Business

Dar reiterates Pakistan’s commitment to IMF programme

Published

2 years ago

Farwa

Commitment comes during Dar’s meeting with US diplomat.
He apprises the American diplomat about economic situation.
Schofer confident in Pakistan’s policies and programmes.

ISLAMABAD: In a meeting with US Embassy Charge’d Affaires Andrew Schofer, Finance Minister Senator Ishaq Dar on Wednesday reiterated the federal government’s commitment to the International Monetary Fund (IMF) programme.

During the meeting at the Finance Division, the finance minister informed Schofer about the ongoing IMF programme and assured him that the coalition government “is committed to completing the programme”, according to a statement released by the Ministry of Finance.

In response, the statement said, Schofer voiced his confidence in Pakistan’s policies and programmes for economic stability and extended his support to advance the existing economic and trade relations between the two states.

H.E. Mr. Andrew Schofer, Charge’d Affaires of the Embassy of the United States of America called on Finance Minister Senator Mohammad Ishaq Dar,today and exchanged views on further expanding bilateral economic, trade and investment ties between the two countries.🇺🇸🇵🇰 pic.twitter.com/7AvaJRGtUt
— Ministry of Finance (@FinMinistryPak) May 3, 2023

The finance minister apprised the American diplomat about the economic situation and discussed the current challenges it was facing.

He further communicated about the difficult policy decisions recently being taken by the government with the aim of stabilising and subsequently boosting the economy, ensuring sustainable and inclusive growth.

During the meeting, Schofer and Dar also exchanged views on “remarkable bilateral relations held with the United States on economic and trade fronts”.

Dar thanked the US charge’d affaires and reiterated the government’s desire to expand bilateral trade and investment ties with the US.

The meeting comes a day after The News — citing sources — reported that Pakistani authorities and the Washington-based lender were blaming each other for the delay in the revival of the bailout programme.

Official sources told the publication on Monday that both the IMF and Pakistan were holding each other responsible for the “unwarranted delay” in the completion of the outstanding ninth review and reviving the stalled programme after the lapse of almost 80 days since both sides completed Islamabad parleys on February 9.

According to the report published in The News, Pakistan’s options for reviving the IMF programme are shrinking with the passage of every day. It is yet to be ascertained how the country will proceed to accomplish the existing IMF programme, which expires on June 30, 2023.

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

2 days ago

Farwa

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Business

Despite economic gains, PSX remains strong.

Published

2 days ago

Farwa

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

2 days ago

Farwa

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.