Pakistan has formally requested a $1.2 billion Saudi Oil Facility to help cover the $2-2.5 billion financing shortfall identified by the International Monetary Fund (IMF) for the current fiscal year. In a meeting with Saudi Ambassador Nawaf Bin Said Al-Malki on Wednesday, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb expressed Pakistan’s commitment to … Read more
Pakistan has formally requested a commercial loan between $800 million and $1 billion from Standard Chartered Bank (SCB) to help fill a crucial financing gap needed to secure approval for the International Monetary Fund’s (IMF) $7 billion Extended Fund Facility (EFF). The News International reported, citing top official sources, that SCB has agreed in principle … Read more
An employee counts Pakistani rupee notes at a bank in Peshawar, on August 22, 2023. — Reuters Finance ministry reports statistical discrepancy of Rs281bn. Govt achieves primary balance of Rs0.952tr in line with IMF. Largest expenditure item, debt servicing, consumed Rs8.2tr. ISLAMABAD: The federal government’s net revenue receipts were insufficient to cover even one major expenditure item … Read more