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Ishaq Dar cancels US trip as political crisis worsens

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2 years ago

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  • Dar cites “domestic state of political affairs” as major reason.
  • Finance minister was also expected to visit UAE on his way to US.
  • A delegation will represent Pakistan at WB-IMF spring meeting now.

Despite Pakistan trying to make all-out efforts to woo the International Monetary Fund (IMF) to release a $1.1 billion loan tranche, Federal Minister for Finance and Revenue Ishaq Dar cancelled his trip to the United States.

Source told Geo News that the finance minister has called off his trip citing the “domestic state of political affairs” as the reason.

Dar was expected to attend the spring meetings of the World Bank-IMF that were taking place from April 10 to 16 in Washington.

Meanwhile, he was also scheduled to meet the IMF management for holding talks regarding the removal of bottlenecks for the revival of the derailed $6.5 billion programme.

Islamabad has been negotiating with the IMF since the end of January for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019. To unlock the funding, the government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes and raised fuel prices.

However, assurances from friendly nations for additional funds have delayed the agreement.

The finance czar was also expected to visit UAE on his way to the US where he was to hold talks with the officials for getting confirmation on another $1 billion deposit from them, which may pave the way for striking the staff-level agreement with the IMF.

While Dar pulled out of the trip, a delegation from Pakistan — including Finance Secretary Hamed Yaqoob Sheikh and Economic Affairs Secretary Kazim Niaz — will attend the spring meets of WB-IMF. The delegation will hold talks with the IMF officials on the sideline of the meetings to woo them to release the next tranche to Pakistan.

State Bank of Pakistan (SBP) Governor Jameel Ahmad will also accompany the Pakistani delegation visiting the US.

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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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Business

SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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1 day ago

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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Business

When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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