Tag: IMF

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Countries need to pursue growth-oriented structural reforms for faster economic recovery: IMF MD Georgieva

September 10, 2023

New Delhi: IMF Managing Director Kristalina Georgieva Sunday said global recovery is slow and uneven and underscored the need to ...

National

G20 leaders start arriving in Delhi for G20 summit

September 8, 2023

New Delhi: British Prime Minister Rishi Sunak, Bangladesh Prime Minister Sheikh Hasina, Italian Prime Minister Giorgia Meloni, Argentine President Alberto ...

International

Pakistan Army chief shares economic revival plan with business community

September 5, 2023

Islamabad: In the wake of a worsening and gloomy economic situation in Pakistan, the cash-strapped nation's military establishment has decided ...

Home News

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 ...

Business

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 ...

Home News

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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Editorial

Chinks in Armour

November 2, 2026

The BJP appears to be clueless as to how to handle the people’s fury and the Opposition’s mega rally at...

November 1, 2026

By Aakar Patel My thesis is that the Indian state under Hindutva is incompletely communal. I have written about this...

October 31, 2026

By Dilip Cherian The litany of extensions continues. The latest is Defence Secretary Rajesh Kumar Singh, whose tenure the Modi...

October 28, 2026

The angry young generation is rising in protest in India, France, Spain, Italy, Germany, Poland and Serbia, to name a...

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