Tag: Access to finance
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Nawaz Sharif Blames Imran’s Backers for Economic Woes
Former PM Nawaz Sharif the supreme leader of PML-N, asserted that the imposition of Imran Khan as the Prime Minister halted the wheels of progress. Speaking at a ceremony held at the Sialkot Chamber of Commerce and Industry, Sharif emphasized the critical need for political stability and long-term policies to instill confidence in investors and…
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Pakistan Unveils Retail Tax Reform
Pakistan has formally communicated to the International Monetary Fund (IMF) its intention to introduce an indicative income-based tax targeting retailers, with the aim of augmenting their annual contribution to the tune of Rs100 billion to Rs200 billion. Government sources reveal that this proposal is slated for implementation in January of the coming year. Although no…
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Pakistani Rupee Against USD: Promising Economic Turnaround
In a remarkable display of resilience and economic recovery, the Pakistani rupee has surged, appreciating by 1.4 percent against the US dollar in the interbank market throughout the outgoing week. As it stands, the rupee is poised to claim the title of the best-performing currency for this month. By the close of business on Thursday,…
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“USD to PKR: Pakistan’s Dollar Exchange Rate – August 31, 2023”
In the world of financial fluctuations, where currencies constantly dance to the tune of global markets, the exchange rate between the US Dollar (USD) and the Pakistani Rupee (PKR) remains a crucial point of interest. As of August 31, 2023, the Dollar Rate in Pakistan stands at Rs. 305.54, representing the interbank closing exchange rate…
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Bitcoin and Ethereum: Price Analysis and Future Prospects
The cryptocurrency market, particularly Bitcoin (BTC) and Ethereum (ETH) has been witnessing fluctuations due to various factors impacting investor sentiments. Speculations about the US Federal Reserve slowing down interest rate hikes initially sparked hopes of recovery for Bitcoin. However, with the recent revelation of low unemployment rates in the US, negative sentiments returned to the…
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Pakistan Receives $1.2 Billion IMF Tranche
Pakistan has received a much-needed lifeline as the International Monetary Fund (IMF) deposited $1.2 billion into the State Bank of Pakistan (SBP) account. This initial disbursement marks a crucial step in averting the risk of default that has loomed over Pakistan’s cash-strapped economy for nearly a year. After eight months of challenging negotiations regarding fiscal…
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Pakistan Secures Crucial $3 Billion Nod from IMF in Nick of Time
Pakistan has finally reached a staff-level agreement with the International Monetary Fund (IMF) on a much-awaited $3 billion stand-by arrangement, providing a lifeline to the country on the brink of default. The deal, subject to approval by the IMF board in July, offers respite to Pakistan as it grapples with an acute balance of payments…
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PM Holds Third Meeting with IMF Chief, Hopes for Loan Program Completion
Prime Minister Shehbaz Sharif recently met with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, in Paris to reaffirm Pakistan’s commitment to completing the loan program with the financial institution. This was the third meeting between the prime minister and the IMF chief, taking place on the sidelines of a summit for…
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Government Contemplates Law Amendment to Facilitate Inflow of Dollars
In an effort to attract billions of dollars to the country and avoid a potential default, the government of Pakistan is contemplating amending the Income Tax Ordinance. The proposed amendment aims to allow individuals to bring in up to $100,000 from abroad without having to disclose the source of income. While some view this move…
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Government Employees Await Promised Salary Boost of 20% in Upcoming Budget
In an announcement on Wednesday, Ashfaq Tola, Chairman of the Reforms & Resource Mobilisation Commission, revealed that government employees can expect a substantial pay hike of approximately 20% in the forthcoming budget. Mr. Tola emphasized the need to boost the salaries of lower-grade employees, noting that their current remuneration is disproportionately low. During an event…
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Pakistan’s Economic Survey 2022-23 Unveils Modest Growth and Sector-Specific Challenges
The federal government of Pakistan is set to release the Economic Survey of Pakistan 2022-23 today, providing a comprehensive overview of the country’s socio-economic progress during the previous fiscal year. The pre-budget document, to be unveiled by Finance Minister Ishaq Dar, will highlight key achievements, performance, and trends in various sectors including agriculture, manufacturing and…
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Pakistan’s Budget Caught Between IMF Expectations and Impending Elections
The upcoming budget for the 2023-24 fiscal year in Pakistan is expected to strike a delicate balance between meeting International Monetary Fund (IMF) requirements and appealing to voters ahead of the imminent general election, according to analysts. With Pakistan’s IMF program set to expire this month and $2.5 billion in funds yet to be released,…
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Pakistani Rupee Faces Potential Depreciation as IMF Loan Program Looms
The Pakistani rupee has seen a slight recovery of 0.02% against the US dollar, reaching Rs285.35 in the interbank market. However, financial experts are predicting further depreciation of the currency as the revival of the International Monetary Fund (IMF) loan program draws near. The IMF has reminded the government to fulfill three conditions in order…
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IMF Urges Pakistan to Address Currency Market and Present Revised Budget Framework
The International Monetary Fund (IMF) has called upon Pakistan to eliminate the dual exchange rate system and share a revised budgetary framework for the current fiscal year and the upcoming budget (2023-24) in order to reach a staff-level agreement. Concerned about low revenues and unchecked expenditures, the IMF warns that the budget deficit could reach…
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Rupee Faces Further Depreciation in Open Market Amid Dollar Shortage
The Pakistani rupee is likely to face more pressure in the open market next week as a shortage of the dollar persists. However, in the interbank market, the rupee is expected to trade within a narrow range, as administrative measures are implemented to stabilize rates. The economic challenges facing Pakistan, coupled with dwindling foreign exchange…
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SBP Projects Substantial Decline in Pakistan’s Economic Growth, Citing Control Measures and Flood Impact
The State Bank of Pakistan (SBP) has provided a grim assessment of the country’s economic prospects, stating that growth for the current fiscal year will fall significantly short of the previously revised projection of around 2%. This stands in stark contrast to a few research houses’ forecasts, which predicted a contraction in the fiscal year…
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Pakistan’s Current Account Registers Second Consecutive Monthly Surplus
In a positive development for Pakistan’s economy, the current account recorded a surplus for the second consecutive month in April. The surplus amounted to $18 million, a significant improvement compared to the $640 million deficit recorded in the same period last year, according to data released by the State Bank of Pakistan (SBP). This follows…
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Pakistani Rupee Exhibits Signs of Recovery Against US Dollar
In a positive development, the Pakistani rupee (PKR) demonstrated a slight improvement against the US dollar in the interbank market, as confirmed by the State Bank of Pakistan (SBP). The local currency gained Rs0.01 to close at 284.96, compared to its previous rate of Rs283.97. This recovery follows a period of depreciation that saw the…
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Pakistan Faces Uphill Battle in Meeting IMF’s $8 Billion Bailout Review Requirement
The International Monetary Fund (IMF) has reportedly urged Pakistan to procure a substantial amount of $8 billion to successfully conclude its bailout review. This financial requirement has placed Pakistan’s economic stability under scrutiny, as the nation seeks to meet the conditions set forth by the IMF. The following essay will delve into the details of…
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Saudi Fund for Development signs $240m loan agreement with Pakistan for a sustainable energy project
The Saudi Fund for Development (SFD) has signed a loan agreement worth $240 million with Pakistan to support the Mohmand Multipurpose Dam Project, aimed at promoting sustainable development and achieving the Sustainable Development Goals (SDGs). The project is co-financed by the SFD, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development. The…
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Pakistan’s Economy Faces Challenges as US Dollar Gains Against the Rupee
The US Dollar continued its upward trend against the Pakistani Rupee on Friday, gaining a record 25 paisas in the interbank trading. The local currency had appreciated by 1.21 percent on Thursday, halting the US Dollar’s advance. However, it bounced back the next day after Saudi Arabia pledged $2 billion in funding to Pakistan. The…
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Saudi Arabia funds Pakistan’s Dam
Saudi Arabia has signed a $240 million loan agreement with Pakistan to support the Mohmand Dam project in the northwestern Khyber Pakhtunkhwa province. The agreement was signed in Islamabad by officials from the Ministry of Economic Affairs and the Saudi Ambassador to Pakistan, Nawaf bin Said Al-Malki. The loan will provide significant support to Pakistan’s…
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Pakistani Rupee Rises on Hopes of IMF Bailout Revival
The Pakistani rupee has gained over 1% against the US dollar in interbank trade on hopes of a revival of the International Monetary Fund (IMF) bailout. The IMF has received confirmation from Saudi Arabia on $2bn in additional deposits, raising hopes of an early signing of the agreement. Islamabad has been negotiating with the IMF…
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Pakistani Rupee Gains on Saudi Arabian Loan Promise
The Pakistani rupee has experienced significant gains against the US dollar, climbing 1.21% in the inter-bank market on Thursday after reports of expected inflows from Saudi Arabia. The currency closed at 284.42, up by Rs3.43. This followed a new record low of 287.85 in the inter-bank market on Wednesday. The Saudi Arabian government has confirmed…
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Pakistan receives confirmation of $2bn deposit from Saudi Arabia as IMF deal inches closer
Pakistan has received confirmation from Saudi Arabia for $2bn in additional deposits, according to the International Monetary Fund (IMF), renewing hopes of an early agreement. Pakistan has been in negotiations with the IMF since the end of January for the release of $1.1bn from a $6.5bn bailout package agreed upon in 2019. The government has…
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Pakistan’s Rupee Hits All-Time Low at 288 Against USD as IMF Loan Program Remains Delayed
Pakistan’s currency, the rupee, has reached a new all-time low against the US dollar, hitting Rs288 in the interbank market. This depreciation comes amid delays in the revival of the International Monetary Fund (IMF) loan program and the looming risk of default on foreign debt repayment. The rupee has been struggling in recent months, with…
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Pakistan to Send One Million Workers Abroad for Employment Opportunities in 2023
The Minister for Overseas Pakistanis, Sajid Hussain Turi, has announced that the government is planning to send one million Pakistanis abroad for employment opportunities this year. This announcement was made in an exclusive interview with a private television channel on Sunday. According to Turi, Saudi Arabia will soon be visiting Pakistan to issue work permit…
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Pakistani Rupee Gains Momentum as Demand for US Dollars Slows
The Pakistani rupee has shown signs of recovery in the inter-bank market for the second consecutive working day, with a 0.25% increase or Rs0.70 to Rs283.20 against the US dollar. The recent uptick in the currency can be attributed to a slowdown in demand for US dollars for imports, which has been partially closed due…
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Pakistan’s Fuel Pricing Scheme Under Scrutiny for IMF Loan Agreement
Pakistan is facing a crucial deadline to finalize a long-awaited loan agreement with the International Monetary Fund (IMF) to receive a $1.1 billion tranche from a $6.5 billion bailout agreed upon in 2019. Negotiations have been ongoing since February 2023, and the IMF has confirmed that a staff-level agreement will be signed once the remaining…
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IMF Needs Financing Assurances
The International Monetary Fund (IMF) has said that assurances of financial assistance from bilateral and other sources are critical to supporting the authorities’ policy efforts and ensuring the successful completion of the review with Pakistan. The IMF wants Pakistan to get the assurance of up to $7bn to fund this fiscal year’s balance of payments…
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CAD shrinks on rupee depreciation
Pakistan’s current account deficit (CAD) dropped to a nearly two-year low in February 2023 as the country’s imports were reduced due to administrative controls and rupee depreciation, according to data from the State Bank of Pakistan (SBP). The CAD narrowed 86% to $74 million in February, the smallest since March 2021. The deficit shrank 68%…
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Foreign Exchange Reserves in Pakistan Boosted by Chinese Loan Amid Economic Challenges
The State Bank of Pakistan (SBP) has reported a significant rise in its foreign exchange reserves, with the current total standing at over $4 billion. This increase has been attributed to a fresh loan of $500 million from a Chinese commercial bank. The SBP’s reserves had previously fallen rapidly from $16.3 billion in February 2022…
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Blockchain in Insurance Forecast
Blockchain technology has been gaining significant momentum in recent years, and it is transforming various sectors of the global economy. One of the industries that are increasingly adopting blockchain is the insurance sector. According to a report published by Allied Market Research, the global blockchain in the insurance market generated $496.9 million in 2021 and…
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Pakistani Rupee Maintains Upward Trend Against the Dollar
According to a report in The News, traders expect the Pakistani rupee to maintain its upward trend against the US dollar in the coming week, following a boost in foreign exchange reserves as the nation received $700 million from China. The local currency has already gained about Rs2 or 0.72%, rising to 259.99 against the…
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“Efficient Handling of Seized Foreign Currency: Pakistan’s New Mechanism for Transparency and Accountability”
Recently, the authorities in Pakistan have adopted a new mechanism for the handling of seized foreign currency. This move has been taken to ensure that appropriate arrangements are made for the currency that is confiscated by law enforcement agencies (LEAs). Under the new mechanism, the seized foreign currency will be deposited into the government bank…
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“Tensions mount between PCB and Punjab government over PSL security costs”
The fate of Pakistan Super League (PSL) matches scheduled to be held in Lahore and Rawalpindi remains undecided due to a deadlock between the Pakistan Cricket Board (PCB) and the Punjab government. The Punjab government has demanded Rs450 million from the PCB for security arrangements in Lahore and Rawalpindi for the matches. However, the PCB…
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Cost of Ukraine war
The ongoing conflict in Ukraine began in 2014 when Russian-backed separatists seized control of Crimea and parts of eastern Ukraine. The conflict has resulted in the deaths of over 13,000 people and the displacement of over 1.5 million. Despite multiple ceasefires and peace agreements, fighting has continued sporadically, with both sides accusing each other of…
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Pakistan seeks IMF deal
Prime Minister Shehbaz Sharif has stated that Pakistan is in the process of striking a deal with the International Monetary Fund (IMF) to revive the stalled $1.1 billion loan tranche. The loan tranche is crucial for Pakistan to avoid a possible default, as the nation battles an economic crisis. The prime minister made the announcement…
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Chain stores resist GST hike
The proposed finance bill aimed at raising the general sales tax (GST) from 17% to 18% has drawn sharp criticism from the Chain Stores Association of Pakistan (CAP). The association has announced its resistance to the International Monetary Fund (IMF) pressure, stating that the new taxation measures are destructive and will add to the misery…
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“Unpacking the Complexities of Pakistan’s LNG Reference Case: Transparency and Accountability in the Spotlight”
Former Prime Minister Shahid Khaqan Abbasi was issued an arrest warrant earlier on Tuesday by an accountability court in Islamabad for his failure to appear in the case hearing for the LNG (liquefied natural gas) reference. However, the court later canceled the warrant after Abbasi’s lawyer filed an exemption application. On the other hand, the…
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Assessing Bitcoin’s Recovery in the Cryptocurrency Realm
Have bitcoin and ether finally turned a corner? It’s looking that way, if crypto options traders are anything to go by. The volume of bitcoin options traded on Deribit, one of the leading exchanges for crypto-focused derivatives products, jumped 82 per cent in January versus December, according to crypto market maker OrBit Markets. Ether options…
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Workforce Reduction of 11% at Daraz, an E-Commerce Company Backed by Alibaba Group
Alibaba Group subsidiary, Daraz Group, an e-commerce platform, is reducing its workforce by 11 per cent to prepare for the ‘current market reality’, the group’s CEO Bjarke Mikkelsen said in a letter to employees shared on the company website. Mikkelsen cited a difficult market environment, with a war in Europe, huge supply chain disruptions, soaring…
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Entrepreneurship in Pakistan: Opportunities and Challenges
Pakistan is a country with a population of over 220 million people and a rapidly growing economy. Despite facing numerous challenges, the country is home to a thriving entrepreneurial ecosystem that offers a wide range of opportunities for individuals and businesses. This article will explore the current state of entrepreneurship in Pakistan, highlighting the opportunities…