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  • IMF team to visit Pakistan from Jan 31 for 9th review discussion

    IMF team to visit Pakistan from Jan 31 for 9th review discussion

    Canada Global (Web News) The IMF’s resident representative said on Thursday that an IMF mission would visit Pakistan later this month to talk about the nation’s continuing loan program’s ninth review, which has stalled.

    To continue the negotiations under the ninth EFF review, an in-person Fund mission is slated to visit Islamabad from January 31 through February 9 at the invitation of the authorities, according to a message from Esther Ruiz Perez to Reuters.

    According to the IMF official, the mission would concentrate on steps to restore internal and international sustainability, including bolstering the fiscal position with long-lasting and effective policies while providing aid to the weak and flood victims.

    The representative stated that the Fund would also talk about measures to improve the power sector’s viability, stop the growth of circular debt, and restore the forex exchange market’s appropriate operation so that the exchange rate can correct the forex shortfall.

    In order to reduce the current high level of uncertainty that weighs on the outlook, increase Pakistan’s resilience, and secure the financing support from official partners and the markets that is necessary for Pakistan’s sustainable development, the IMF official said that stronger policy efforts and reforms are essential.

    The incident occurred a day after Pakistan assured the US that it remained committed to the International Monetary Fund (IMF) programme. Pakistan’s reserves have dropped to barely enough to cover a half-worth month’s of imports after paying a fresh $500 million debt repayment.

    Government releasing its control over the rupee-dollar exchange rate in accordance with an IMF requirement, the Pakistani rupee plunged by Rs24.11 (or 9.45%) to an all-time low of Rs255 versus the US dollar in the interbank market.

    Status of the IMF programme was discussed by both parties during the meeting.

  • Chaudhry Shujaat says Shehbaz and Bilawal are “begging” for country

    Chaudhry Shujaat says Shehbaz and Bilawal are “begging” for country

    Canada Global (Web News) PML-Q President Chaudhry Shujaat Hussain chastised critics for referring to Prime Minister Shehbaz Sharif and Foreign Minister Bilawal Bhutto as “beggars,” claiming that both were “begging” for the sake of the country.

    Shujaat chastised the opposition for referring to Shehbaz and Bilawal as beggars in a statement.

    “They are pleading for flood victims’ rehabilitation and economic development,” he said.

    “We will also join them in this good deed,” he added, urging the “critics” to take action to solve people’s problems.

    An international donor summit in Geneva was co-hosted by UN Secretary General Antonio Guterres and Prime Minister Shehbaz Sharif.

    In order to assist the Pakistani people and government in overcoming the problem of post-flood reconstruction and rehabilitation, the conference brought together governments, leaders from the public and private sectors, and members of civil society.

    In order to rehabilitate, recover, and rebuild flood-affected areas, Pakistan received approximately $10 billion in promises from international financial institutions, donor agencies, and development partners.

  • Pakistan to repay around $8.3b in next three months

    Pakistan to repay around $8.3b in next three months

    Canada Global (Web News) Pakistan will have to pay back roughly $8.3 billion in the form of external debt payments over the upcoming three months (Jan-March) of the current fiscal year despite its declining foreign exchange reserves.

    Out of the $8.3 billion in outstanding debt servicing, Pakistan will require a rollover from the UAE of $2 billion over the following three months of the current fiscal year.

    The repayment of a $700 million commercial loan to Chinese banks is expected to be refinanced, according to Pakistani authorities. The servicing of the debt, which will cost $5.035 billion over the following three months and $426.88 million in interest payments, has boosted the total amount due to $5.462 billion.

    The government will be required to repay a total of $600 million in commercial loans in January 2023, $400 million of which will go to a bank in Dubai.

    Islamabad expects to receive a total of $2 billion in debt servicing payments from the UAE as a rollover. Pakistan will request a one-year extension from the UAE authorities.

    The country also expects re-financing from China in the amount of $700 million, but first it must repay Chinese banks.

    Islamabad would have to repay over $2 billion in commercial loans over the next three months, making this the largest remaining liability.

  • Risk of currency crisis in Pakistan

    Risk of currency crisis in Pakistan

    Canada Global (Web News) Other countries including Pakistan are at high risk of currency crisis

    Nomura has warned that seven countries, Pakistan, Egypt, Romania, Sri Lanka, Turkey, the Czech Republic and Hungary are now at high risk of a currency crisis.

    The Bank of Japan reported that danger has risen in 22 of the 32 nations covered by its domestic “Damocles” warning system since its last update in May, with the Czech Republic and Brazil experiencing the greatest rise.

    The Nomura economists referred to this total score as “a grim warning sign of mounting broad-based risk in EM currencies” and noted that it had reached its highest level since July 1999 and was not far from its peak of 2,692 during the height of the Asian crisis. gave

    The model reduces eight key indicators on a country’s FX reserves, exchange rate, fiscal health and interest rates to give an overall score.