• Latest
  • Trending
Pakistan PM pleads with IMF to pause harsh conditions to its loan

Pakistan PM pleads with IMF to pause harsh conditions to its loan

January 10, 2023
Pastor Jerome Fernando

CID arrests Pastor Jerome

December 1, 2023
Nepal becomes first country in South Asia to register same-sex marriage

Nepal becomes first country in South Asia to register same-sex marriage

December 1, 2023
Israel resumes combat as truce expires, accuses Hamas of violation

Israel resumes combat as truce expires, accuses Hamas of violation

December 1, 2023
ICC

A historic first for Uganda as side joins Namibia into T20WC 2024

December 1, 2023
Taylor Swift

Who is Spotify’s most-streamed artist of 2023?

December 1, 2023
Sri Lanka inflation rises for second month on high energy costs

Sri Lanka inflation rises for second month on high energy costs

December 1, 2023
New York Times on the alleged plot to kill Sikh separatists abroad

New York Times on the alleged plot to kill Sikh separatists abroad

December 1, 2023
Sri Lanka Oil

Fuel prices revised in Sri Lanka

December 1, 2023
Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

November 30, 2023
Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

December 1, 2023
9th.edition of Indo-Lankan exercise Mitra Shakti concludes

9th.edition of Indo-Lankan exercise Mitra Shakti concludes

November 30, 2023
Google is deleting old Gmail accounts: Here’s how to save yours

Google is deleting old Gmail accounts: Here’s how to save yours

November 30, 2023
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Friday, December 1, 2023
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Pastor Jerome Fernando

    CID arrests Pastor Jerome

    Nepal becomes first country in South Asia to register same-sex marriage

    Nepal becomes first country in South Asia to register same-sex marriage

    Sri Lanka inflation rises for second month on high energy costs

    Sri Lanka inflation rises for second month on high energy costs

    New York Times on the alleged plot to kill Sikh separatists abroad

    New York Times on the alleged plot to kill Sikh separatists abroad

    Sri Lanka Oil

    Fuel prices revised in Sri Lanka

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

    Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

    9th.edition of Indo-Lankan exercise Mitra Shakti concludes

    9th.edition of Indo-Lankan exercise Mitra Shakti concludes

    Colombo

    Sri Lanka reaches debt restructuring deal with creditor nations

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Pastor Jerome Fernando

    CID arrests Pastor Jerome

    Nepal becomes first country in South Asia to register same-sex marriage

    Nepal becomes first country in South Asia to register same-sex marriage

    Israel resumes combat as truce expires, accuses Hamas of violation

    Israel resumes combat as truce expires, accuses Hamas of violation

    ICC

    A historic first for Uganda as side joins Namibia into T20WC 2024

    Taylor Swift

    Who is Spotify’s most-streamed artist of 2023?

    New York Times on the alleged plot to kill Sikh separatists abroad

    New York Times on the alleged plot to kill Sikh separatists abroad

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Google is deleting old Gmail accounts: Here’s how to save yours

    Google is deleting old Gmail accounts: Here’s how to save yours

    Putin announces partial mobilization for Russians, threatens enemies

    Putin is urging women to have as many as 8 children after so many Russians died in his war with Ukraine

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Taylor Swift

    Who is Spotify’s most-streamed artist of 2023?

    Disneyland. Image credits - Kon Karampelas / Unsplash

    The sad, lonely secret behind America’s never-ending wave of Marvel movies and Disney reboots

    The musician and entrepreneur announced he "decided to give up smoke." Image credits - Kevin Mazur/Getty Images

    Snoop Dogg giving up smoking weed?

    Blockbusters bring gangsters to Bollywood

    Blockbusters bring gangsters to Bollywood

    3rd Bangladesh Film Festival illuminates Colombo

    3rd Bangladesh Film Festival illuminates Colombo

    Jason Derulo

    Jason Derulo sued for sexual harassment by fellow singer

    Pandit Hariprasad Chaurasia’s Vrindaban Gurukul for new-age learners

    Pandit Hariprasad Chaurasia’s Vrindaban Gurukul for new-age learners

    Jawan is releasing on 4000 screens internationally. It is the widest release for an SRK centric film (Credit: Red Chillies Entertainment)

    This actor is so huge his fans lined up at 4.30 a.m. to watch his new movie

    Instagram. Solen Feyissa @solenfeyissa / Unsplash

    New report reveals highest earners from Instagram posts

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Visas. Image credits - ConvertKit @convertkit

    Free Sri Lankan visa for 7 countries: Regulations issued

    Airline / Flight

    Malaysia to allow visa-free entry to Chinese, Indian nationals from December 1

    Disneyland. Image credits - Kon Karampelas / Unsplash

    The sad, lonely secret behind America’s never-ending wave of Marvel movies and Disney reboots

    ‘Nas Daily’ signs agreement with Sri Lanka Tourism

    ‘Nas Daily’ signs agreement with Sri Lanka Tourism

    Travel. Image credits - Sacha Verheij / Unsplash

    The 24 best places to go in 2024

    SriLankan Airlines

    SriLankan Airlines introduces self-check-in kiosks, baggage drop at BIA

    Gasping for air: Delhi’s smog-laden winter  

    Gasping for air: Delhi’s smog-laden winter  

    World’s first whole-eye transplant hailed as breakthrough

    World’s first whole-eye transplant hailed as breakthrough

    Sri Lanka’s Pekoe Trail wins British Guild of Travel Writers Award

    Sri Lanka’s Pekoe Trail wins British Guild of Travel Writers Award

    Lonely Planet’s top places to go in 2024

    Lonely Planet’s top places to go in 2024

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Google is deleting old Gmail accounts: Here’s how to save yours

    Google is deleting old Gmail accounts: Here’s how to save yours

    FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar

    Apple unveils its fastest iMac and MacBook Pro models yet

    Instagram. Solen Feyissa @solenfeyissa / Unsplash

    Instagram testing new feature that lets you add photos and videos to other people’s posts

    WhatsApp will soon allow users to use two accounts on one phone

    WhatsApp will soon allow users to use two accounts on one phone

    X

    X begins charging new users $1 a year in New Zealand, Philippines

    Google looks to do away with passwords, making ‘passkeys’ the default option

    Google looks to do away with passwords, making ‘passkeys’ the default option

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Pastor Jerome Fernando

    CID arrests Pastor Jerome

    Nepal becomes first country in South Asia to register same-sex marriage

    Nepal becomes first country in South Asia to register same-sex marriage

    Sri Lanka inflation rises for second month on high energy costs

    Sri Lanka inflation rises for second month on high energy costs

    New York Times on the alleged plot to kill Sikh separatists abroad

    New York Times on the alleged plot to kill Sikh separatists abroad

    Sri Lanka Oil

    Fuel prices revised in Sri Lanka

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

    Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

    9th.edition of Indo-Lankan exercise Mitra Shakti concludes

    9th.edition of Indo-Lankan exercise Mitra Shakti concludes

    Colombo

    Sri Lanka reaches debt restructuring deal with creditor nations

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Pastor Jerome Fernando

    CID arrests Pastor Jerome

    Nepal becomes first country in South Asia to register same-sex marriage

    Nepal becomes first country in South Asia to register same-sex marriage

    Israel resumes combat as truce expires, accuses Hamas of violation

    Israel resumes combat as truce expires, accuses Hamas of violation

    ICC

    A historic first for Uganda as side joins Namibia into T20WC 2024

    Taylor Swift

    Who is Spotify’s most-streamed artist of 2023?

    New York Times on the alleged plot to kill Sikh separatists abroad

    New York Times on the alleged plot to kill Sikh separatists abroad

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Washington Post story on the alleged Indian plot to kill Sikh separatist in the US

    Google is deleting old Gmail accounts: Here’s how to save yours

    Google is deleting old Gmail accounts: Here’s how to save yours

    Putin announces partial mobilization for Russians, threatens enemies

    Putin is urging women to have as many as 8 children after so many Russians died in his war with Ukraine

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Taylor Swift

    Who is Spotify’s most-streamed artist of 2023?

    Disneyland. Image credits - Kon Karampelas / Unsplash

    The sad, lonely secret behind America’s never-ending wave of Marvel movies and Disney reboots

    The musician and entrepreneur announced he "decided to give up smoke." Image credits - Kevin Mazur/Getty Images

    Snoop Dogg giving up smoking weed?

    Blockbusters bring gangsters to Bollywood

    Blockbusters bring gangsters to Bollywood

    3rd Bangladesh Film Festival illuminates Colombo

    3rd Bangladesh Film Festival illuminates Colombo

    Jason Derulo

    Jason Derulo sued for sexual harassment by fellow singer

    Pandit Hariprasad Chaurasia’s Vrindaban Gurukul for new-age learners

    Pandit Hariprasad Chaurasia’s Vrindaban Gurukul for new-age learners

    Jawan is releasing on 4000 screens internationally. It is the widest release for an SRK centric film (Credit: Red Chillies Entertainment)

    This actor is so huge his fans lined up at 4.30 a.m. to watch his new movie

    Instagram. Solen Feyissa @solenfeyissa / Unsplash

    New report reveals highest earners from Instagram posts

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Visas. Image credits - ConvertKit @convertkit

    Free Sri Lankan visa for 7 countries: Regulations issued

    Airline / Flight

    Malaysia to allow visa-free entry to Chinese, Indian nationals from December 1

    Disneyland. Image credits - Kon Karampelas / Unsplash

    The sad, lonely secret behind America’s never-ending wave of Marvel movies and Disney reboots

    ‘Nas Daily’ signs agreement with Sri Lanka Tourism

    ‘Nas Daily’ signs agreement with Sri Lanka Tourism

    Travel. Image credits - Sacha Verheij / Unsplash

    The 24 best places to go in 2024

    SriLankan Airlines

    SriLankan Airlines introduces self-check-in kiosks, baggage drop at BIA

    Gasping for air: Delhi’s smog-laden winter  

    Gasping for air: Delhi’s smog-laden winter  

    World’s first whole-eye transplant hailed as breakthrough

    World’s first whole-eye transplant hailed as breakthrough

    Sri Lanka’s Pekoe Trail wins British Guild of Travel Writers Award

    Sri Lanka’s Pekoe Trail wins British Guild of Travel Writers Award

    Lonely Planet’s top places to go in 2024

    Lonely Planet’s top places to go in 2024

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Google is deleting old Gmail accounts: Here’s how to save yours

    Google is deleting old Gmail accounts: Here’s how to save yours

    FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar

    Apple unveils its fastest iMac and MacBook Pro models yet

    Instagram. Solen Feyissa @solenfeyissa / Unsplash

    Instagram testing new feature that lets you add photos and videos to other people’s posts

    WhatsApp will soon allow users to use two accounts on one phone

    WhatsApp will soon allow users to use two accounts on one phone

    X

    X begins charging new users $1 a year in New Zealand, Philippines

    Google looks to do away with passwords, making ‘passkeys’ the default option

    Google looks to do away with passwords, making ‘passkeys’ the default option

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Development news

Pakistan PM pleads with IMF to pause harsh conditions to its loan

Editor by Editor
January 10, 2023
in Development news, Disaster, Economy, Governance, International Monetary Fund, Pakistan
Reading Time: 5 mins read
19 1
A A
Pakistan PM pleads with IMF to pause harsh conditions to its loan

Flooded Pakistani village

20
SHARES
Share on WhatsApp

By Saeed Shah/Wall Street Journal

Islamabad, January 9: Pakistan held talks Monday with the International Monetary Fund in an effort to restart a stalled bailout program, as economists warn that the country is in danger of defaulting on its foreign debt.

Foreign currency reserves have shrunk to critical levels, enough to cover only about three weeks’ worth of imports, according to financial analysts. Pakistan Prime Minister Shehbaz Sharif said that he had pleaded to the IMF to pause what he called harsh conditions to its loan.

ADVERTISEMENT

The government in Islamabad, facing an election later this year, has resisted the IMF’s demands that it raise electricity and gasoline prices, as well as taxes, Pakistani officials say. Nor is the administration willing to let the rupee fall further in value, with the IMF saying that the market should determine the level of the currency. 

“Without the IMF, Pakistan cannot last beyond a few months,” said Sakib Sherani, an economist who was formerly on the prime minister’s advisory council. “Resuming the program cannot wait.”

To save its dollar reserves, Pakistan is limiting imports, including inputs required by manufacturers. That has led to factories shutting down. In recent days, local car plants for Toyota Motor Corp. and Suzuki Motor Corp. announced temporary halts in production, as have a series of manufacturers in other sectors, including textiles, which is Pakistan’s main industry.   

“Pakistan’s potential is great. What is required is bold political leadership. It must make the tough calls,” said Saquib Shirazi, chairman of the Pakistan Automotive Manufacturers Association.

The country, which was hit by devastating floods in the summer, said that it raised funding pledges of some $9 billion—more than it had asked for—to rebuild the livelihoods and infrastructure of the 33 million people affected by the disaster at a conference organized Monday by the United Nations in Geneva. Pakistan says it needs $16 billion to cover the damages, and it was seeking half of that from external sources.

The pledges included 500 million euros from the European Commission, $100 million from the U.S. and $100 million from China.

Most of the money was in loans from multilateral agencies, and some of it had been previously announced. The funds are to be disbursed over three years, and much of it is financing agreed in the past that is now being redirected to flood relief. It is unclear how much of it will eventually be counted in the foreign exchange reserves.

The Islamic Development Bank said it will provide $4.2 billion, with $2 billion coming from the World Bank—originally announced in September—and $1 billion being reprioritized for the floods by the Asian Development Bank.  

On the side lines of the fundraising event in Geneva, Pakistan’s finance minister held talks with the IMF’s Pakistan team. There was no immediate comment from either side on any substantial outcome of the discussions, which would need to be followed by a visit of an IMF delegation to Islamabad. The finance minister, Ishaq Dar, “reiterated the commitment to complete the Fund program” in the meeting, according to his ministry.

Pakistan needs the IMF deal to unlock billions more in borrowing from Gulf allies and China, as well as multilateral lenders like the World Bank.

In an attempt to break the deadlock, Mr. Sharif, the prime minister, spoke by telephone last week to the managing director of the IMF, Kristalina Georgieva. The IMF described the call as constructive.

Speaking Monday in Geneva, Mr. Sharif said that Pakistan would do its best to comply with the IMF, though he is still trying to persuade them to soften their terms. He wondered how, after the wave of inflation emanating from the Ukraine war, and the floods in Pakistan, he could be expected to add to the burden of poor people in his country.

“You know the plight of poor people in developing countries, so kindly be considerate and compassionate, and give us some breathing space,” Mr. Sharif said he had told the head of the IMF.

“This is an ongoing dialogue,” he added. “I’m sure one day soon, we will be able to convince them.”

Charles Robertson, global chief economist at Renaissance Capital, an emerging markets investment bank, said that Pakistan’s debt servicing burden put it in the same category as some developing countries which have already defaulted, such as Sri Lanka, and others vulnerable to default, like Egypt.

“Pakistan will struggle to get through this year. A default looks likely but it is not a given,” said Mr. Robertson. “Pakistan could still take measures to resolve the situation.”

Pakistan’s foreign exchange reserves were $5.6 billion on Dec. 30, according to the central bank. Since then, debt of more than $1 billion has been repaid, leaving it with what analysts estimate at $4.5 billion.

Pakistan must repay $73 billion by 2025, according to Topline Securities, a Pakistani stockbroker. Experts say it can’t meet that obligation, meaning that even if it gets back in the IMF program, it will still need to negotiate a debt restructuring further down the line. Such a process is a default of sorts, as it involves negotiating debt forgiveness and rescheduling of repayments.

Elections have to be held by October, according to Pakistan’s constitution, so any debt restructuring would be likely to be undertaken by the next government. Unlike Sri Lanka, relatively little of the country’s debt is owed to foreign bondholders, making a restructuring simpler. Around one-third of the external debt is owed to close ally China.

END

Click below to see the original:

https://www.wsj.com/articles/pakistan-works-to-revive-imf-bailout-11673291084?st=6fv9o5wpdjn1r0n&reflink=desktopwebshare_permalink

Related Posts

Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students
Around South Asia

Pakistan High Commission distributed Allama Iqbal scholarships among Lankan students

December 1, 2023
Colombo
Around South Asia

Sri Lanka reaches debt restructuring deal with creditor nations

November 29, 2023
Milestone in the construction of 10,000 houses under the Indian Housing Project in Sri Lanka
Development news

Milestone in the construction of 10,000 houses under the Indian Housing Project in Sri Lanka

November 29, 2023
Mounting troubles for India in the Maldives
China

Mounting troubles for India in the Maldives

November 29, 2023
Maldives, Türkiye Forge Economic Alliance With New Trade Agreement
Diplomacy

Maldives, Türkiye Forge Economic Alliance With New Trade Agreement

November 29, 2023
Coastal security cries for attention in South Asian countries   
Defense

Coastal security cries for attention in South Asian countries   

November 28, 2023
  • Electricity

    Power cut schedule for today in Sri Lanka: Uninterrupted power supply

    60452 shares
    Share 24203 Tweet 15104
  • Registration open for National Fuel Pass

    6648 shares
    Share 2696 Tweet 1647
  • Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

    2146 shares
    Share 865 Tweet 534
  • 16 hour water cut in several parts of Colombo

    925 shares
    Share 392 Tweet 222
  • WATCH : Yohani’s first live performance in India

    792 shares
    Share 329 Tweet 193
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

https://www.vudols.com/

- mersin escort - Antalya korsan taksi -
deneme bonusu
- deneme bonusu veren siteler - Goley90 Giriş - youtube izlenme satın al - buy youtube views - Vozol - buy instagram followers - istanbul escorts - beşiktaş escort - beylikdüzü escort - postegro - Kiralık Bahis Sitesi