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Inflation, unemployment to increase in Pakistan during current FY: IMF report

ISLAMABAD: The International Monetary Fund (IMF) has rung alarm bells for Pakistan’s economy, saying that inflation and unemployment will increase in the country during the current financial year. This was stated in the international money lender’s report on Pakistan’s economy. It said the country’s growth rate is expected to be 1.5% this year, while the government has forecast its growth ... Read More »

IMF mulls additional financial support to partner countries

ISLAMABAD: The International Monetary Fund (IMF) is deliberating the possibility of extending additional financial support to partner countries during the current testing times amid COVID-19 pandemic. “The IMF Board is also deliberating the possibility of extending additional financial support to partner countries during these testing times,” said IMF Managing Director, Kristalina Georgieva. She was speaking at a virtual meeting of ... Read More »

Pakistan receives US$ 498.7m third IMF tranche

ISLAMABAD: Pakistan has received the much-awaited tranche of US$ 498.7 million (SDR 350 million) from the International Monetary Fund (IMF). This was confirmed by the central bank in tweet. The donor agency so far had released $1.95 billion out of total amount of $6 billion. Last week, the International Monetary Fund approved a $500 million disbursement to Pakistan for budget ... Read More »

IMF approves $500m disbursement to Pakistan

WASHINGTON: The International Monetary Fund said it approved a $500 million disbursement to Pakistan for budget support after the IMF Executive Board completed delayed reviews of Pakistan’s $6 billion loan program. The IMF said in a statement that the latest payment brought total disbursements under the Extended Fund Facility to $2 billion since the program was first approved in July ... Read More »

Reduction in tax collection target by Rs350b to be sought from IMF

ISLAMABAD: Following the new round of talks with the International Monetary Fund (IMF) for the release of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF), Pakistan may consider bringing a mini budget to overcome the shortfall in tax collection by slapping more taxes or cut down expenditures in order to keep the budget deficit ... Read More »

IMF reaches staff-level agreement on economic policies with Pakistan for 3-year extended fund facility

ISLAMABAD: In response to a request by the Pakistani authorities, an International Monetary Fund (IMF) mission led by Mr. Ernesto Ramirez Rigo visited Islamabad, Pakistan from April 29 to May 11 to discuss IMF support for the authorities’ economic reform program. At the end of the visit, Mr. Ramirez Rigo made the following statement: “The Pakistani authorities and the IMF team ... Read More »

PM Imran reiterates commitment for undertaking structural & governance reforms

  ISLAMABAD: Prime Minister Imran Khan had a meeting with Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF) on the sidelines of the World Government Summit in Dubai on Sunday 10th February 2019. The Prime Minister appreciated IMF’s support to Pakistan and shared his vision for nation-building. He reiterated the government’s commitment for undertaking structural & governance reforms ... Read More »

Customs Today prediction of rupee devaluation up to 153 vs dollar comes true?  

ISLAMABAD: Sudden devaluation of Pak rupee against the US dollar recorded in interbank trading on Friday morning as rupee hit an all-time high of Rs144. Rupee devaluation is following the same pattern as reported by Customs Today in July 2018 that the Pak rupee could touch the lowest value of 153 against dollar in the medium term due to illegal ... Read More »

Dollar rises by Rs9.74 to touch Rs 134 mark as PTI govt decides to approach IMF

KARACHI: Dollar rate in interbank market on Tuesday increased by Rs9.74 to hit the mark of Rs134. The rate soared by Rs 9.75 at start of the trading today and the market was closed at Rs 124.25 on Monday. Analysts said uncertainty regarding financial position of the country led to the freefall of the dollar. After this sharp increase in ... Read More »

Jordan, IMF reach staff-level deal on final review to approve $400m

AMMAN: The International Monetary Fund (IMF) announced Wednesday that its mission for Jordan has reached a staff-level agreement on the seventh and final review under the 36-month Stand-By Arrangement (SBA). This agreement is subject to approval of the IMF’s executive board, which is scheduled to consider the review at the end of July. Board approval would make available to Jordan ... Read More »

Saudi economy to expand this year, growth slows in 2016: IMF

RIYADH: International Monetary Fund (IMF) raised its outlook for Saudi Arabia’s economic growth this year but also predicted a much bigger state budget deficit after talks with Saudi officials. The Saudi economy will keep expanding strongly this year, showing little effect from the oil price drop, but growth will slow in 2016 as lower oil revenues hit state spending, the ... Read More »

Greece schedules to repay €1.6 billion to IMF till June 5

ATHENS: Greece will make the next payment to the International Monetary Fund on June 5 as the country will have reached an agreement with its creditors by then, Finance Minister Yanis Varoufakis said on Tuesday. In the last few days, there have been divergent comments from local officials on whether Athens will be able to meet its next tranche of ... Read More »

IMF may agree on $800m loan to Iraq within weeks

ANKARA: Iraq has requested financial assistance from the International Monetary Fund (IMF) and agreement may be reached within weeks on a loan of about $800 million, a senior IMF official said. Iraqi finances have been hit hard by the plunge of oil prices since last year as well as by the Islamic State of Iraq and the Levant (ISIL) insurgency. ... Read More »

IMF wants Greece in Eurozone

ATHENS: Gerry Rice, Communications Department Director of the International Monetary Fund (IMF), said in a press briefing on Thursday that the organization is working closely with Europe to keep Greece in the Eurozone and they are flexible in negotiations. Answering a question where a reporter said that the Greek authorities present the IMF as the bad policeman, Rice replied that ... Read More »

IMF expects Jordan’s GDP growth 3.8% in 2015

AMMAN: The Regional Economic Outlook Update released Tuesday in Dubai, projected that Jordan’s Gross Domestic Product (GDP) will grow by 3.8 per cent this year and 4.5% in 2016. For the Middle East North Africa, Afghanistan, and Pakistan (MENAP) group of oil-importing countries, the International Monetary Fund report predicted the GDP would grow by 4 per cent in 2015 and ... Read More »

IMF expects Jordan’s GDP growth 3.8% in 2015

AMMAN: The Regional Economic Outlook Update released Tuesday in Dubai, projected that Jordan’s Gross Domestic Product (GDP) will grow by 3.8 per cent this year and 4.5% in 2016. For the Middle East North Africa, Afghanistan, and Pakistan (MENAP) group of oil-importing countries, the International Monetary Fund report predicted the GDP would grow by 4 per cent in 2015 and ... Read More »

IMF loans 200m USD to Jordan

AMMAN: The Executive Board of the International Monetary Fund (IMF) approved Monday the release of 200 million U.S. dollars as a loan to Jordan. The IMF said in a statement that it approved the release after completing the sixth review of Jordan’s three-year economic program. The amount is part of a 2.1-billion dollar loan the IMF agreed to extend to ... Read More »

IMF loans 200m USD to Jordan

AMMAN: The Executive Board of the International Monetary Fund (IMF) approved Monday the release of 200 million U.S. dollars as a loan to Jordan. The IMF said in a statement that it approved the release after completing the sixth review of Jordan’s three-year economic program. The amount is part of a 2.1-billion dollar loan the IMF agreed to extend to ... Read More »

IMF revises economic forecast for Poland by 3.5% in 2016

WARSAW: The Polish economy will grow by 3.5 percent this and the next year. In January, the forecast assumed an increase of 3 percent and 3.3 percent in 2015 and 2016 respectively, said International Monetary Fund estimated. “When it comes to the projected growth, Poland is doing very well, compared with the other European countries,” said Aqib Aslan from the ... Read More »

IMF revises economic forecast for Poland by 3.5% in 2016

WARSAW: The Polish economy will grow by 3.5 percent this and the next year. In January, the forecast assumed an increase of 3 percent and 3.3 percent in 2015 and 2016 respectively, said International Monetary Fund estimated. “When it comes to the projected growth, Poland is doing very well, compared with the other European countries,” said Aqib Aslan from the ... Read More »