Tag: IMF

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BRICS expansion message to all global institutions to adapt to changing times: PM Narendra Modi

August 24, 2023

New Delhi: With the BRICS deciding to admit six countries as its full members, Prime Minister Narendra Modi Thursday said ...

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RBI Governor pitches for expeditious completion of quota review at IMF

August 11, 2023

Mumbai: Reserve Bank Governor Shaktikanta Das Friday pitched for the "expeditious completion" of the general review of quotas at the ...

Sri Lanka's Parliament open debate on domestic debt restructuring programme

International

Sri Lanka records single-digit inflation for the first time since economic crisis: Official data

July 31, 2023

Colombo: Cash-strapped Sri Lanka Monday said that its inflation has dropped to 6.3 per cent, a single-digit figure for the ...

International

International Monetary Fund projects Indian economy to grow at 6.1 per cent in 2023

July 25, 2023

Washington: The International Monetary Fund Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is ...

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

International

Pakistani rupee depreciates by Rs 1.8 against US dollar in interbank & open markets

July 25, 2023

Karachi: The Pakistani rupee lost value to the US dollar in the interbank and open markets Tuesday as the initial ...

Business

IMF projects Indian economy to grow at 6.1 per cent in 2023

July 25, 2023

Washington: The IMF Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 ...

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PML-N proposes Pakistan Finance Minister Ishaq Dar as interim PM

July 24, 2023

Islamabad: The ruling Pakistan Muslim League-Nawaz (PML-N) party has the proposed name of Finance Minister Ishaq Dar as the next ...

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Pakistan Finance Minister Ishaq Dar’s name likely to be pitched for interim PM: Report

July 23, 2023

Islamabad: The ruling Pakistan Muslim League-Nawaz party is considering proposing the name of Finance Minister Ishaq Dar for taking up ...

Business

Pakistan facing ‘exceptionally high’ risks, needs another IMF programme, says global lender

July 19, 2023

Islamabad: Pakistan needs another IMF programme and support from other multilateral lenders beyond the coming election cycle and the ongoing ...

Business

IMF finally approves $3 billion bailout for Pakistan

July 13, 2023

Islamabad: The International Monetary Fund (IMF) announced that its Executive Board has approved a critical $3 billion bailout programme for ...

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Editorial

Voter The Leader

May 5, 2026

In the past, it was considered rather difficult to contest assembly elections without a recognisable chief ministerial candidate’s face as...

May 4, 2026

The Pentagon’s announcement on 2 May to significantly reduce American troop presence in Germany marks a pivotal moment in the...

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By Aakar Patel If you are normal, you have any number of parties you can support and vote for. There...

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Americans must have heaved a sigh of relief that a man rushing with a gun and firing shots at the...

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