IMF Archives - viralnom

IMF Team to Visit Pakistan for First Review Talks on Nov 2

26Oct

By Aqsa AzamNo Comments

Business

IMF Team to Visit Pakistan for First Review Talks on Nov 2

An International Monetary Fund (IMF) mission will visit Pakistan on November 2, 2023. IMF wants to discuss the first review of the country's current $3 billion standby arrangement (SBA). Moreover, this was confirmed by the IMF's resident representative to Pakistan, Esther Perez Ruiz, on October 25, 2023. An important group from the International Monetary Fund (IMF) is coming to Pakistan for discussions about the country's financial plan. This visit is part of the first review of Pakistan's $3 billion financial arrangement. Moreover, the leader of this group will be Nathan Porter, who is in charge of IMF's work in Pakistan. This news was confirmed by Esther Perez Ruiz, who represents the IMF in Pakistan. Moreover, she mentioned that Pakistan, which is currently being run by a tempora...

IMF Lowers 2023 Global Growth From 3.6% In April To 2.8%.

12Oct

By Aqsa Azam1 Comment

Business

IMF Lowers 2023 Global Growth From 3.6% In April To 2.8%.

The International Monetary Fund has warned that the global economy is facing a "serious" risk of recession. The IMF has cut its global growth forecast for 2023 to 2.8%, down from 3.6% in April. Yes, the IMF has warned that the global economy is facing a "serious" risk of recession. The IMF has cut its global growth forecast for 2023 to 2.8%, down from 3.6% in April. This is the weakest growth forecast since 2001, except for the global financial crisis and the acute phase of the COVID-19 pandemic. The IMF's warning is based on a number of factors, including the war in Ukraine, high inflation, and rising interest rates. The war in Ukraine has caused a sharp increase in energy and food prices, which is putting a strain on household budgets and businesses. High inflation is also eroding...

Is the import ban lifted in Pakistan after the PAK government received an IMF loan?

13Jul

By Muhammad Dastageer ShamsNo Comments

Latest, Pakistan

Is the import ban lifted in Pakistan after the PAK government received an IMF loan?

The government imposed an import ban in Pakistan back in November 2021 in an effort to conserve foreign exchange reserves. The ban covered a wide range of goods, including luxury items, non-essential raw materials, and some food items. The ban was met with mixed reactions. Some people welcomed it as a necessary measure to address the country's balance of payments crisis. Others criticized it as an unnecessary burden on businesses and consumers. In April 2022, the Pakistani government reached an agreement with the International Monetary Fund (IMF) for a $6 billion loan. As part of the agreement, the government agreed to lift the import ban on some goods. However, the import ban on other goods remains in place. These include luxury items, non-essential raw materials, and some food ...

29Jul

By Muhammad Dastageer Shams1 Comment

Business

Pakistani petrol prices could rise?

According to experts, price of petrol in Pakistan should have reduced by Rs 25 per liter in view of the recent decline in oil prices in the international market. Due to the rupee's continuous decline against the dollar and the local unit making record lows on a daily basis for the last couple of days, the government will not be able to pass on the benefits of lower prices for petroleum products to consumers. The local currency had plunged to a new low against the US dollar, which continued to strengthen in the inter bank market for the ninth straight session. As it shed Rs 3.09 or 1.31%, the greenback closed at Rs 236.02 in the inter bank market, up from Rs 232.93 a day earlier. After closing at almost Rs 211 on July 15, 2022, the dollar has gained Rs 25 against the rupee. As a c...

Fitch sees ‘considerable risks’ In IMF report

19Jul

By Muhammad Dastageer ShamsNo Comments

Business

Fitch sees ‘considerable risks’ In IMF report

The New York-based agency(Fitch), one of three major global rating agencies, also affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' on Monday. Since the start of the year, Pakistan's external liquidity position and financing conditions have deteriorated significantly, according to Fitch Ratings. Ratings outlooks downgraded by Fitch due to a host of other factors. Especially in the current environment of slowing growth and high inflation, renewed political volatility could undermine the authorities' fiscal and external adjustment. A lack of political stability Earlier this month, Fitch reported that former prime minister Imran Khan, who ousted by a no-confidence vote on 10 April, demanded early elections and held large protests. With only a s...