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Searched Tag: pakistan s economy

IMF approves $7bn bailout for Pakistan; $1.1bn due soon

September 26, 2024, 04:40 PM - 2 min read

The International Monetary Fund approved a USD 7 billion Extended Fund Facility for Pakistan, with the first tranche of USD 1.1 billion expected by September 30, 2024, providing critical financial support as the country undertakes economic reforms to stabilise its struggling economy.

Uber to Shut Operation in Pakistan and just continue with the Subsidiary Careem App in Pakistan. Image X.

American giant Uber exits Pakistan, Careem App takes over

April 30, 2024, 07:55 PM - 2 min read

Uber, the renowned American transportation giant, has decided to suspend its operations in Pakistan, shifting its focus to its subsidiary brand, Careem.

'India becoming a superpower, we are begging to avoid bankruptcy': Pakistan leader

April 30, 2024, 10:03 AM - 2 min read

"Just compare India and ourselves... both countries got independence on the same day. But today, they (India) are dreaming of becoming a superpower, and we are begging to avoid bankruptcy," he said.

Recently, in an interactive session with Pakistan’s Prime Minister Shehbaz Sharif, several business leaders urged him to initiate trade talks with India to promote business and commerce, which in response, would greatly benefit the former’s cash-strapped economy.

Business leaders urge PM Shehbaz Sharif to initiate trade talks with India for economic boost

April 25, 2024, 01:02 PM - 2 min read

While praising Prime Minister’s determination to tackle economic issues, the Karachi’s business community advised him to focus more on bringing political stability to the ‘turn-around’ economy.

A high-level Pakistani delegation led by Finance Minister Muhammad Aurangzeb is currently visiting Washington to attend the annual spring meetings of the IMF/World Bank.

Cash-strapped Pakistan requests another IMF bailout

April 20, 2024, 12:39 PM - 2 min read

A high-level Pakistani delegation led by Finance Minister Muhammad Aurangzeb is currently visiting Washington to attend the annual spring meetings of the IMF/World Bank.

ADB report signals troubling times ahead for Pakistan's economy

April 14, 2024, 08:07 AM - 2 min read

A report by the ADB has maintained that living cost in Pakistan is the highest in Asia with at least 25% inflation rate and an economic growth pace, expected to grow at a meagre 1.9 %, which is the fourth lowest in the region.

Saudi Arabia to raise deposits in Pakistan's central bank to 5 billion

April 10, 2024, 06:47 PM - 2 min read

“Both parties affirmed their commitment to expediting the first wave of investment package worth USD 5 billion which was discussed previously,” the statement read.

The World Bank has issued a sobering assessment of Pakistan's economic trajectory, projecting a modest growth of 1.8% for the current fiscal year ending in June 2024.

World Bank forecasts grim economic future for Pakistan, urges structural reforms

April 3, 2024, 03:29 PM - 2 min read

The report painted a grim picture of Pakistan's economy, indicating that over 10 million more people are at risk of falling into poverty in the cash-strapped nation. Despite a nascent economic recovery, poverty alleviation efforts remain insufficient, with economic growth projected to stagnate at a paltry 1.8%, leaving approximately 98 million Pakistanis struggling with poverty.