Tag: IMF

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 ...

Home News

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 ...

International

Cash-strapped Pakistan receives $ 2 billion from Saudi Arabia: Finance Minister Ishaq Dar

July 11, 2023

Islamabad: Pakistan has received deposits of $ 2 billion from Saudi Arabia, Finance Minister Ishaq Dar said Tuesday, ahead of ...

International

Foreign Secretary Kwatra meets Sri Lankan foreign minister; discusses President Wickremesinghe’s India visit

July 11, 2023

Colombo: Indian Foreign Secretary Vinay Kwatra Tuesday met Sri Lanka's Foreign Minister Ali Sabry, and discussed bilateral ties and the ...

International

Imran Khan seeks IMF’s ‘guarantee’ for timely general elections in Pakistan: Media report

July 9, 2023

Islamabad: Pakistan's former prime minister Imran Khan has sought a "guarantee" from the International Monetary Fund that the general elections ...

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Editorial

China’s Ascent

April 20, 2025

China’s crime is that in the next few years, perhaps as soon as 2035, it will be the world’s largest...

April 19, 2025

West Bengal’s decision to form its own selection committee to appoint the Director General of Police (DGP) is more than...

April 16, 2025

US President Donald Trump has created chaos in international trade and economic order through his skewed and short-sighted tariff war....

April 15, 2025

The Supreme Court judgement settling the dispute between Tamil Nadu Governor RN Ravi and the ruling DMK government over the...

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