4 per cent in October-December, down from 6.3 per cent in July-September, data released by the government on Tuesday (28) showed.…

Sri Lanka outlaws strikes as anti-tax protests spread

SRI LANKA's government said Tuesday (28) it was banning strikes in several key sectors, a day ahead of a planned one-day national stoppage called by unions to protest against painfully high taxes and utility bills. Anger towards president Ranil Wickremesinghe is growing as his government slashes spending and hikes taxes…

Modi calls for World Bank reform at G20 finance meet

INDIAN prime minister Narendra Modi added his voice Friday (24) to calls for the reform of global lenders such as the World Bank, as G20 finance ministers and central bank heads met. The talks in Bengaluru were expected to focus on the continuing damaging effects of the Covid pandemic and…

Pakistan hikes tax on luxury goods and services to get…

PAKISTAN'S parliament has given the go-ahead for the government to raise taxes on a raft of luxury imports and services in a bid to unlock the next tranche of an International Monetary Fund (IMF) loan. Faced with critically low foreign exchange reserves, the government has already halted most imports -…

Fitch downgrades Pakistan’s rating warns default a ‘real possibility’

The beleaguered Pakistani economy faces substantial credit risks with "critically low levels” of foreign exchange reserves, New York-based global ratings agency Fitch said on Tuesday (14), warning that a default is a "real possibility." Fitch downgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘CCC-’ from ‘CCC+’, citing further…

Crucial $1.1bn IMF deal eludes Pakistan for now; talks continue

Pakistan and the International Monetary Fund are to resume talks online next week they said on Friday (10), after ten days of face-to-face discussions in Islamabad on how to keep the country afloat ended without a deal. With the nuclear-armed nation in the grip of a full-blown economic crisis, the…

UK avoids recession but ‘not out of woods’ over inflation

Britain's economy avoided recession after flatlining in the last three months of 2022, but finance minister Jeremy Hunt warned Friday it was "not out of the woods yet" over surging inflation. Gross domestic product registered zero growth in the fourth quarter, in line with expectations after shrinking 0.3 percent in…

Cash-strapped Pakistan reaches deal with IMF over stalled bailout package

Cash-strapped Pakistan and the IMF on Thursday signed a staff-level agreement after tough parleys, unlocking over a $ 1 billion loan tranche under Extended Fund Facility (EFF) for the country's ailing economy. A meeting took place between Prime Minister Shehbaz Sharif and the International Monetary Fund (IMF) delegation, where the…

Matters between Pakistan govt, IMF expected to be settled today:…

Pakistan's Finance Minister Ishaq Dar on Thursday said all the matters with the International Monetary Fund regarding the completion of the ninth review of the $7 billion loan programme will be settled, the Dawn reported. Responding to a media query regarding the discussion with IMF, Dar said, "Everything is going…

Former PM Truss criticises Sunak policies as pressure builds

Former UK prime minister Liz Truss on Sunday criticised her successor Rishi Sunak's "detrimental" tax policies, as the current leader also faced pressure from another predecessor Boris Johnson over his Ukraine strategy. Truss came to power in September, immediately implementing a radical tax-slashing agenda. But her plans spooked the markets…

Pakistan ‘will have to agree’ to IMF conditions for bailout:…

Pakistan's Prime Minister Shehbaz Sharif said Friday the government would have to agree to IMF bailout conditions that are "beyond imagination". An International Monetary Fund (IMF) delegation landed in Pakistan on Tuesday for last-ditch talks to revive vital financial aid that has stalled for months. The government has held out…

US keen to see Lanka govt’s talks with minority Tamils…

The US is keen to see the ongoing talks between the Sri Lankan government and the minority Tamil leaders produce "real results", a top official from the Biden administration said here on Wednesday. US Under Secretary of State Victoria Nuland, who arrived on a one-day visit to Sri Lanka last…

IMF officials meet Pakistan finance minister; discuss plans for bailout

An IMF delegation on Tuesday (31) held talks with Pakistan's Finance Minister Ishaq Dar and other officials on the cash-strapped country's economic policies and the reforms in key sectors -- an essential requisite for Islamabad to complete the much-anticipated ninth review of the $7 billion bailout programme. Pakistan entered a…

Bangladesh secures $4.7 bln from IMF as other South Asian…

The International Monetary Fund (IMF) has approved loans of $4.7 billion to Bangladesh for disbursal starting immediately, making it the first to secure such funds out of three South Asian countries that applied last year amid economic trouble. The loans are a win for Prime Minister Sheikh Hasina ahead of…

Imran Khan accuses Zardari of paying terrorists to assassinate him

Pakistan's former prime minister Imran Khan on Friday accused ex-president Asif Ali Zardari of paying terrorists and hatching a fresh plan along with people in the country’s powerful intelligence agencies to assassinate him after the previous two attempts failed. Khan, during a virtual press conference from his Lahore’s Zaman Park…

Pakistani rupee’s fall slows as PM Sharif’s hopes for IMF…

The Pakistani rupee's decline slowed on Friday after its value plunged over the previous two days, with hopes raised by an International Monetary Fund team visiting Islamabad next week to discuss unlocking a suspended bail-out package. Left with only $3.68bn in foreign exchange reserves, Pakistan barely has enough to cover…

Pakistan economic crisis: 10 percent cut in govt employees’ salary…

Pakistan is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board, according to a media report on Wednesday (25), amidst the looming economic crisis in the cash-strapped country. Pakistan is grappling with one of the country's worst economic crises in recent years…

PM Sharif travelling around the world with ‘begging bowl’, says…

Pakistan Prime Minister Shehbaz Sharif is travelling to different countries around the world with a "begging bowl" but none of them is giving him a penny, ousted premier Imran Khan said on Sunday. "See what this imported government has done to Pakistan," Khan, the Pakistan Tehreek-e-Insaf party chairman, said in…

Sri Lankan President Wickremesinghe calls for ‘reconciliation’ and ‘coexistence’ with…

Sri Lankan President Ranil Wickremesinghe on Thursday called for reconciliation and coexistence in the island nation, saying his government has initiated the process by talking to Sri Lankan Tamils and understanding their problems. President Wickremesinghe's statement at the 100th anniversary of the All Ceylon Jamiyyathul Ulama came ahead of his…

UAE approves $2bn funding to cash-strapped Pakistan

Pakistan on Thursday (19) announced that the UAE has rolled over its deposits of $2 billion, providing critical support to the cash-strapped country’s depleting foreign exchange reserves. The confirmation came days after Prime Minister Shehbaz Sharif visited the oil-rich Gulf country seeking help to improve the balance of payments. Finance…

India foreign minister visits Sri Lanka with stronger ties, China…

India's foreign minister arrives in Colombo on Thursday following his country's backing of Sri Lanka for a $2.9 billion International Monetary Fund (IMF) loan, leaving China as the island's last remaining major creditor which has yet to agree to the debt restructuring plan. India has told global lender IMF that…

‘Shameful for nuclear power to beg’: Pakistan PM amid worsening…

Pakistan Prime Minister Shehbaz Sharif has said it is a matter of shame that a country, which is a nuclear power, has to beg amid its faltering economy, reported The News International.Addressing the passing-out ceremony of probationary officers of Pakistan Administrative Service (PAS) on Saturday, Shehbaz said it really embarrassed…

Pakistan minister says 90 per cent pledges by international community…

Pakistan's finance minister Ishaq Dar said on Wednesday (11) that almost 90 per cent of pledges made by the international community for the flood-hit country were project loans that will be rolled out over the next three years. His remarks came two days after the international community at a donors’…

Pakistan central bank’s foreign exchange reserves hit eight-year low

Pakistan's central bank's foreign exchange reserves plummeted to an eight-year low of over $5.5 billion amidst fear of default, according to a media report on Friday. The forex reserves have dwindled despite efforts by the government to shore up its economy. According to a report by the Dawn newspaper, the…

Public service in Sri Lanka is not an eight-hour job:…

Public service in Sri Lanka is not an eight-hour job, President Ranil Wickremesinghe said on Monday, as he urged public servants to work overtime to make the cash-strapped island a prosperous nation this year. Sri Lanka was hit by an unprecedented financial crisis last year due to a severe paucity…

‘No other option’ but to implement IMF deal: Pak PM…

Pakistan Prime Minister Shehbaz Sharif has said that his government has “no other option” but to implement the International Monetary Fund (IMF) programme to revive the cash-starved economy. He regretted that if the government wanted to give any subsidy in any sector, it had to go to the IMF "which…

Sri Lanka to set up institute to educate MPs on…

Sri Lanka has approved a proposal to set up an institute aimed at educating parliamentarians and officials to help them make informed decisions on economic and trade affairs, a senior official said on Tuesday. Cabinet spokesman Bandula Gunawardena told reporters that the cabinet approved the proposal of President Ranil Wickremesinghe…

Sri Lanka’s IMF bailout to wait until the new year:…

Sri Lanka's much-anticipated IMF bailout of an assistance package of USD 2.9 billion will have to wait till early next year as the country pursues talks with creditors to meet the global lender's condition for the facility. Sri Lanka and the IMF agreed on a staff-level agreement to release USD…

‘No point in economic reforms when we don’t have an…

President Ranil Wickremesinghe has acknowledged that there was no point in economic reforms in Sri Lanka because the cash-starved island nation didn't have an economy, as he made a strong pitch for a new economic model. Sri Lanka is going through its worst economic crisis since its independence in 1948,…

‘There will be China Go Home campaign soon, and I…

Sri Lankan MP Shanakiyan Rasamanickam has warned that he will lead a "ChinaGoHome" campaign if the Chinese Embassy and its government do not work for the benefit of his countrymen and fail to restructure debts, according to local media. Tamil National Alliance (TNA) MP Rasamanickam has raised questions over the…

No truth to former Pakistan PM Imran Khan’s foreign conspiracy…

The US has once again categorically dismissed former Pakistan premier Imran Khan's allegations that Washington orchestrated a conspiracy to oust him from power and reiterated its resolve not to let "propaganda, misinformation and disinformation" affect the bilateral ties. The sharp response from the US came on Wednesday, days after Khan…

‘It’s behind me’: Imran Khan takes a U-turn on ‘US…

Imran Khan has said he wants to mend relations with the US if re-elected and no longer blames it for his removal as Pakistan's prime minister, apparently taking a U-turn after accusing Washington of engineering his ouster by supporting the then Opposition’s no-confidence motion. Khan, 70, who was ousted in…

Deal more important than date: Trade Secretary on India trade…

The free trade agreement (FTA) talks between India and the UK are "progressing well" and a deal that works for both sides is more important than the date when it is signed, Britain’s Trade Policy Minister Greg Hands said with reference to the now abandoned Diwali deadline for a draft…

Truss sacrifices finance minister, scraps tax plan in fight to…

British prime minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a desperate bid to stay in power and survive the market and political turmoil gripping the country. Kwarteng said he had resigned at Truss's request after being forced to…

IMF and Moody’s censure UK policy, Bank of England says…

The International Monetary Fund (IMF) and ratings agency Moody's criticised Britain's new economic strategy, as investors braced for more havoc in bond markets that has already forced the Bank of England to promise "significant" action. The statements overnight from the IMF and Moody's piled more pressure on new finance minister…

‘Rishi was ridiculed for predicting it, but it looks like…

Former chancellor Rishi Sunak’s warning against increased government borrowing amid elevated inflation has become a social media trend as the pound plummeted after the UK unveiled its mini-budget last week.His successor Kwasi Kwarteng on Friday announced a multi-billion-pound package to support households and businesses. The current chancellor reduced taxes and…

‘Bring back the British empire’ comment on UK TV show…

Two journalists praised the British empire on a prominent news channel in the UK, sparking a backlash on social media, as the death of Queen Elizabeth II rekindled memories of the kingdom's colonial rule. While both said the decolonisation led to chaos in many countries, journalist-writer Rowan Dean’s call to…

Even friendly countries now look at Pakistan as country with…

True picture of Pakistan's devastating economic state now lay bare as the country's Prime Minister Shehbaz Sharif expressed regret that even friendly countries have now started looking at Pakistan as a country that was always begging for money, media reports said. "Today, when we go to any friendly country or…

Will be more ‘dangerous’ if jailed, warns Imran Khan on…

Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan on Thursday (8) threatened that he would become more dangerous if sent to jail while expressing displeasure over the heavy deployment of police outside the Islamabad High Court during the hearing of a terrorism case filed against him. PTI chief has been booked in…

Is Pakistan going the Sri Lanka way?

Seventy-five years of the independent polity have been tumultuous and turbulent for the state of Pakistan. Oscillating between military rule and civilian governments, the country to date has failed to witness even one complete five-year tenure of any of its Prime Ministers. This offbeat political tug of war has raised…

Sri Lanka’s inflation surges over 60 per cent in July

Sri Lanka's inflation surged to 60.8 per cent in July, up from 54.6 per cent in June, the crisis-hit country's statistics department said on Saturday, as food and fuel remained scarce amid depleted foreign exchange reserves. The year-on-year inflation based on the Colombo Consumer Price Index was 60.8 per cent…

Can talk to TTP, separatists, but not to Shahbaz govt:…

Referring to leaders of Pakistan Muslim League- Nawaz (PML-N) as thieves, The Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan said that he can hold talks with the Tehreek-i-Taliban Pakistan (TTP), the separatists of Balochistan and Sindh, but cannot sit down for talks with the Shahbaz Sharif government. The remarks came while…

IMF wants stability in Sri Lanka to resume talks on…

The IMF on Friday said that it is deeply concerned about the current crisis in Sri Lanka and hopes for a resolution of the current situation to resume talks as soon as possible on a bailout package for the island nation. Sri Lanka is going through a deepening political and…

Cash-strapped Pak may face serious economic crisis amid fast-depleting forex…

Cash-starved Pakistan could face a serious economic problem as its foreign exchange reserves are depleting fast amid rising external debt servicing, according to a media report on Wednesday. The country's external debt servicing rose to USD 10.886 billion in the first three quarters of 2021-22 compared to USD 13.38 billion…

Only people with ‘Hitler-like mindset’ torch buildings: Wickremesinghe on arson…

Reacting publicly for the first time after his private house was set on fire by anti-government protesters on Saturday, Prime Minister Ranil Wickremesinghe on Monday said only people with a “Hitler-like mindset” torch buildings.In a special televised statement, Wickremesinghe said he accepted the post of Prime Minister as the economy…

No loan from IMF despite Pakistan ‘dancing to its tune’,…

Pakistan's Interior Minister Rana Sanaullah on Sunday said that the International Monetary Fund (IMF) had not released the tranche for the USD 6 billion bailout package under its extended fund facility, even though it had made the country "dance to its tune." Responding to a question about the IMF, Sanaullah…

Pakistan: Government targeting journalists, says former Minister Rasheed

Pakistan's former Home Minister Shaikh Rasheed on Friday said that the government is targeting journalists in the country. Popular news anchor Imran Riaz Khan was arrested on Tuesday near the outskirts of Islamabad, hours after he claimed that his life was under threat. Khan was heading to Islamabad when he…

IMF intends to ban Pakistan from seeking more Chinese loans:…

Islamabad's plan to seek PKR 7.9 billion from China for China Pakistan Economic Corridor (CPEC) projects is now likely to hinge upon the IMF recommendations. Driving Pakistan's economy with the help of external doles is unsustainable and Pakistan desperately needs structural reforms. The IMF has raised objections to Pakistan's loans…

In talks with IMF, Sri Lanka is participating as bankrupt…

Sri Lanka Prime Minister Ranil Wickremesinghe on Tuesday said that the island country is participating in negotiations with the International Monetary Fund (IMF) as a bankrupt country. In his speech in Parliament today regarding the economic recovery plan, the Prime Minister of the crisis-ridden country noted that a round of…

Imran Khan’s party apologises to US for ‘foreign conspiracy’ allegations:…

In a fresh revelation, Pakistan Defence Minister Khawaja Asif said that former Prime Minister Imran Khan's party has now apologized to the US against whom it had levelled allegations of planning to conspire to throw the cricketer-turned-politician out of power. He said that the government has procured all the evidence…

Sri Lanka’s inflation surges past 50 per cent in June

Inflation in crisis-hit Sri Lanka has surged past 50 per cent for the month of June, the statistics department said on Thursday, as the country's economy came to a grinding halt after it ran out of foreign exchange reserves to import fuel and other essentials. The headline inflation for the…

The government will not survive, but you salaried people will…

Former Pakistani Prime Minister and Pakistan Tehreek-i-Insaf (PTI) chairman Imran Khan on Tuesday asked the Punjab police and bureaucracy not to follow any illegal orders of the provincial government during the upcoming local elections. Imran Khan claimed that despite the pressure from the International Monetary Fund (IMF), his government had…

US Senator blames Imran Khan for strained Washington-Islamabad relations

US Senate Majority Leader Charles E Schumer on Tuesday blamed former prime minister Imran Khan for strained relations between the US and Pakistan. "Your former prime minister did not talk positive about the US but the incumbent Pakistani premier is expected to help foster bilateral ties between Pakistan and the…

After China, UAE offers help to cash-starved Pakistan: Report

In response to cash-strapped Pakistan's request for fresh loans, the UAE has offered to buy minority shares in publicly-listed government-owned companies at a negotiated price and a seat on each of the firm's boards, according to a media report on Tuesday. The development comes amid China's decision to roll over…

Pakistan: Students may not get new books in new academic…

Pakistan paper association has warned that due to the paper crisis in the country, books will not be available to students in the new academic year starting August 2022.While the cause of the paper crisis is global inflation, the current paper crisis in Pakistan is also due to the wrong…

‘If this is an IMF budget, then who has tied…

Pakistan Federal Minister for Climate Change Sherry Rehman on Wednesday accused Imran Khan's policies of bringing the country on the verge of bankruptcy and said that they are left with no choice but to accept the budget on the terms of International Monetary Funds.While taking part in a debate on…

Cash-strapped Pak secures much-awaited deal with IMF

Cash-strapped Pakistan has secured a deal with the International Monetary Fund to restore the stalled USD 6 billion assistance package and unlock doors for financing from other international sources, according to a media report on Wednesday. The make or break deal was reached on Tuesday night following the IMF staff…

Sri Lanka’s economy has ‘completely collapsed’: PM Wickremesinghe

Sri Lanka's economy has "completely collapsed" and it is facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food, Prime Minister Ranil Wickremesinghe warned on Wednesday, underscoring the urgency of arriving at an early agreement with the IMF to obtain an additional credit facility.…

India, US, and Israel have the agenda to target Pakistan’s…

Pakistan Tahreek-e-Insaf chief Imran Khan on Sunday said that his party will continue protests against Pakistan's 'imported' government till the announcement of fresh elections.The PTI chief asked his party workers to be prepared for his call as they want a date for fresh elections and protests will be continued till…

Why Pakistan is asking its people to drink fewer cups…

A senior minister in Pakistan has urged People to drink fewer cups of tea to save the country's economy, according to reports.  "I appeal to the nation to cut down the consumption of tea by one to two cups because we import tea on loan," minister Ahsan Iqbal was quoted…

Sri Lanka saves scarce gas for cremations

BANKRUPT Sri Lanka will reserve a portion of its scarce fuel supplies for the cremation of Buddhists, whose funeral rites have been disrupted during a dire economic crisis. The island nation's 22 million people have faced months of food, petrol and medicine shortages after traders ran out of money to…

Sri Lanka declares Fridays as holiday to promote agriculture

Sri Lanka's cabinet of ministers has approved a proposal to declare Fridays as a holiday for government employees to encourage them to carry out agricultural work to increase production in the country, local media reported on Tuesday. The ministers endorsed two key proposals to be implemented in the public service,…

Pakistan finance minister warns of default if fuel subsidies not…

PAKISTAN will default if the government does not abolish the subsidies on petroleum products, finance minister Miftah Ismail has said, warning that the cash-strapped country's economy could be in a similar position as that of Sri Lanka if tough decisions were not taken. Ismail claimed that the government was still…

Imran Khan’s anti-America rhetoric damages Pakistan’s relations with West: Report

Former Pakistani Prime Minister Imran Khan's anti-American rhetoric and his accusations against the US for conspiring to oust him from power is damaging the country's relations with the west, according to an analysis.Pakistan's economy is already facing a huge challenge and the country often turns to Western-led multilateral financial institutions…

‘They used to say we are incompetent but you can…

Pakistan Tehreek-e-Insaf (PTI) Chairman and former prime minister Imran Khan on Thursday blamed the Shehbaz Sharif-led government for rising inflation in the country which is adversely affecting the overburdened population.Khan maintained that the people of Pakistan will "now find out what inflation actually is," reported Geo News. The former prime…

Toxic cocktail of sluggish growth and high inflation darkens outlook…

A toxic cocktail of sluggish growth and high inflation, plus Brexit and fallout from the coronavirus pandemic, is set to weigh on the pound in the coming months, economists warned. Since the start of the year, the sterling has fallen by more than seven per cent against the dollar, which…

Amid looming food shortage, Sri Lankan president Gotabaya Rajapaksa instructs…

SRI LANKAN president Gotabaya Rajapaksa has instructed officials to stockpile adequate essentials and warned against organised efforts of traders from creating an artificial scarcity amidst an impending food shortage facing the island nation in the next three months, media reports said on Friday (3). Sri Lanka is going through the…

Sri Lankan PM Wickremesinghe hopeful of IMF assistance by June…

Crisis-hit Sri Lanka's Prime Minister Ranil Wickremesinghe, who is also the finance minister, said on Thursday that the government was targeting USD 5 billion this year for repayments, plus a further USD 1 billion to bolster the country's reserves. He also said that the ongoing negotiations with the International Monetary…

World Bank to disburse USD 700 million to crisis-hit Sri…

The World Bank is planning to disburse USD 700 million to crisis-ridden Sri Lanka by re-purposing its existing loans, a move that will help the island nation grappling with an unprecedented economic crisis much-needed breathing space till a bailout package with the IMF is worked out, media reports said on…

Pakistanis flood Twitter with memes and jokes after highest-ever hike…

Pakistan on Thursday (26) announced it would hike fuel prices so that it could resume receiving aid from a $6 billion (£4.75 bn) package signed with the International Monetary Fund (IMF) in 2019.Fuel prices rose by 20 per cent from Friday (27) - petrol now costs Rs 179.86 (72p) per…

Situation going from bad to worse for Sri Lanka as…

THE World Bank said it is not planning to provide any new financing to cash-strapped Sri Lanka until an adequate economic policy framework has been put in place. In a statement, the multilateral development bank said it was repurposing resources from previously approved projects to help the Sri Lankan government…

I beg India to reconsider its decision to ban wheat…

INTERNATIONAL MONETARY FUND (IMF) managing director Kristalina Georgieva has exhorted India to consider reversing its ban on the exports of wheat, even as New Delhi capped sugar shipments in its latest bid to tame domestic inflation.As the Russian invasion of Ukraine has disrupted the food supply chain, Georgieva said in…

Sri Lanka’s economy on brink of collapse as troops quell…

Sri Lanka's economy will "collapse" unless a new government is urgently appointed, the central bank chief warned Wednesday, as security forces fanned out on the streets to restore order after spasms of mob violence. Police say nine people have died since Monday, when frustration at a dire economic crisis erupted…

Sri Lanka orders ‘offensive’ to prevent ‘anarchy’

SRI LANKAN police have been ordered to go on the offensive and use live ammunition to prevent "anarchy", a top official said on Wednesday (11) after another night of sporadic arson attacks.Police say eight people have died since Monday (9), when frustration at a dire economic crisis erupted into violence…

IMF talks on loan progress

THE International Monetary Fund said last Saturday (23) it held “fruitful technical discussions” with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency-aid package for the crisis-stricken country. Sri Lanka is struggling to pay for imports amid a crushing debt crisis and sharp…

India deal is ‘first step as UK eyes speedier growth’

I HAVE been present in India with every UK prime minister since 2005 – from Tony Blair, Gordon Brown and David Cameron to Theresa May. Being in India last week with Boris Johnson and with Indian business leaders was a crucial visit. It was the first UK prime ministerial visit…

World Bank readies Sri Lanka aid package

THE INTERNATIONAL MONETARY FUND said on Saturday (23) it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.Sri Lanka, an island country of 22 million people, is struggling to pay for imports…

Sri Lanka’s inflation leaps to 21 per cent

CRISIS-HIT Sri Lanka's inflation hit a record high for the sixth consecutive month, official data showed on Friday (22) as the government asked the IMF for an urgent bailout.The broad-based National Consumer Price Index (NCPI) rose 21.5 per cent year-on-year in March, more than four times the 5.1 per cent…

Fresh protests rock Sri Lanka after police killing

Fresh anti-government protests spread across Sri Lanka Wednesday, a day after police shot dead a demonstrator and triggered international condemnation just as the crisis-hit country appealed for an IMF bailout. Regular blackouts, acute shortages of food and fuel and record inflation have sparked increasing public discontent in the island, which…

Protestor shot dead and others injured as Sri Lanka unrest…

Sri Lanka police shot dead a protester and wounded 24 others on Tuesday in the first fatal clash with residents demonstrating against the government over the island nation's crippling economic crisis. The South Asian country is in the grip of its most painful economic downturn since independence in 1948, with…

Sri Lanka says IMF to consider request for rapid aid

THE INTERNATIONAL MONETARY FUND will consider providing quick financial assistance to debt-burdened Sri Lanka following representations by India, the island nation’s finance ministry said on Tuesday (19).A delegation headed by Sri Lanka's finance minister Ali Sabry kicked off formal talks with the IMF in Washington on Monday (18) for a…

Sri Lanka leader trims cabinet of relatives

SRI LANKA'S leader dropped two of his brothers and a nephew from his cabinet Monday (18), following public anger over the ruling family's mismanagement of a crippling economic crisis and calls for his resignation.President Gotabaya Rajapaksa has presided over the island nation's most painful downturn in memory and his government…

Colombo Stock Exchange declares five-day trading halt

THE COLOMBO STOCK EXCHANGE (CSE) will remain temporarily closed for a week from Monday (18) to provide investors with an opportunity to have "more clarity and understanding" of the current economic conditions in crisis-hit Sri Lanka."The stock market will remain temporarily closed for a period of five business days from…

Pakistan not to roll back fuel, power subsidies

PAKISTAN'S new government has decided not to roll back billions in fuel subsidies for the time being despite the strain on public funds, citing the possible backlash if it were to raise fuel prices just days after taking power.Former premier Imran Khan, who was ousted in a confidence vote earlier…

Bankrupt Sri Lanka looks to expand airline fleet

Cash-strapped Sri Lanka's loss-making national carrier revealed plans Thursday to lease up to 21 aircraft, just two days after the government announced a default on its $51 billion foreign debt. The island nation is in the grip of its most painful economic downturn since independence in 1948, with severe shortages…

Sri Lanka debt restructuring could take months: S&P

S&P GLOBAL RATINGS said Wednesday (13) it could take months for Sri Lanka to restructure its foreign debt, a day after the country announced it would default on the $51 billion (£38.87 bn) it has borrowed.It said it would likely assign Sri Lanka a "selective default" foreign currency rating after…

Embattled Sri Lanka prime minister appeals for ‘patience’ from protesters

Sri Lanka's prime minister Mahinda Rajapaksa pleaded for "patience" Monday as thousands continued to take to the streets to protest his family's rule, with public anger at a fever pitch over the country's crippling economic crisis. Sri Lanka's 22 million residents have seen weeks of power blackouts and severe shortages…

Sri Lanka fuel prices soar as economy reels

One of Sri Lanka's biggest fuel suppliers hiked the price of gasoline by nearly 20 per cent on Saturday, the second increase in as many weeks, as the country struggles to import oil without dollars. Lanka IOC, a fuel retailer which accounts for a third of the market, said it…

US asks Sri Lanka to end detentions, improve rights

The United States urged Sri Lanka on Wednesday to end detentions under its draconian anti-terror laws and ensure justice for wartime atrocities. Sri Lanka's rights record has drawn the ire of the international community with Colombo accused of carrying out war-time atrocities against its Tamil minority during the decades-long civil…

No-trust motion against Imran Khan delayed till Monday

THE SPEAKER of Pakistan's parliament adjourned a motion of no-confidence in prime minister Imran Khan on Friday (25), provoking opposition accusations he was buying time for the ex-cricketer to muster support after a spate of defections from his party.The motion will now be tabled on Monday (28) after which seven…

Sri Lanka papers run out of newsprint

TWO major Sri Lanka newspapers are suspending their print editions because of a lack of paper, their owner said Friday (25), the latest casualties in the island's economic crisis. The South Asian nation of 22 million people is facing its worst economic meltdown since independence from Britain in 1948 after…

Cash-strapped Sri Lanka seeks IMF bailout

SRI LANKA will seek an International Monetary Fund bailout, president Gotabaya Rajapaksa said on Wednesday (16), to battle record inflation and unprecedented food and fuel shortages as the country runs out of dollars to finance imports.The south Asia nation is in the throes of its worst economic crisis since independence…

Angry crowd tries to storm Sri Lanka president’s office

A huge crowd tried to storm the Sri Lankan president's seaside office Tuesday as anger flared over runaway prices brought about by the worst financial crisis in the island's modern history. The cost of food, medicine and other essential goods have risen dramatically across the South Asian nation, with long…

UK issues advisory on Sri Lanka travel amid supply concerns

SRI LANKA'S ongoing forex crisis may further hit its tourism industry as the UK and Canada have warned their travellers to be aware of the current economic situation in the island nation.According to the latest advisory issued by the British government, the economic situation is deteriorating in Sri Lanka with…

IMF officials in Sri Lanka to discuss economic crisis

AN IMF delegation was in Sri Lanka Monday (14) for talks on the island's worsening economic crisis, with the public suffering through months of food, fuel and medicine shortages.A lack of foreign currency has left traders unable to pay for vital imports in what authorities concede is the south Asian…

Pakistan ‘retained on FATF’s grey list’

GLOBAL money laundering and terrorist financing watchdog FATF has retained Pakistan on its terrorism financing “grey list” and asked Islamabad to address deficiencies in its financial system, a media report said on Saturday (5). Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since…

Sri Lanka hikes rates as economy risks collapse

SRI LANKA'S central bank hiked interest rates by one percentage point on Friday (4) and urged the government to increase taxes as the country skirts economic collapse.The troubled south Asian island nation is in the grip of a severe foreign exchange crisis that has led to acute shortages of food,…

Sri Lanka calls for diaspora investment

SRI LANKA marked its Independence Day on Friday (4) with an appeal to its diaspora to send money home to overcome the island's worsening economic crisis and a pledge to protect foreign investments.President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which…

Crisis-hit Sri Lanka hikes interest rates

SRI LANKA's central bank hiked interest rates Thursday (20) in a bid to tame rampant inflation and discourage consumer spending as the country suffers a foreign currency shortage and teeters on the brink of default. The island nation of around 22 million has seen shortages of food and fuel as…

Pakistan’s economic woes put Imran Khan’s future in doubt

HOUSEWIFE Maira Tayyab has considered begging for money to feed her family in inflation-hit Pakistan, while shop owner Mohammad Hanif finds his thoughts turning to crime.They're too proud and honest to act on the impulse, but their woes are shared by millions of Pakistanis whose disgruntlement threatens prime minister Imran…

Sri Lanka rules out IMF bailout, seeks new China loan

SRI LANKA ruled out an IMF bailout on Wednesday (12) and said it plans to seek another loan from China to address an economic crisis that has led to food and fuel shortages.The island nation's tourism-dependent economy has been battered by the pandemic, with supermarkets rationing goods and rolling blackouts…

Rajapaksa prorogues Sri Lanka parliament, leaves for Singapore

SRI LANKA'S president Gotabaya Rajapaksa prorogued parliament for one week and left for Singapore on an unscheduled visit on Monday (13). There was no immediate comment from the government on Rajapaksa's decision to suspend proceedings for a week. Parliament, which ended its sessions last Friday (10), was originally set to…

Gita Gopinath’s journey from Kolkata to global role as economist

GITA GOPINATH will take on a larger role in shaping the policies of the International Monetary Fund (IMF) from January 21 as its first deputy managing director. Her elevation as the second-ranking official of the global lender is a recognition of her “exceptional intellectual leadership” as its first woman chief…

Gita Gopinath promoted as IMF’s first deputy managing director

GITA Gopinath, the International Monetary Fund (IMF)'s Indian-American chief economist has been promoted as its first deputy managing director. Her elevation is in recognition of her leadership in helping the global economy and the IMF navigate the "twists and turns" of the "worst economic crisis of our lives". Gopinath would…

IMF to revive £4.4 billion Pakistan funding programme

THE INTERNATIONAL Monetary Fund (IMF) said on Monday (22) it has reached an agreement with Pakistan that will help revive a stalled $6 billion (£4.4 bn) funding programme for the south Asian country, which faces growing economic challenges. Pakistan’s authorities and IMF staff have reached a staff-level agreement on “policies…

Saudi Arabia agrees to help Pakistan with £3bn

SAUDI Arabia has agreed to provide $4.2 billion (£3 bn) worth of assistance to cash-strapped Pakistan to support its economy, it emerged on Wednesday (27) after prime minister Imran Khan held talks with the kingdom’s crown prince Mohammad bin Salman in Riyadh this week. Pakistan’s information minister Fawad Chaudhry took…

IMF approves fund increase to support pandemic-hit nations

THE International Monetary Fund has approved a $650 billion (£466bn) allocation to its resources pool to help economically vulnerable countries battling the coronavirus pandemic. The 190-nation lending institution said on Monday (2) that its board of governors approved the expansion of its reserves known as Special Drawing Rights (SDRs), the…

IMF raises UK economic growth forecast to 7 per cent

THE INTERNATIONAL MONETARY FUND (IMF) has raised forecast for the UK economic growth for this year to seven per cent in line with other major advanced economies. The latest forecast was 1.7 percentage points higher than the IMF forecast in April. British economic output dropped almost 10 per cent in…

IMF cuts India’s economic growth forecast to 9.5 per cent…

THE INTERNATIONAL MONETARY FUND (IMF) has lowered its outlook for India’s economic growth to 9.5 per cent for the fiscal year 2021-22 from 12.5 per cent projected in April. The onset of a severe second Covid-19 wave cut into recovery momentum of Indian economy, it said. However, it raised the…

Labour politicians condemn car firebomb attack on Oldham’s Muslim leader

POLITICIANS have expressed their shock after the Oldham Council leader was reportedly targeted in a firebomb attack on her car.  The vehicle of Arooj Shah, the first Muslim woman council leader to lead a northern authority, was firebombed in the early hours of Tuesday (13), stated media reports.  Emergency services…

G20 finance chiefs meet in Venice, tax reform top agenda

FINANCE ministers from the G20 economies gathered today (9) in Venice, with global tax reform at the top of the meeting agenda. The current meeting is being convened under the presidency of Italy. US treasury secretary Janet Yellen, European Central Bank (ECB) chief Christine Lagarde and Russian finance minister Anton…

Pakistan economy grows 3.94 per cent in 2020-21 on recovery…

STRONG ‘V – shaped’ recoveries in the services and manufacturing sectors helped Pakistan’s economy to grow 3.94 per cent in the first nine months of fiscal year 2020-21, finance minister Shaukat Tarin said on Thursday (10). Tarin presented the Economic Survey of Pakistan Thursday (10), a day before presenting the…

Rishi Sunak Hails ‘historic’ G7 Global Tax Agreement

UK chancellor of the exchequer Rishi Sunak on Saturday (5) welcomed “seismic tax reforms” agreed by the world’s richest economies at the G7 finance ministers meeting, chaired by Britain. Finance ministers meeting in London agreed to battle tax avoidance through measures to make companies pay in the countries where they…

Pakistan urges IMF to reduce petroleum levy 

PAKISTAN has urged the International Monetary Fund (IMF) to keep the petroleum levy in the range of Rs450-500 billion ( £238-264 bn) against Rs600 bn (£317 bn) that has been set by the IMF. The IMF wants Pakistan to fetch Rs600bn ((£317 bn) under the petroleum levy head. Hence, it…

India plans Covid-19 stimulus package to revive economic growth: report

INDIA is preparing an economic stimulus package for the sectors worst affected by Covid-19, Bloomberg reported on Tuesday (25), citing people familiar with the matter. The finance ministry is working on proposals to bolster the tourism, aviation and hospitality industries, along with small and medium-sized companies, reports said. The discussions…

IMF proposes $50b plan to vaccinate everyone by 2022

THE INTERNATIONAL monetary fund (IMF) has proposed a $50 billion plan to end the Covid-19 pandemic on Friday (21) with a target to vaccinate 40 per cent of the world's population by the end of 2021 and the rest 60 per cent by 2022. "Saving lives and livelihoods should need…

Pakistan’s Imran Khan to seek vote of confidence after election…

PAKISTANI prime minister Imran Khan will seek a vote of confidence in parliament after the government's finance minister lost his bid for a Senate seat in an election on Wednesday (3), the foreign minister said. Khan's ruling Tehreek-e-Insaf (PTI) party and its political allies were bidding to wrest control of…

AstraZeneca doubles profit in 2020

AstraZeneca, the British maker of a Covid vaccine with Oxford University, said on Thursday(11) that net profit more than doubled last year to $3.2 billion on strong sales of new cancer drugs. Profit after tax, equivalent to $3.2bn, soared 139 per cent compared with 2019, the pharmaceutical giant said in…

Pragya Jaiswal to star opposite Salman Khan in Antim?

By Murtuza Iqbal Salman Khan and Aayush Sharma starrer Antim is one of the most awaited films of the year. There were reports that Saiee Manjrekar will be seen opposite Salman in the film, and TV actress Mahima Makwana will make her Bollywood debut opposite Aayush in the movie. However,…

Covid, pandemic and lockdown: how 2020 changed the world

When the world celebrated the dawn of a new decade with a blaze of firework parties and revelry on January 1, few could have imagined what 2020 had in store. In the last 12 months, the novel coronavirus has paralysed economies, devastated communities and confined nearly four billion people to…

Antim teaser: It is Salman Khan vs. Aayush Sharma

Murtuza Iqbal Salman Khan and Aayush Sharma will be seen together on the big screen in Mahesh Manjrekar’s Antim. The film is a remake of the Marathi film Mulshi Pattern and while Aayush will be seen playing the role of a gangster; Salman portrays the character of a cop. A…

Salman Khan’s first look from Antim unveiled

Murtuza Iqbal Yesterday, there were reports that Salman Khan has quietly started shooting for Mahesh Manjrekar’s Antim. The film also stars Salman’s brother-in-law, Aayush Sharma in the lead role, and Sharma took to Instagram to unveil Khan’s first look from the movie. Aayush shared a video, and captioned it as,…

How Were Major Indices Impacted by Covid-19?

There can be no doubt that the socio-economic impact of the coronavirus pandemic has been huge, with the global economy projected to contract by -4.9% by the end of 2020. The world’s major indices have borne the brunt of this impact, with examples such as the Dow Jones Industrial Average and…

No action against Masood Azhar, Hafiz Saeed; Pakistan likely to…

PAKISTAN is likely to remain in the 'grey list' of the global money laundering and terrorist financing watchdog as it failed to fulfil six key obligations provided by the organisation. The virtual plenary of the Financial Action Task Force (FATF)from October 21-23 will take the final call on Pakistan's fate…

New UK lockdown would be disaster but all options open:…

Prime minister Boris Johnson on Wednesday (14) said a new UK-wide lockdown would be a "disaster" but refused to rule it out as demands grew for a temporary shutdown to stop the spread of coronavirus. Labour leader Keir Starmer has thrown his weight behind a two-week "circuit break" to stop…

US seeks to rally Asian ‘Quad’ allies against Chinese ‘malign…

US secretary of state Mike Pompeo on Tuesday (6) visited Toyko to meet with some of Washington's closest allies in Asia, Japan, Australia and India, to shore up support against what the US says is China's dangerous and growing regional influence. It is Pompeo's first trip to East Asia since July 2019 and…

Covid-19 crisis to sink global economy in 2020; India’s GDP…

KEY emerging market economies are taking a severe hit to GDP amid the coronavirus pandemic, with India seeing the first contraction in decades, the IMF said. The updated World Economic Outlook shows India's GDP will fall 4.5 per cent this year, far worse than expected in April just after the…

Colombia remittances trend

Colombia is the fourth largest economy in Latin America. Remittances contribute to Colombia's economic well-being and growth. Over the years remittance patterns have undergone many changes. The most vital and sudden of these is the recent crisis caused by the global pandemic. Here is an overview of past trends and…

Pakistan targets ambitious growth, revenue despite coronavirus struggles

Pakistan on Friday announced its annual budget for financial year 2020-21, setting ambitious targets of 2.1 per cent GDP growth, a 7 per cent fiscal deficit and an increase in tax revenues, even as it reels from a surge in novel coronavirus cases. The GDP target is much higher than…

Bank package to help nations survive Covid crisis: Sir Suma

By Amit Roy AS SIR Suma Chakrabarti steps down on July 2 as presi­dent of the European Bank for Reconstruction and De­velopment (EBRD) after completing two four-year terms, he has given a valedictory interview setting out what he thinks the organisation has achieved under his leadership and also some of…

Covid-19: No passenger vehicle sold in Pakistan in April

AS a result of  the ongoing Covid-19 pandemic, the auto industry in Pakistan has sold only 39 units in April. No passenger vehicle was sold during the period. According to the report by the Pakistan Automotive Manufacturer's Association (PAMA), all 39 units sold were either trucks or buses and that…

Ivanka Trump draws derision in India for praising migrant’s hard…

THE US presidential adviser Ivanka Trump's praise of an Indian teenager's bicycle ride home hundreds of kilometres away is drawing criticism in India for being insensitive to the plight of impoverished migrant workers struggling in a lockdown. The girl carried her father on the back of her bicycle for about…

Pakistan’s deficit and poverty rate to soar due to COVID-19

PAKISTAN’s fiscal deficit will be significantly worse than projected this fiscal year, with the fallout from the COVID-19 pandemic pushing millions into unemployment and poverty, reported Reuters. Pakistan began a phased lifting of its countrywide lockdown last week despite a rising rate of cases – a move pushed primarily by…

Pakistan gets over $163 million COVID-19 aid from EU

To tackle the COVID-19 pandemic, the European Union (EU) is providing over $163 million funding to Pakistan. This is the latest aid received by the South Asian nation. Pakistan has reported 25,837 coronavirus cases and 594 deaths, the health authorities said on Friday (8). The EU Ambassador to Pakistan, Androulla…

Pakistan prepares to ease coronavirus curbs with infections below projections

Pakistan is preparing to loosen coronavirus lockdown restrictions as the number of infections and deaths are well below previous projections, officials said on Wednesday (29). The South Asian nation, which has registered more than 15,000 cases of COVID-19 including 335 deaths, has already granted exemptions to dozens of sectors to…

India has forex reserves worth $479.57 billion

OWING to an increase in foreign currency assets, India's forex reserves has surged by $3.09 billion to $479.57 billion in the week ending April 17, Reserve Bank of India has said. The reserves had increased by $1.81 billion to $476.47 billion a week ago. The reserves had touched a life-time…

World economy would suffer ‘severe recession’, warns IMF

THE International Monetary Fund (IMF) managing director Kristalina Georgieva has warned that the global economy is bound to suffer a "severe recession" in 2020 due to COVID-19 pandemic. The current crisis posed "daunting challenges" for policymakers in many emerging markets and developing economies, she said. Georgieva added that a large…

IMF approves $1.4 billion in coronavirus aid to Pakistan

The IMF on Thursday (17) approved nearly $1.4 billion in emergency aid to Pakistan to help it weather the impact of the coronavirus pandemic. "While uncertainty remains high, the near-term economic impact of COVID-19 is expected to be significant, giving rise to large fiscal and external financing needs," the international…

Indian finance minister says IMF funding may have costly side…

India's finance minister Nirmala Sitharaman has said that the country could not support a general allocation of new special drawing rights by the International Monetary Fund because it might not be effective in easing coronavirus-driven financial pressures. In a statement to the IMF's steering committee Sitharaman said that she also was…

UK should seek longer Brexit transition, says IMF chief

THE International Monetary Fund (IMF) chief Kristalina Georgieva said that Britain should ask for an extension to its post-Brexit transition period to ease uncertainty as the world economy is being hammered by the COVID-19 pandemic. "It is tough as it is. Let's not make it any tougher," she said on…

Indian rupee plunges to record low against US dollar

THE Indian rupee on Thursday (16) declined 36 paise to an all-time low of 76.80 against the US dollar in opening trade.  Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe haven…

Virus mars Easter holidays as death toll nears 100,000

Hundreds of millions of people around the world will spend the Easter holiday at home as lockdown measures intensify to combat the coronavirus, a pandemic with a global death toll rapidly approaching 100,000. Governments have forced businesses to close and limited the movement of half the world's population, halting economic…

World faces new ‘Great Depression’ as virus toll mounts

World powers scrambled on Thursday (9) to build a global response to the human tragedy and once-in-a-century economic collapse caused by the coronavirus epidemic, as death tolls in the US and Europe soared higher. In a locked-down New York, the UN Security Council was to meet on the pandemic for…

IMF says Pakistan requests emergency coronavirus financing

Pakistan has requested an emergency loan disbursement from the International Monetary Fund to help fight the coronavirus under the fund’s Rapid Financing Instrument program, IMF managing director Kristalina Georgieva said. She did not identify the size of the loan, but under the program, Pakistan would be able to borrow up…

IMF declares global recession

THE International Monetary Fund (IMF) said that the world has entered a recession due to COVID-19 pandemic. It projects a recovery next year. "We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad as or worse than…

India’s RBI cuts rates as COVID-19 spreads in South Asia

INDIA's central bank slashed interest rates in an emergency move on Friday (27) to counter the economic fallout from the coronavirus pandemic after the federal government locked down the country in order to slow the spread of infections across the region. Indian prime minister Narendra Modi has asked India's 1.3…

Birmingham pharmacy charges £19.99 for bottle of Calpol, sparks outrage…

A West Midlands-based pharmacy chain has been lambasted on social media for allegedly charging three times more than the normal price for a bottle of Calpol. Councillor for Bromford and Hodge Hill in Birmingham Majid Mahmood on Wednesday night posted on Twitter a photo that showed bottles of the liquid paracetamol…

Pakistan can’t afford to shutdown cities to prevent virus: Imran…

Pakistan cannot afford to implement the type of large-scale urban lockdowns the West is undertaking as it tries to slow the spread of coronavirus, prime minister Imran Khan said Tuesday (17). The United States and many other nations have either mandated or recommended the closure of restaurants and other businesses…

COVID-19 will cut global growth by 0.1% to 0.4%, says…

THE Asian Development Bank (ADB) said on Friday (6) that the coronavirus outbreak is set to trim economic growth in developing Asia and around the world this year. The outbreak could slash global gross domestic product by 0.1 to 0.4%, with financial losses forecast to reach between $77 billion and…

IMF, Pakistan reach deal on review of $6 bn bailout

THE International Monetary Fund (IMF) has said it has reached an agreement with the Pakistani authorities "on policies and reforms" needed to complete the second review of the $6 billion loan approved for the cash-strapped country's fragile economy, a media report said on Friday (28). In July last year, the…

India’s Forex reserves hit record at $476 billion

India's foreign exchange reserves inched up by $29 million to a fresh lifetime high of $476.122 billion in the week to February 21. Increase in the value of gold holdings has fuelled the hike, India's central bank data showed on Friday (28). The forex kitty had zoomed by $3 billion…

Reduce dependency on China, IMF asks Pakistan

THE IMF has urged Pakistan to reduce reliance on trade and commerce ties with China. The global agency said that the country should ink more Free Trade Agreements (FTA) with other countries. An IMF  mission, led by Ernesto Ramirez Rigo, visited Islamabad during February 3-13, to initiate discussions on the…

India Budget 2020 light on new structural reforms: Fitch   

INDIAN Finance Minister Nirmala Sitharaman's Budget for 2020-21 was light on new structural reforms, Fitch Ratings said on Wednesday (5) adding it has not materially altered its forecasts for India's economic growth to rise to 5.6 per cent in the next fiscal from 4.6 per cent in 2019-20. "We believe…

Pakistan’s deficit under scanner as IMF review begins

PAKISTAN will come under pressure to convince the International Monetary Fund (IMF) it can bring down a ballooning fiscal deficit, as a review on the future course of its $6 billion financial aid program gets under way. An IMF team sent to review benchmarks set as part of the deal…

India fourth-best market for global firms: Survey

WITH confidence of CEOs over worldwide economic growth hitting rock bottom, India is their fourth choice after the US, China and Germany as only nine per cent in a global survey favour India for their companies' growth prospects. On the other hand, Indian chief executive officers (CEOs) showed second-highest level…

India’s growth ‘will generate global prosperity’

INDIA’s growing economy could have a “positive” global impact, a leading British Asian businessman has said, as a report predicted the south Asian country was set to become the world’s fourth-largest economy by 2026. According to a new report by the Centre for Economics and Business Research (CEBR) published last…

Pakistan gets $1.3bn loan from ADB

CASH-STRAPPED Pakistan received a $1.3-billion loan from the Asian Development Bank (ADB) on Friday (6) to support the country's public finances and shore up the slowing economy. Pakistan is facing a serious economic crisis with short supplies of foreign currency reserves and stagnating growth in recent years. Since assuming power…

UK panel explores ‘rebrand’ of Pakistan away from terrorism

A panel of academics and South Asia experts from around the world explored the prospect of a “rebrand” of Pakistan away from an ideology of jihad and terrorism, with the Pakistani diaspora playing some role in such a move. Reimagining Pakistan: A Global Perspective, organised by the Jammu Kashmir Study…

Pakistan central bank keeps rates on hold  

PAKISTAN'S central bank kept its main interest rate at 13.25 per cent on Friday (22), having recently stopped hiking rates as data on the economy has begun to show that inflation is steadying. The bank said it expected inflation to ease in the second half of the fiscal year to…

Sri Lanka’s Rajapaksa brothers back in business

Sri Lanka's divisive Rajapaksa clan consolidated their grip on power on Thursday as the newly elected President swore in his brother as prime minister amid concerns they could roll back vital economic reforms. Gotabaya and Mahinda Rajapaksa are credited with annihilating ethnic Tamil separatists to end Sri Lanka's civil war…

IMF Demands more Transparency from India, Less Debt

The idea that India is the world's next global superpower is so prevalent among economists that it even has its own Wikipedia article. Yet there's resistance to the country's ascension to international godhood even within India itself. Popular historian Ramachandra Guha, for instance, believes that unsustainable resource consumption, a fractious…

IMF to release first tranche of $6bn Pakistan loan package

PAKISTAN'S fiscal deficits are narrowing, the IMF said on Friday (8) as it announced it would release the first tranche of its $6 billion financial assistance programme to the country. The International Monetary Fund (IMF) agreed the three-year rescue package for Pakistan in April - its 13th bailout programme for…

Sri Lanka economy slowly recovering from Easter attacks: IMF

Sri Lanka's economy was slowly recovering from the impact of the Easter Sunday suicide bombings that killed hundreds and crippled the booming tourism sector, the International Monetary Fund said Saturday. Growth was likely to hit 3.5 percent next year from this year's forecast of 2.7 percent, the Washington-based lender said,…

Fitch cuts India’s GDP growth forecast to 5.5 per cent

FITCH RATINGS on Thursday (24) slashed India's GDP growth forecast in the current fiscal to 5.5 per cent saying a large credit squeeze emanating from shadow banks has pushed economic growth to a six-year low. Fitch, which had in June this year put India's GDP growth at 6.6 per cent…

India ranks 63rd in World Bank’s ease of doing business…

INDIA has jumped 14 places to take the 63rd position in the World Bank's ease of doing business ranking released on Thursday (24), figuring among the top 10 performers on the list for the third time in a row mainly due to the successful implementation of the Insolvency and Bankruptcy…

Deeply concerned over human rights abuses, religious discrimination in Pakistan:…

DESCRIBING shrinking space for civil society and media freedom in Pakistan as "troubling", the US has said it remains "deeply concerned" over reports of human rights abuses and discrimination faced by people in the country because of their faith. It urged the Pakistani government to uphold the rule of law…

India-US trade negotiations going in “full speed”: Sitharaman

Finance minister Nirmala Sitharaman has said the negotiations between India and the US on a trade deal are going in "full speed" and expressed hope that an agreement will be structured soon. The ongoing trade deal negotiations briefly came up for discussion during a quick interaction between Sitharaman and US…

IMF supports India’s decision to reduce corporate income tax

THE International Monetary Fund (IMF) on Friday (18) supported India's recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions. "We believe India still has limited fiscal space…

Pakistan risks terror financing ‘blacklist’: watchdog

A global anti-corruption body warned Friday that Pakistan could join a blacklist of nations failing to fight money laundering and terror financing unless it changed course within four months. "Despite a high level commitment by Pakistan to fix these weaknesses, Pakistan has not made enough progress," Xiangmin Liu, president of…

Details of investment policy in Jammu and Kashmir available soon:…

THE details of the government's policy to attract more investments in Jammu and Kashmir would be available very soon, Indian finance minister Nirmala Sitharaman said, listing out the potential the area carries for investors in sectors like tourism, handicrafts, silk, production of saffron and apple. Sitharaman made the comments while…

India cannot sacrifice economic strength to comply with US sanctions:…

INDIA wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, finance minister Nirmala Sitharaman said in an interview on Tuesday (15). The US in January imposed the toughest sanctions yet on Venezuela's oil industry. The…

Bangladesh ahead of India as growth in South Asia slows…

BANGLADESH and Nepal are estimated to grow faster than India in 2019, according to the World Bank. The overall growth in South Asia is projected to slow down this fiscal in line with a global downward trend, the World Bank said in its latest report. Pakistan's growth rate is projected…

Effects of global slowdown more pronounced in India: Kristalina Georgieva

THE global economy is witnessing "synchronized slowdown", which will result in slower growth for 90 per cent of the world this year, and the effect is even "more pronounced" in some of the largest emerging market economies like India, new IMF chief Kristalina Georgieva has warned. The Managing Director of…

Lord Jitesh Gadhia urges India and Pakistan to look beyond…

Lord Jitesh Gadhia and former Director of the US Central Intelligence Agency (CIA), General David Petraeus, have called on India and Pakistan to look beyond Kashmir to focus on internal challenges and resume their bilateral economic ties. Lord Gadhia and General Petraeus have written a joint column for The Daily…

Soaring prices, rising anger in Imran Khan’s Pakistan

Nearly one year after the election that brought Imran Khan to power in Pakistan, the cricket-hero-turned-prime-minister faces growing anger as he chases an elusive target: how to right the South Asian nation's teetering economy. Pakistan has been staring down the barrel of a balance of payments crisis since before last…

International Monetary Fund projects slower growth rate for India

THE International Monetary Fund (IMF) on Tuesday (23) projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected…

Trump praises Pakistan’s role in ‘progress’ on Afghan peace

President Donald Trump on Monday (22) hailed Pakistan for its help in advancing peace talks in Afghanistan, in a marked shift in tone as the United States seeks an accord with the Taliban to end more than 18 years of war. Speaking from the Oval Office alongside Pakistan's prime minister…

An Indian as next IMF chief? British parliamentary panel voices…

An influential British parliamentary panel has written to the UK Foreign and Commonwealth Office to engage with New Delhi to try and seek out the next IMF chief from India. The House of Commons Foreign Affairs Committee (FAC) referenced its recently-released report on reawakening India-UK ties as the base for…

Pakistan central bank raises key interest rate

PAKISTAN'S central bank raised its main policy rate by 100 basis points on Tuesday (16) to 13.25 per cent, citing increased inflationary pressures and a likely near-term rise in prices from higher utility costs. The increase follows this month's accord with the International Monetary Fund on a $6 billion loan…

Pakistan’s army chief blames ‘fiscal mismanagement’ for economic woes

PAKISTAN'S army chief on Friday (28) blamed "fiscal mismanagement" for the country's economic woes, days after he was appointed to a newly formed committee responsible for steering the economy. Though the military has extensive business interests and dominates foreign and security policies, it is unusual for an army chief to…

Asian Development Bank distances itself from Pakistan’s ‘premature’ claim of…

IN a huge embarrassment for the Pakistan government, the ADB has distanced itself from the "premature announcement" of prime minister Imran Khan's adviser that the global lender would provide a loan of $3.4 billion to the cash-strapped nation, saying "discussions are ongoing". The rare rebuff by the Philippines-headquartered institution came…

Pakistan military agrees to budget cut

PAKISTAN'S powerful military has agreed in a rare move to cut its hefty budget for a year to help ease the South Asian country's "critical financial situation", prime minister Imran Khan said. Pakistan has struck an agreement in principle with the International Monetary Fund (IMF) for a $6 billion loan…

Sri Lanka cuts rates to support economy after Easter bombings

SRI LANKA'S central bank cut its main lending rate today (31) in a bid to revive the island's economy, which was battered by the Easter suicide bombings that killed 258 people. The Central Bank of Sri Lanka said the rate at which it lent to commercial banks was reduced by…

US removes India from its currency monitoring list

THE Trump administration on yesterday (28) removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi which address some of its major concerns. Switzerland is the other nation that has been removed by the US from its currency monitoring…

Pakistan agrees another International Monetary Fund bailout

PAKISTAN has reached an accord with the International Monetary Fund for a three-year, $6 billion (£4.61bn) bailout package aimed at shoring up fragile public finances and strengthening a slowing economy, officials said on Sunday (12). The deal, which still needs approval by the IMF board in Washington, would be the…

India’s incredulous data: Experts create own benchmarks

ECONOMISTS and investors are increasingly showing that they have little or no confidence in India's official economic data presenting whoever is elected as the next prime minister with an immediate problem. There have been questions for many years about whether Indian government statistics were telling the full story but two…

Pakistan’s quest for International Monetary Fund bailout costs top jobs

CASH-strapped Pakistan's efforts to secure a financial bailout from the International Monetary Fund (IMF) has cost the country's finance minister, central bank governor, and top revenue officer their jobs as the global lender pressed Islamabad to take more steps to ensure fiscal discipline. The government on Saturday (4) night appointed…

Jaitley discusses India’s economic reforms with investors in US

Finance minister Arun Jaitley has discussed India's economic reforms and outlook for the future as he addressed investors in New York. India's Consulate General in New York tweeted on Wednesday that since his arrival in the city, Jaitley "held a series of roundtables with the investors community of New York…

‘Erasing the poor’: Pakistanis feel crunch of rising prices

Pakistan's surging petrol prices have more than halved the income of taxi driver Yasir Sultan, just one of many consumers whose faith in a government elected last year on a pledge to help the poor has been shattered. Inflation at its highest in more than five years has shocked many…

Karachi revitalization drive aims to remake Pakistan’s largest city

At a historic market commissioned by Queen Victoria in Pakistan's southern metropolis of Karachi, third-generation spice seller Mohammad Shakeel Abbasi complains that a move to clear illegal encroachments has left poor shopkeepers jobless. "My own business has been cut in half," said Abbasi of the modernization drive ordered by the…

The sound of British Asian music

EASTERN EYE MARKS 1500 ISSUES WITH A MEMORABLE MOMENT FOR EACH YEAR SINCE 1989 THAT HELPED DEFINE A GENERATION by ASJAD NAZIR Eastern Eye has the longest running South Asian music pages in the world and has pretty much featured every artist in the last 30 years, from aspiring singers to…

‘India needs more key reforms to push economic growth’

INDIA has carried out several key reforms in the past five years, but more needs to be done, said IMF communications director Gerry Rice said at a news conference in Washington yesterday (21). The International Monetary Fund (IMF) added that India is one of the fastest growing larges economies in…

India’s Reliance stops diluents export to Venezuela

INDIA'S Reliance Industries Ltd, said yesterday (13) that it had halted supply of diluents to Venezuela's national oil company PDVSA and will not resume such sales until sanctions are lifted. Washington is preparing to impose "very significant" Venezuela-related sanctions against financial institutions in the coming days, US special envoy Elliott…

‘Capitalism under serious threat, many people will revolt’

FORMER governor of the Reserve Bank of India, Raghuram Rajan, on Tuesday (12) warned that capitalism is under "serious threat" of a "revolt", especially after the 2008 global financial meltdown. Rajan, now a professor at the University of Chicago, told BBC Radio 4's Today Programme that governments across the world…

Sri Lanka boosts spending in budget before two elections

SRI Lanka on Tuesday (5) boosted spending on state employees, pensioners and the armed forces, and promised many rural infrastructure projects in a 2019 budget to woo voters before two elections, following a period of political instability. Finance minister Mangala Samaraweera raised taxes on the tourism sector, vehicles, liquor and…

India Presses For Pakistan To Stay On Terrorism Financing List

INDIA is pressing for Pakistan to be kept on a terrorism financing watch list following an attack in Kashmir that was claimed by a Pakistan-based militant group, three Indian government officials said today (21). The Financial Action Task Force (FATF), a global body created to counter terrorism financing and money…

Imran to meet IMF chief in Dubai for bailout package

International Monetary Fund head Christine Lagarde used a meeting on Sunday (10) with Pakistan prime minister Imran Khan to reiterate calls for reforms to its struggling economy, but there was no sign of agreement on a bailout package. Pakistan is seeking what would be its 13th IMF bailout since the…

“No Brexit deal will hurt global economy”

by LAUREN CODLING BRITAIN needs to come to a decision over Brexit as it poses a threat to the UK and global economies, a leading economic expert has said, as the UK government remains in political deadlock since MPs rejected prime minster Theresa May’s withdrawal deal last Tuesday (15). Gita…

Davos elites face ‘warning of populist rage’

Global elites descending on Davos for the World Economic Forum faced urgent warnings from Oxfam and the IMF on Monday (21) that the international economy is at risk, as swelling inequality stokes public anger. Even before the official kick-off of the annual week of networking and socialising by the world's…

‘Imperative’ To Resolve Brexit Uncertainty Immediately: IMF

The International Monetary Fund said on Monday (21) it was ‘imperative’ to resolve the uncertainty surrounding how Britain will leave the European Union, which it said was posing a threat to the British and global economy. "We have already seen the negative effect of this uncertainty on British investment," IMF…

RBI To Provide $400 Million To Sri Lanka Central Bank…

India’s central bank, Reserve Bank of India (RBI) has agreed to provide $400 million to the Central Bank of Sri Lanka (CBSL) under its SAARC SWAP facility. CBSL has also requested a further bilateral SWAP arrangement of one billion dollars between the RBI and CBSL which is under consideration. “The…

Pakistan, IMF Extend Bailout Talks After Failing To Reach Deal

Pakistan has extended talks with the International Monetary Fund (IMF) after the two sides failed to agree on the terms of a bailout package, a finance ministry official said on Tuesday (20), with a final deal now expected by mid-January. Pakistan is negotiating its second IMF bailout since 2013 and…

Begging In Beijing? Pakistan Sacks State TV Chief After Broadcast…

Pakistan has removed the acting chief of state-run television after a caption read "Begging" instead "Beijing" during a broadcast of prime minister Imran Khan's visit to China, which has promised economic aid to the impoverished South Asian country. Khan was in Beijing seeking financial aid to help end a spiralling…

More Talks Needed To Provide Economic Aid To Pakistan: China

China will provide Pakistan with economic aid but more talks are needed on the details, a senior Chinese diplomat said, after new Pakistani prime minister Imran Khan met Chinese Premier Li Keqiang on Saturday (3). Pakistan's foreign reserves have plunged 42 per cent since the start of the year and…

Imran Khan says Pakistan to seek IMF bailout despite $6…

Prime Minister Imran Khan said Pakistan still plans to seek a bailout from the International Monetary Fund (IMF) despite a Saudi Arabian offer of a $6 billion rescue package, and is in talks with two other "friendly nations" for more loans. Khan secured the Saudi package at a high-profile investment…

Pakistan to seek IMF bailout despite $6 billion Saudi rescue

Pakistan still plans to seek a bailout from the International Monetary Fund (IMF) despite a Saudi Arabian offer of a $6 billion rescue package, Pakistan's finance ministry said on Wednesday (24). "Yes, we are going ahead into programme negotiations with (IMF) in the first week of November," Noor Ahmed, spokesman…

Pakistan “desperate” for loans, says prime minister Imran Khan

Pakistan is seeking loans from the International Monetary Fund (IMF) and friendly countries to reservice debt and shores up its economy, prime minister Imran Khan said on Tuesday (23). "What we are hoping is that we do a bit of both, get a loan from IMF and other loans from friendly…

Imran Khan to attend controversial Saudi conference

Pakistan’s foreign ministry announced Friday that prime minister Imran Khan will attend a Saudi Arabian investment conference, despite a string of cancellations from leading policy-makers and corporate chiefs over the disappearance of journalist Jamal Khashoggi. The decision comes a day after US Treasury Secretary Steven Mnuchin and senior ministers from…

‘Path of thorns’: An IMF bailout set to impede Pakistan…

From cutting power subsidies to forcing currency devaluations that stoke inflation, the hard choices facing Pakistan as it seeks a bailout from the International Monetary Fund (IMF) pose a major headache for populist new prime minister Imran Khan. Pakistani officials met IMF representatives this week in Bali and formally requested…

Pakistan Not Yet Approached for Financial Assistance: IMF

Pakistan has not yet formally approached the International Monetary Fund (IMF) for financial assistance, but if bailout talks get underway this week, the goal will be to help Pakistan reach its full potential, the IMF's chief economist said on Tuesday (9). Addressing a news conference at the IMF and World…

IMF Calls for More Action in Pakistan Without Mentioning New…

The International Monetary Fund (IMF) has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal. Former cricketer Imran Khan’s new administration had vowed to decide by the end of…

Indian Born Gita Gopinath Appointed as IMF Chief Economist

International Monetary Fund (IMF) managing director Christine Lagarde appointed Gita Gopinath on Monday (1) as Economic Counsellor and Director of the IMF’s Research Department. Gopinath will succeed Maurice (Maury) Obstfeld, who announced in July that he would retire at the end of 2018. Gopinath currently serves as the John Zwaanstra…

Imran Khan in Saudi Arabia on maiden foreign visit

Pakistan prime minister Imran Khan arrived in Saudi Arabia Tuesday (18) on his first foreign visit since coming to power, with speculation swirling that he may be seeking economic assistance from the oil-rich ally. The two-day trip began exactly one month after Khan assumed office, with Pakistan possibly seeking billions of dollars in assistance from…

British Economy Will Shrink Without Brexit Deal: IMF

If Britain moves out of European Union (EU) without a Brexit deal then its economy will witness a decline in 2019 and any agreement will leave Britain financially worse than remaining in the EU, International Monetary Fund (IMF), said on Monday (17). The IMF said it expected Britain's economy would…

India’s Forex Reserves Move Below $400 Billion Mark for First…

India’s foreign exchange reserve fell by $819.5 million to $399.282 billion for the week to September 7 falling below the $ 400bn mark for the first time in over 12 months, according to the data released by India’s central bank, Reserve Bank of India (RBI) on Friday (14). This is…

Pakistan removes Ahmadi economist from key role following Islamist backlash

Pakistan's new government cancelled the appointment of a renowned Princeton economist to its Economic Advisory Council, an official said on Friday (7), after a strong backlash against the choice of a member of the Ahmadi religious minority. The failure of prime minister Imran Khan's government to resist pressure to drop…

Imran Khan ally Arif Alvi elected Pakistan president

Pakistan on Tuesday (4) elected a close ally of prime minister Imran Khan as its new president, further cementing the ruling party's power after a controversial general election victory. Former dentist Arif Alvi, one of the founders of Khan's Pakistan Tehreek-e-Insaf (PTI) party, will replace Mamnoon Hussain after the vote by more than…

5 all-time films of Karan Johar

Kuch Kuch Hota Hai Kuch Kuch Hota Hai is still one of them films which audiences still don’t mind watching again and again. Rahul and Anjali’s friendship which turns into love still gets used as an example. Kuch Kuch Hota Hai was released in 1998, which gave Karan Johar the…

IMF asks India to curb inflation; calls GST implementation as…

The International Monetary Fund (IMF) said a steep rise in the domestic demand, rise in government sponsored procurement prices of farm produces and jumping crude oil prices have resulted in the current inflationary trends in the country. India’s average inflation is likely to increase to 5.2 per cent in the…

Imran and the IMF: Pakistan’s bailout dilemma

Once Pakistan's election winner Imran Khan forms a government, there will be little time to bask in his triumph: the country's next prime minister will inherit a critical economic situation, and analysts say he must act fast. The new leadership may be forced to seek a bailout from the International Monetary…

WILL ARMY SWAY PAKISTAN VOTERS?

Military deployed as Imran Khan eyes power  VOTERS in Pakistan were set to cast their ballots on Wednesday (25) while the military fanned out across the country as the south Asian nation elects a new prime minister this week. The contest has largely been distilled to a two-party fight between…

Pakistan’s five biggest post-election challenges

The next government in Pakistan will face myriad challenges from unsustainable population growth to simmering extremism, all complicated by the decades-long tussle between civilian and military leadership. No matter who is voted into office on July 25, the new rulers will have to make hard choices, and quickly. Here's a…

Trump could freeze $2bn of Pakistan aid over militant havens

President Donald Trump's freeze on aid to Pakistan could be worth almost $2 billion dollars, a senior US administration official said on Friday -- substantially more than first thought. The move -- designed to force Pakistan's military and intelligence apparatus to cut support for the Taliban and other Islamist groups -- will include…

As India’s Forex Reserves Rise, America Keeps Watch

As the world’s 7th largest economy in terms of GDP, only a little way behind France and well ahead of Italy, India’s is also reckoned to be one the fastest growing nations, surpassing even China. This rapid expansion has manifested itself in a number of ways and has even led to…

Arun Jaitley at annual meetings of IMF and World Bank

In his address to the annual meetings of International Monetary Fund and World Bank, Jaitley said it is reassuring that economic recovery has gathered pace. Global GDP growth is poised to increase in 2017 and 2018 with improving traction in growth performance in the euro zone, Japan, emerging Asia and…

Aadhaar helped Indian govt save $9 billion: Nandan Nilekani

The Modi government's Aadhaar card scheme has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists, its architect Nandan Nilekani said on Thursday. "It has saved the government about USD 9 billion in fraud and wastage because by having that unique number you eliminate fakes…

Reforms undertaken by Prime Minister Modi , will reflect in…

"The reform process has been significant. We think that certainly in the medium and long term, the growth will reflect the seriousness of Prime Minister Modi's government in making those reforms," Jim Yong Kim told reporters at the start of the annual meeting of the IMF the World Bank here.…

IMF warns China over ‘dangerous’ growth in debt

China’s credit-fueled economic strategy has been branded as dangerous by the International Monetary Fund in a strongly-worded statement warning that its approach risks financial turmoil.  The IMF used its annual health check on the world’s second biggest economy to stress that faster expansion in 2017 was coming at the cost of a jump in private…

IMF warns on rates as it issues delayed loan to…

The IMF announced Tuesday (18) it was lending more than $167 million to Sri Lanka after delaying the loan for months, but warned the island must raise interest rates to reign in credit. The government of Maithripala Sirisena, which came to power in February 2015, secured the bailout in June last year following…

India to grow at 7.7 per cent in 2018-19, says…

India’s growth is expected to rebound to 7.2 per cent in the 2017–18 fiscal and 7.7 per cent in 2018-19 after “disruptions” caused by demonetisation, the IMF said today, while recommending removal of long-standing “structural bottlenecks” to enhance market efficiency. The temporary disruptions (primarily to private consumption) caused by cash…

Arun Jaitely: India-US ties is more stronger and has matured

The US-India ties have significantly improved over the last few decades, becoming more “stronger” and “matured” that defied changes in the governments in both the countries, finance minister Arun Jaitley said on Saturday. Jaitley, speaking at a reception hosted by India’s ambassador to the US Navtej Sarna, said the Indian…

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THE prime minister David Cameron and chancellor George Osborne made impassioned pleas to the Hindu community to vote to remain in the European Union, in “the most important decison” for voters in a lifetime. Cameron visited the Bhaktivedanta Manor in Watford last Friday, while Osborne was at the BAPS Swaminarayan…

Brexit ‘bad for business’

Asian leaders backing remain say by Reena Kumar and Sav D’Souza A BRITISH exit from the european union would amount to a “serious and willful self-inflicted wound” which may take decades to heal, the president of vitabiotics has warned. Dr Kartar Lalvani is one of 81 Asian business leaders who…

Asia reforms key for global economic growth, says IMF chief

ASIA is “the world’s most dynamic region” but structural reforms are key given its increasing importance to the global economy, International Monetary Fund chief Christine Lagarde said in New Delhi on Saturday (March 12). Asia already accounts for 40 per cent of the world economy and stands to deliver nearly…

Pakistan launches $500 million in Islamic bonds

Pakistan is set to launch $500 million (£384m) in Islamic bonds to raise money for its foreign exchange reserves, a senior official said on Wednesday (September 28), as a three-year IMF bailout package nears a close. The government has started looking at key markets for the ‘Sukuk’ bonds – a…

EU Debate: Asian business leaders against Brexit

A British exit from the European Union would amount to a “serious and wilful self-inflicted wound” which may take decades to heal, the president of Vitabiotics has warned. Dr Kartar Lalvani is one of 81 Asian business leaders who have signed an open letter supporting the UK’s membership of the…

Being Asha Bhosle: An A-Z guide to the Bollywood icon

When you take her longevity, achievements, versatility and work outside cinema into account, then Asha Bhosle is undoubtedly the greatest Bollywood singer of all time. Starting off as a child in the 1940s, she is incredibly now in her eighth decade of captivating audiences with her unmistakable voice. The singing…

Bond of shared interests

The relationship between India and the UK is not something that I have just observed for the past three years as British deputy high commissioner, it is also something I have lived and breathed for the last 40 years of my life. As we mark the 69th anniversary of Indian…

Modi hosts BRICS leaders as bloc beset by economic woes

Prime minister Narendra Modi will look to reinvigorate the BRICS group of emerging nations at a summit this weekend, with India seen as a bright spot in a bloc whose clout has been undermined by economic woes. BRICS – a club made up of Brazil, Russia, India, China and South…

BRICS bank exec: World powers ‘misuse’ World Bank and IMF

EUROPE and the United States have “misused” the World Bank and International Monetary Fund for their own ends, according to an executive at a new bank launched by major developing countries. While such an accusation is hardly new, it is unusual for it to come from a rival institution. “The…

India banks reopen to long queues after rupee withdrawal

Long queues formed outside banks in India on Thursday (November 10) as they reopened for the first time since the government’s shock decision to withdraw the two largest denomination notes from circulation. Some banks in the capital New Delhi had received the new Rs 2,000 (£24) bill and a number…

Sri Lanka lifts ban on foreigners buying property

Sri Lanka announced on Thursday (November 10) it would lift a ban on foreigners owning property as the cash-strapped country sought to attract foreign capital to rebuild its war-ravaged economy. Finance minister Ravi Karunanayake told parliament of the potential to attract much-needed foreign investment in the construction sector, which is…

India plays down hit to growth from Modi’s cash crunch

India’s growth rate will slow by up to half a percentage point due to the government’s decision to scrap high-value banknotes, the top finance ministry economist said on Tuesday, challenging independent estimates of a far bigger impact. Chief economic adviser Arvind Subramanian rejected the view of the International Monetary Fund,…

Former CIA official: Pakistan most dangerous country for world

Pakistan is probably the “most dangerous country” for the world, a former CIA official has said, citing the potential dangers emanating from its failing economy, rampant terrorism and one of fastest growing nuclear arsenal. Kevin Hulbert, a former CIA Station Chief in Islamabad, warned that the “failure” of Pakistan would…

Pakistan launches $500 million in Islamic bonds

Pakistan is set to launch $500 million (£384m) in Islamic bonds to raise money for its foreign exchange reserves, a senior official said on Wednesday (September 28), as a three-year IMF bailout package nears a close. The government has started looking at key markets for the ‘Sukuk’ bonds – a…

Sri Lanka lifts ban on foreigners buying property

Sri Lanka announced on Thursday (November 10) it would lift a ban on foreigners owning property as the cash-strapped country sought to attract foreign capital to rebuild its war-ravaged economy. Finance minister Ravi Karunanayake told parliament of the potential to attract much-needed foreign investment in the construction sector, which is…

India plays down hit to growth from Modi’s cash crunch

India’s growth rate will slow by up to half a percentage point due to the government’s decision to scrap high-value banknotes, the top finance ministry economist said on Tuesday, challenging independent estimates of a far bigger impact. Chief economic adviser Arvind Subramanian rejected the view of the International Monetary Fund,…