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Pakistan finally reaches staff-level agreement with IMF: Bloomberg

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2 years ago

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  • Sources say an official announcement in this regard is expected soon.
  • Staff-level agreement will pave way for $1.2b disbursement, which is expected in August.
  • Disbursal would offer relief to Islamabad as country’s foreign-exchange reserves are depleting. 

ISLAMABAD: Pakistan and the executive board of the International Monetary Fund (IMF) on Wednesday reached a staff-level agreement that revived the $6 billion Extended Fund Facility (EFF) programme for the country, Bloomberg reported.

The move comes after the coalition government adhered to all “tough” conditions set by the global lender, including an increase in the price of petroleum products and energy tariffs, among others.

Sources told Geo.tv that the official announcement in this regard is expected soon.

The staff-level agreement will pave way for a $1.2 billion disbursement, which is expected in August.

Bloomberg reported that the disbursal would offer relief to Islamabad as the country’s foreign-exchange reserves are depleting so much so that they can only cover less than two months of imports. 

In June, Pakistan and the Fund staff achieved substantial progress to strike a consensus on budget 2022-23 after which the IMF shared a draft Memorandum of Economic and Financial Policies (MEFP).

Finance Minister Miftah Ismail on June 28 announced that Pakistan had received the MEFP from the IMF for the combined seventh and eighth reviews.

The IMF in June 2019 approved a three-year, $6 billion loan “to support Pakistan’s economic plan, aimed at returning “sustainable growth to the country’s economy and improving the standards of living”.

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SIFC-Assisted OGDCL Commences Gas Production in Uch Every day, OGDCL contributes 5 million SCF to the national grid.

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20 hours ago

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The chronic gas deficit is being addressed by Oil & Gas Development Company Limited, which produces 5 million standard cubic feet of gas each day.

In the Uch region of the Dera Bugti District of Balochistan, Oil & Gas Development Company Limited has started producing gas with the assistance of the Special Investment Facilitation Council.

The company used its technological abilities to drill a well and successfully find gas at a depth of 1,345 meters.

An improvement in the energy industry is the company’s enhanced financial performance, which has resulted in a profit of 41.02 billion rupees.

In order to promote sustainable growth and strengthen national energy security, Oil & Gas Growth Company Limited is still committed to growing production.

Together with the Special Investment Facilitation Council, OGDCL’s strategic initiatives are essential to the energy sector’s future.

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The KSE-100 Index surpasses 102,000 points as the PSX begins the week on a high note.

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2 days ago

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For the first time in recent memory, the benchmark KSE-100 Index broke beyond the 102,000 point level, kicking off the new trading week on a high note for the Pakistan Stock Exchange (PSX).

The index rose 835 points as of the morning session, hitting a new high of 102,192 points with an intraday peak of 102,288 points.

After a strong close to the previous week, when the index closed at 101,357 points, the PSX has continued its recent bullish performance with this upward trajectory.

Growing investor optimism has propelled the market’s rally, which has been supported by improved macroeconomic conditions, declining bond yields, and the ongoing flood of foreign capital into stocks.

The PSX has been strong because of a number of important elements. Since May 2024, the State Bank of Pakistan has lowered interest rates by a total of 700 basis points, which has improved market sentiment.

Mutual funds have invested more than $132 million in Pakistani stocks since January, indicating a move in investor preferences away from bonds and toward stocks.

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NMDA Humanitarian Aid: Damascus Receives 21st Shipment of Aid for Gaza and Lebanon

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5 days ago

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Following a chartered flight from Nur Khan Base yesterday, the 21st shipment of humanitarian aid for war-affected and displaced persons in Gaza and Lebanon has successfully landed in Damascus. The shipment contained 17 tons of relief supplies provided by NDMA.

Pakistan’s ambassador in Damascus, Air Marshal (R) Shahid Akhtar, accepted the aid.

In regards to aiding the war-torn populations of Palestine and Lebanon, the Government of Pakistan is unwavering in its resolve.

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