The present financial crisis in Pakistan has hit the healthcare system, leaving patients struggling for essential medicines. The lack of forex reserves in the country has affected it's capacity to import the required medicines or the Active Pharmaceutical Ingredients (API) used in domestic production.

Pakistan hospitals face shortage of crucial drugs amid economic crisis

Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25).

The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far.&nbsp;

The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF.

A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met.&nbsp;

On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour&nbsp;its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report.

Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added.&nbsp; 
&nbsp;

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Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board.

Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25). The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far. The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF. A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met. On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report. Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid economic crisis, Pakistan mulls 10% cut in salaries of govt employees: Reports

According to reports, Pakistan is said to be facing an economic collapse, similar to what has happened with Sri Lanka. The country's rupee has fallen more sharply than expected. Watch to know more.

WION Dispatch: Pakistan's Rupee falling faster than expected, economy on the brink of collapse

Pakistan Finance Minister Miftah Ismail stepped down from his post to make way for senior PML-N leader Ishaq Dar to take over the reins of the country’s cash-strapped economy.

WION Dispatch: Pakistan Finance Minister Miftah Ismail steps down, Ishaq Dar to take over

Amid rising inflation, the Pakistan government on Wednesday hiked petrol prices by another Rs 24 per litre.

Petrol will now cost Rs 233.89 per litre and diesel is set to cost Rs 263.31 after it was raised by Rs16.31.

Finance Minister Miftah Ismail said the rise in fuel prices was due to high international prices while blaming the previous Imran Khan government for the crisis.

<a href="https://www.wionews.com/south-asia/pak-hikes-prices-of-petroleum-products-power-massively-as-chinese-banks-agree-to-refinance-with-23-bn-484583">Also Read:&nbsp;Pak hikes prices of petroleum products, power massively&nbsp;</a>

The Pakistan government has raised the price of fuel for the third time in the last 20 days amid worsening economic situation in the country.

Kerosene oil and light diesel are also set to cost more as the government battles to control prices. Pakistan has been trying to control its fiscal deficit and attempting&nbsp;to secure bailout money from the International Monetary Fund(IMF).

Watch:&nbsp;Pakistan minister asks people to drink less tea

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The IMF has insisted on ending fuel subsidies. Reports claim the IMF is ready to release funds if the Pakistan government agrees to remove fuel subsidies.

Last month while announcing the fuel price hike, Pakistan's new Prime Minister Shehbaz Sharif had said it was needed to save the country from bankruptcy.

The country had witnessed protests in Lahore, Karachi and Islamabad amid rising inflation and fuel price hike earlier this month.

(With inputs from Agencies)

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Amid rising inflation, the Pakistan government on Wednesday hiked petrol prices by another Rs 24 per litre. Petrol will now cost Rs 233.89 per litre and diesel is set to cost Rs 263.

Amid rising inflation, the Pakistan government on Wednesday hiked petrol prices by another Rs 24 per litre. Petrol will now cost Rs 233.89 per litre and diesel is set to cost Rs 263.31 after it was raised by Rs16.31. Finance Minister Miftah Ismail said the rise in fuel prices was due to high international prices while blaming the previous Imran Khan government for the crisis. Also Read: Pak hikes prices of petroleum products, power massively The Pakistan government has raised the price of fuel for the third time in the last 20 days amid worsening economic situation in the country. Kerosene oil and light diesel are also set to cost more as the government battles to control prices. Pakistan has been trying to control its fiscal deficit and attempting to secure bailout money from the International Monetary Fund(IMF). Watch: Pakistan minister asks people to drink less tea The IMF has insisted on ending fuel subsidies. Reports claim the IMF is ready to release funds if the Pakistan government agrees to remove fuel subsidies. Last month while announcing the fuel price hike, Pakistan's new Prime Minister Shehbaz Sharif had said it was needed to save the country from bankruptcy. The country had witnessed protests in Lahore, Karachi and Islamabad amid rising inflation and fuel price hike earlier this month. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pak government raises fuel prices again; petrol, diesel at new high

Shehbaz Sharif's government in Pakistan has launched an austerity drive ahead of its June 10th annual budget. Pakistan's government announced a list of measures applicable on all departments and officials to curb unnecessary expenditure.

Pakistan: Govt announces cost-cutting measures, launches austerity drive

Pakistan Prime Minister Shehbaz Sharif, while talking about the future of the country’s ties with neighbouring India, said that trade between the two can be mutually beneficial and can help in growth of economy.

Pakistan and India have a lot to gain from mutually beneficial trade, says Pak PM Shehbaz Sharif

The challenge of dethroning Imran Khan was just the beginning for Shehbaz Sharif. Now, PM Shehbaz Sharif will be staring at a list of challenges to be tackled urgently that were left behind by the Khan Government as he inherits a crippling Pak economy

Big challenges for Pakistan's new PM Shehbaz Sharif as he inherits a crippling Pak economy

Pakistan’s opposition parties moved a no-confidence motion seeking the ouster of Prime Minister Imran Khan, accusing him of mismanaging the economy and poor governance.

Pakistan: Opposition parties seeks PM Imran Khan’s ouster with no-confidence motion

Pakistan Prime Minister Imran Khan will visit to China in the first week of February 2022 to further cement the bilateral relations.

Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis

Pakistan Prime Minister Imran Khan said that the rising foreign debts coupled with low tax recovery had become a "national security" issue because the government did not have enough money to run the nation.

Pakistan PM Imran Khan says rising foreign debt a 'national security' issue

Saudi Arabia has agreed to provide $4.2 billion worth of assistance to cash-strapped Pakistan to support its economy. This came after Pak Prime Minister Imran Khan held talks with Saudi Prince Salman in Riyadh this week.

Saudi Arabia agrees to provide $4.2 bn in financial assistance to Pakistan

Pakistan has secured a $1.7 billion debt relief agreement to help offset the financial headwinds sparked by the coronavirus pandemic, officials said Monday.&nbsp;

The deal, following months of negotiations with creditors, will provide a moratorium on debt payments for large swathes of the current fiscal year and help ease the cash-strapped country's massive financial obligations.&nbsp;&nbsp;

"The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club," the country's ministry of economic affairs said in a statement.&nbsp;

The ministry went on to describe the deal as "timely" that will help save the "lives and livelihoods of millions".

Pakistan's economy was already on life support before officials began shuttering large segments of the economy in the spring as a range of lockdown measures were rolled out to fight the spread of the coronavirus.

Prime Minister Imran Khan has repeatedly called for debt forgiveness from international donors as tax revenues cratered, inflation soared, the currency was devalued, and fiscal deficits widened.

Earlier this year the G20 and the Paris Club agreed to waive most debt payments for the world's poorest countries in 2020, as sweeping virus lockdowns upturned the global economy.

In June, Pakistan was named as one of a handful of countries to secure a moratorium on debt repayments from the Paris Club in an effort to ease the economic impact of the coronavirus crisis.

To add to the country's woes, Pakistan has also been facing growing questions about the massive amount of debt it has taken on in recent years through Chinese-financed infrastructure projects.

Beijing has been steadily pouring cash into Pakistan, investing more than $50 billion as part of the China-Pakistan Economic Corridor that has upgraded infrastructure, power and transport links across the country.

Pakistan has secured a $1.7 billion debt relief agreement to help offset the financial headwinds sparked by the coronavirus pandemic, officials said Monday. The deal, following months of negotiations with creditors, will provide a moratorium on debt payments for large swathes of the current fiscal year and help ease the cash-strapped country's massive financial obligations.

Pakistan has secured a $1.7 billion debt relief agreement to help offset the financial headwinds sparked by the coronavirus pandemic, officials said Monday. The deal, following months of negotiations with creditors, will provide a moratorium on debt payments for large swathes of the current fiscal year and help ease the cash-strapped country's massive financial obligations. "The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club," the country's ministry of economic affairs said in a statement. The ministry went on to describe the deal as "timely" that will help save the "lives and livelihoods of millions". Pakistan's economy was already on life support before officials began shuttering large segments of the economy in the spring as a range of lockdown measures were rolled out to fight the spread of the coronavirus. Prime Minister Imran Khan has repeatedly called for debt forgiveness from international donors as tax revenues cratered, inflation soared, the currency was devalued, and fiscal deficits widened. Earlier this year the G20 and the Paris Club agreed to waive most debt payments for the world's poorest countries in 2020, as sweeping virus lockdowns upturned the global economy. In June, Pakistan was named as one of a handful of countries to secure a moratorium on debt repayments from the Paris Club in an effort to ease the economic impact of the coronavirus crisis. To add to the country's woes, Pakistan has also been facing growing questions about the massive amount of debt it has taken on in recent years through Chinese-financed infrastructure projects. Beijing has been steadily pouring cash into Pakistan, investing more than $50 billion as part of the China-Pakistan Economic Corridor that has upgraded infrastructure, power and transport links across the country.

Pakistan signs $1.7 billion debt relief deal

The World Bank has approved a USD 300 million loan to help the cash-strapped Pakistan address issues of climate change, health emergency and manage solid waste to reduce flooding chances in the country's financial capital Karachi, a media report said on Thursday.

The Washington-based lender approved USD 200 million for the Sindh Resilience project and USD 100 million for the Solid Waste Emergency and Efficiency project, The Express Tribune newspaper reported, citing an official statement issued by the bank's local office.

These investments will bolster Pakistan's efforts to build resilience to natural hazards such as floods and droughts in the Sindh province and will strengthen solid waste management in Karachi to tackle recurrent urban flooding and public health emergencies in the city, it added.

The USD 200 million has been approved in additional financing for the Sindh Resilience project worth USD 100 million, bringing total cost of the scheme to USD 300 million.

"Building resilience to natural disasters and health emergencies is an important and urgent agenda in Pakistan, that will help save lives and protect the economy," said World Bank Country Director for Pakistan Najy Benhassine.

The debilitating impact of recent floods in Karachi, droughts and extreme rainfall in Sindh, and of course the COVID-19 pandemic, make it imperative that risk reduction investments strengthen multi-sectoral dialogue and coordination at the city, provincial and national levels to ensure protection of vulnerable communities and fight the spread of disease, he added.

The additional financing of USD 200 million for the Sindh Resilience project will help the government better manage climate and disaster risks, including floods, droughts, and public health emergencies.

The USD 100 million Solid Waste Emergency and Efficiency Project (SWEEP) will improve solid waste management services in Karachi - Pakistan's largest city with more than 16 million people - and upgrade the critical solid waste infrastructure to reduce urban flooding and public health risks.

The project focuses on emergency waste removal to restore stormwater drainage capacity before the next monsoon season, especially in the vulnerable communities around drainage and waste collection sites.

The project will improve living conditions for at least half a million residents of Karachi and increase protection for workers by introducing safety protocols that improve labour conditions.

Pakistan received $500 million from the World Bank and the Asian Development Bank each in June this year to prop up its struggling economy.

Pakistan's total public debt&nbsp;domestic and external&nbsp;was recorded at Rs36.3 trillion in the financial year 2019-20, up 154 pc (or Rs22 trillion) since FY13, when it was recorded at Rs 14.3 trillion, according to official data.

The World Bank has approved a USD 300 million loan to help the cash-strapped Pakistan address issues of climate change, health emergency and manage solid waste to reduce flooding chances in the country's financial capital Karachi, a media report said on Thursday.

The World Bank has approved a USD 300 million loan to help the cash-strapped Pakistan address issues of climate change, health emergency and manage solid waste to reduce flooding chances in the country's financial capital Karachi, a media report said on Thursday. The Washington-based lender approved USD 200 million for the Sindh Resilience project and USD 100 million for the Solid Waste Emergency and Efficiency project, The Express Tribune newspaper reported, citing an official statement issued by the bank's local office. These investments will bolster Pakistan's efforts to build resilience to natural hazards such as floods and droughts in the Sindh province and will strengthen solid waste management in Karachi to tackle recurrent urban flooding and public health emergencies in the city, it added. The USD 200 million has been approved in additional financing for the Sindh Resilience project worth USD 100 million, bringing total cost of the scheme to USD 300 million. "Building resilience to natural disasters and health emergencies is an important and urgent agenda in Pakistan, that will help save lives and protect the economy," said World Bank Country Director for Pakistan Najy Benhassine. The debilitating impact of recent floods in Karachi, droughts and extreme rainfall in Sindh, and of course the COVID-19 pandemic, make it imperative that risk reduction investments strengthen multi-sectoral dialogue and coordination at the city, provincial and national levels to ensure protection of vulnerable communities and fight the spread of disease, he added. The additional financing of USD 200 million for the Sindh Resilience project will help the government better manage climate and disaster risks, including floods, droughts, and public health emergencies. The USD 100 million Solid Waste Emergency and Efficiency Project (SWEEP) will improve solid waste management services in Karachi - Pakistan's largest city with more than 16 million people - and upgrade the critical solid waste infrastructure to reduce urban flooding and public health risks. The project focuses on emergency waste removal to restore stormwater drainage capacity before the next monsoon season, especially in the vulnerable communities around drainage and waste collection sites. The project will improve living conditions for at least half a million residents of Karachi and increase protection for workers by introducing safety protocols that improve labour conditions. Pakistan received $500 million from the World Bank and the Asian Development Bank each in June this year to prop up its struggling economy. Pakistan's total public debt domestic and external was recorded at Rs36.3 trillion in the financial year 2019-20, up 154 pc (or Rs22 trillion) since FY13, when it was recorded at Rs 14.3 trillion, according to official data.

World Bank approves $300 milllion loan for cash-strapped Pakistan

Imran Khan has completed one year of being Prime Minister of Pakistan. See how was Pakistan's economy changed under Imran Khan. Price of bread is up by 25% in the last year. You can imagine it all by yourself now. Watch this video to know more.

Has Imran Khan delivered 'Naya Pakistan'?

Imran Khan has completed one year of being Prime Minister of Pakistan. See how was Pakistan's economy changed under Imran Khan. Price of bread is up by 25% in the last year, petrol prices up by over 20%. You can imagine it all by yourself now. Watch this video to know more.

Inflation crippling Pak economy, petrol prices up by over 20%

In what comes as a relief to <a href="https://www.wionews.com/south-asia/pakistan-signs-375-million-syndicated-loan-with-uae-banks-231580">cash-strapped Pakistan</a>, Qatar has deposited the first tranche of US $500 million in the State Bank of <a href="https://www.wionews.com/south-asia/those-manufactured-in-the-nursery-of-military-dictatorship-calling-me-selected-imran-khan-231597">Pakistan</a>.

"US $500 million received from Qatar," the State Bank of Pakistan (SBP) confirmed to The Express Tribune on Saturday Doha had on June 24 announced that it has decided to invest US $3 billion in Pakistan which is grappling to overcome a severe financial crisis.

This was announced on Monday after a two-day visit of Qatar`s Emir Sheikh Tamim Bin Hamad Al Thani to Pakistan as the Imran Khan-led government continues to battle a ballooning balance-of-payment crisis.

"Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani, HE Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani announced new investments in the form of deposits and direct investments in the Islamic Republic of Pakistan worth a total of US $3 billion," the Qatar News Agency said.

With this new investment package, the size of the Qatari-Pakistani economic partnership will amount to US $9 billion, it said.

Taking to Twitter, Abdul Hafeez Sheikh, the Pakistan Prime Minister`s financial adviser, said, "Want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing US $3 Billion in #deposits and direct #investments for #Pakistan and for #Qatar`s affirmation to further develop relations between the two countries."

Qatar is the fourth country to provide a bailout package to Pakistan, after China, the UAE and Saudi Arabia.

China has given to Pakistan US $4.6 billion in the shape of deposits and commercial loans while Saudi Arabia has announced a bailout package worth US $3 billion in addition to US $3.2 billion oil facility on deferred payments.

The UAE has provided a bailout package of US $2 billion to Pakistan.

Last month, Islamabad had reached an agreement with the International Monetary Fund (IMF) for a bailout package of US $6 billion.&nbsp;

The deal is expected to be approved by the IMF Executive Board on July 3.

Besides the assistance by the global finance body, Pakistan will receive additional funds worth nearly US $2-3 billion from institutions such as the Asian Development Bank and World Bank.&nbsp;

In what comes as a relief to cash-strapped Pakistan, Qatar has deposited the first tranche of US $500 million in the State Bank of Pakistan. "US $500 million received from Qatar," the State Bank of Pakistan (SBP) confirmed to The Express Tribune on Saturday Doha had on June 24 announced that it has decided to invest US $3 billion in Pakistan which is grappling to overcome a severe financial crisis.

In what comes as a relief to cash-strapped Pakistan, Qatar has deposited the first tranche of US $500 million in the State Bank of Pakistan. "US $500 million received from Qatar," the State Bank of Pakistan (SBP) confirmed to The Express Tribune on Saturday Doha had on June 24 announced that it has decided to invest US $3 billion in Pakistan which is grappling to overcome a severe financial crisis. This was announced on Monday after a two-day visit of Qatar`s Emir Sheikh Tamim Bin Hamad Al Thani to Pakistan as the Imran Khan-led government continues to battle a ballooning balance-of-payment crisis. "Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani, HE Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani announced new investments in the form of deposits and direct investments in the Islamic Republic of Pakistan worth a total of US $3 billion," the Qatar News Agency said. With this new investment package, the size of the Qatari-Pakistani economic partnership will amount to US $9 billion, it said. Taking to Twitter, Abdul Hafeez Sheikh, the Pakistan Prime Minister`s financial adviser, said, "Want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing US $3 Billion in #deposits and direct #investments for #Pakistan and for #Qatar`s affirmation to further develop relations between the two countries." Qatar is the fourth country to provide a bailout package to Pakistan, after China, the UAE and Saudi Arabia. China has given to Pakistan US $4.6 billion in the shape of deposits and commercial loans while Saudi Arabia has announced a bailout package worth US $3 billion in addition to US $3.2 billion oil facility on deferred payments. The UAE has provided a bailout package of US $2 billion to Pakistan. Last month, Islamabad had reached an agreement with the International Monetary Fund (IMF) for a bailout package of US $6 billion. The deal is expected to be approved by the IMF Executive Board on July 3. Besides the assistance by the global finance body, Pakistan will receive additional funds worth nearly US $2-3 billion from institutions such as the Asian Development Bank and World Bank.

Cash-strapped Pakistan receives $500 million from Qatar

Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday.

The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.&nbsp;

Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.

Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday.

Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday. The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said. Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.

Pakistan signs $375 million syndicated loan with UAE banks

In Pakistan, Inflation at its high in last five year, where its economy is shambling as well. Watch complete video to know more.

Pakistan: Inflation at its high in last five year, economy shambles

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