Pakistan will be required to give an assurance that its balance of payments deficit is fully financed for the remaining period of an International Monetary Fund (IMF) programme, the lender's resident representative said.
Pakistan has completed almost all of the prior actions except for the external financing requirement the IMF wanted before clearing $1.1 billion in disbursements under the $6.5 billion Extended Fund Facility agreed in 2019. The programme ends in June.
Finance Minister Ishaq Dar had said last week that the external financing assurance was not one of the IMF's conditions for clearance of the funding. "The exchange rate has moved significantly in recent days, which has narrowed the informal FX market premium bringing the rates closer together in a similar way to that seen around January 26. This should result from the unconstrained operation of the foreign exchange rate market," she added.on the currency, saying it caused "artificial" distortions for an economy in desperate need of IMF help. As a result, the rupee is down more than 15% since the cap was lifted.
"The power sector CD [circular debt] flow for FY23 is expected to largely overshoot expectations under the EFF-supported program by a sizable margin due to a significant under-collection from delays in regular tariff adjustments, declining recovery rates, and unbudgeted subsidies," she said.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Monetary policy of cryptocurrencies, explainedMonetary policy in the world of cryptocurrencies is a whole new phenomenon. With digital currencies changing traditional mechanisms, it’s vital we understand the impact of fixed supplies and decentralized control on the global economy.
Les mer »
U.S. jury poised to weigh international soccer's ugly sideFederal jurors must now decide the fates of two former Fox executives accused of paying tens of millions of dollars in bribes to gain broadcasting rights to soccer's biggest matches, including the World Cup.
Les mer »
North Korea says US causing international arms control collapseNorth Korea on Saturday blamed the United States for what it said was the collapse of international arms control systems and said Pyongyang's nuclear weapons were a just response to ensure the balance of power in the region.
Les mer »
International drug bust nets $677 million of cocaine bound for Australia | CNNA joint US and Australian law enforcement operation busted an international drug ring after intercepting 2.4 tons of cocaine aboard a vessel off the coast of South America that had been bound for Australia.
Les mer »
International drug bust nets $677 mln of cocaine bound for AustraliaA joint U.S. and Australian law enforcement operation busted an international drug ring after intercepting 2.4 tonnes of cocaine aboard a vessel off the coast of South America that had been bound for Australia.
Les mer »
Airport security stop two travelers with guns in their carry-ons at Norfolk International AirportAnother two travelers were caught with guns in their carry-ons at security checkpoints at Norfolk International Airport in Virginia this week.
Les mer »