<p>A stir has been created by the co-founder of Alibaba Group and Chinese billionaire Jack Ma among observers with his sudden and unexpected visit to Pakistan, as reported by the Express Tribune newspaper.<br />
<br />
The visit of Jack Ma to Pakistan was confirmed to The Express Tribune by former chairman of the Board of Investment (BOI) Muhammad Azfar Ahsan, stating that the Chinese billionaire reached Lahore on June 29 and stayed there for 23 hours.</p>

<p><strong>ALSO READ |&nbsp;</strong><a href="https://www.wionews.com/business-economy/jack-ma-goes-in-huddle-with-execs-asks-them-to-focus-on-taobao-report-606627">Jack Ma goes into huddle with execs, asks them to focus on Taobao: Report</a></p>

<p>During his visit to Pakistan, Jack Ma did not have any interactions with government officials and the media. The billionaire stayed at a private location and departed on June 30 via a private jet. The private jet was owned by Jet Aviation and registered under the name VP-CMA.</p>

<h2><strong>Pakistan's good days ahead?</strong></h2>

<p>Although the purpose of Jack Ma's visit remains confidential at this point, there remains hope that this is likely yield positive outcomes for Pakistan in the days ahead, as stated by Ahsan, reported The Express Tribune.<br />
<br />
A delegation of seven businessmen, which consisted of five Chinese nationals, one Danish individual, and one US citizen, had accompanied Ma. The delegation came to Pakistan from Nepal on a chartered flight from the business aviation sector of Hong Kong.<br />
<br />
The social media platforms are filled with speculations about Ma and his team exploring business opportunities in the economically-embattled country, which included meetings with important businessmen and officials from various chambers of commerce and visits to trade centres. However, no officials have made a confirmation regarding any specific meetings or business deals.<br />
<br />
In a tweet, Ahsan clarified that the visit of Jack Ma was strictly for personal purposes. He said that, interestingly, even the Chinese embassy was not given details of Ma's visit and engagements in Pakistan.</p>

<p><strong>WATCH |&nbsp;Gravitas: Jack Ma spotted in Australia | How Xi Jinping destroyed Jack Ma</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-jack-ma-spotted-in-australia-how-xi-jinping-destroyed-jack-ma-564090/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>Speaking to the Express Tribune, P@SHA Chairman Zohaib Khan said, "Although it was a personal visit, it helped enhance Pakistan's reputation from a tourism standpoint."<br />
<br />
Khan added that the Pakistan government's authorities should have used the opportunity and arranged a meeting with Jack Ma to gain insights from the billionaire's seasoned experience in the IT world. He said that even one statement from Jack Ma regarding the IT sector of Pakistan would have made a significant impact.</p>

<p><em>(With inputs from agencies)</em></p>

<p>You can&nbsp;<strong>now write for&nbsp;wionews.com</strong>&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


A stir has been created by the co-founder of Alibaba Group and Chinese billionaire Jack Ma among observers with his sudden and unexpected visit to Pakistan, as reported by the Express Tribune newspaper.

A stir has been created by the co-founder of Alibaba Group and Chinese billionaire Jack Ma among observers with his sudden and unexpected visit to Pakistan, as reported by the Express Tribune newspaper. The visit of Jack Ma to Pakistan was confirmed to The Express Tribune by former chairman of the Board of Investment (BOI) Muhammad Azfar Ahsan, stating that the Chinese billionaire reached Lahore on June 29 and stayed there for 23 hours. ALSO READ | Jack Ma goes into huddle with execs, asks them to focus on Taobao: Report During his visit to Pakistan, Jack Ma did not have any interactions with government officials and the media. The billionaire stayed at a private location and departed on June 30 via a private jet. The private jet was owned by Jet Aviation and registered under the name VP-CMA. Pakistan's good days ahead? Although the purpose of Jack Ma's visit remains confidential at this point, there remains hope that this is likely yield positive outcomes for Pakistan in the days ahead, as stated by Ahsan, reported The Express Tribune. A delegation of seven businessmen, which consisted of five Chinese nationals, one Danish individual, and one US citizen, had accompanied Ma. The delegation came to Pakistan from Nepal on a chartered flight from the business aviation sector of Hong Kong. The social media platforms are filled with speculations about Ma and his team exploring business opportunities in the economically-embattled country, which included meetings with important businessmen and officials from various chambers of commerce and visits to trade centres. However, no officials have made a confirmation regarding any specific meetings or business deals. In a tweet, Ahsan clarified that the visit of Jack Ma was strictly for personal purposes. He said that, interestingly, even the Chinese embassy was not given details of Ma's visit and engagements in Pakistan. WATCH | Gravitas: Jack Ma spotted in Australia | How Xi Jinping destroyed Jack Ma Speaking to the Express Tribune, P@SHA Chairman Zohaib Khan said, "Although it was a personal visit, it helped enhance Pakistan's reputation from a tourism standpoint." Khan added that the Pakistan government's authorities should have used the opportunity and arranged a meeting with Jack Ma to gain insights from the billionaire's seasoned experience in the IT world. He said that even one statement from Jack Ma regarding the IT sector of Pakistan would have made a significant impact. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Chinese billionaire Jack Ma creates stir with sudden visit to Pakistan

<p>A top politician in Pakistan suggested that Pakistan should have nine states instead of the existing four. Pakistan's Senate deputy chairman Mirza Mohammad Afridi reasoned purported economic benefits for his suggestion.</p>

<p>So far, none of the proposed new states includes parts of India's Jammu and Kashmir state under illegal Pakistani occupation.</p>

<p>"Look at Balochistan, how vast its area is. There should be three provinces formed in Balochistan as well as three separate ones in Punjab," Afridi was quoted as saying by DawnTV while referring to Balochistan province where a freedom movement has been ongoing for decades with frequent episodes of violence and state reprisals.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/while-its-population-battle-for-lives-india-slams-pakistans-kashmir-interjection-at-unhrc-568300">India slams Pak: Shun obsession, instead work for your citizens battling for survival</a></strong></p>

<p>The senate deputy chairman called for Karachi to be made an entirely separate province, adding: "FATA should be made a separate province and one province should also be formed for Hazara [community]."</p>

<p>Afridi further said the more provinces Pakistan has, the better it will be.</p>

<p>He went on to explain that if the said provinces are formed, they will continue receiving their share of the fiscal budget.</p>

<p><strong>Gravitas | Rising terrorism in Pakistan: 58 attacks in 28 days</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-rising-terrorism-in-pakistan-58-attacks-in-28-days-567787/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>Dawn publication reported that at one point when Afridi was asked if the decision of merging Fata with Khyber Pakhtunkhwa was made in haste, Afridi responded: “We should have obtained a commitment on the promises [made].”</p>

<p>The two impoverished provinces of the South Asian nation were merged after a constitutional amendment in 2017.</p>

<h2><strong>Call for more states in Pakistan</strong></h2>

<p>The latest statement by a top politician comes just a few months after calls for the formation of new states resurfaced in Pakistan. The ruling alliance's Pakistan Muslim League (Nawaz) party's senators moved two bills in March in which they sought&nbsp;the creation of South Punjab and Hazara provinces.</p>

<p>The bill seeking the creation of the south Punjab province was tabled by PML-N Senator Rana Mehmoodul Hassan as a private member’s bill while the one for Hazara was moved by PML-N Senator Pir Sabir Shah.</p>

<p>The deliberations on the same by Senate Standing Committee on Law and Justice are yet to take place.</p>

<p>Meanwhile, former prime minister and Pakistan People's Party Vice-Chairman Yousaf Raza Gilani&nbsp;said last month&nbsp;that consultations will be held with all political parties of the country to present the bill for the creation of a Seraiki province.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


A top politician in Pakistan suggested that Pakistan should have nine states instead of the existing four. Pakistan's Senate deputy chairman Mirza Mohammad Afridi reasoned purported economic benefits for his suggestion.

A top politician in Pakistan suggested that Pakistan should have nine states instead of the existing four. Pakistan's Senate deputy chairman Mirza Mohammad Afridi reasoned purported economic benefits for his suggestion. So far, none of the proposed new states includes parts of India's Jammu and Kashmir state under illegal Pakistani occupation. "Look at Balochistan, how vast its area is. There should be three provinces formed in Balochistan as well as three separate ones in Punjab," Afridi was quoted as saying by DawnTV while referring to Balochistan province where a freedom movement has been ongoing for decades with frequent episodes of violence and state reprisals. Also read | India slams Pak: Shun obsession, instead work for your citizens battling for survival The senate deputy chairman called for Karachi to be made an entirely separate province, adding: "FATA should be made a separate province and one province should also be formed for Hazara [community]." Afridi further said the more provinces Pakistan has, the better it will be. He went on to explain that if the said provinces are formed, they will continue receiving their share of the fiscal budget. Gravitas | Rising terrorism in Pakistan: 58 attacks in 28 days × Dawn publication reported that at one point when Afridi was asked if the decision of merging Fata with Khyber Pakhtunkhwa was made in haste, Afridi responded: “We should have obtained a commitment on the promises [made].” The two impoverished provinces of the South Asian nation were merged after a constitutional amendment in 2017. Call for more states in Pakistan The latest statement by a top politician comes just a few months after calls for the formation of new states resurfaced in Pakistan. The ruling alliance's Pakistan Muslim League (Nawaz) party's senators moved two bills in March in which they sought the creation of South Punjab and Hazara provinces. The bill seeking the creation of the south Punjab province was tabled by PML-N Senator Rana Mehmoodul Hassan as a private member’s bill while the one for Hazara was moved by PML-N Senator Pir Sabir Shah. The deliberations on the same by Senate Standing Committee on Law and Justice are yet to take place. Meanwhile, former prime minister and Pakistan People's Party Vice-Chairman Yousaf Raza Gilani said last month that consultations will be held with all political parties of the country to present the bill for the creation of a Seraiki province. WATCH WION LIVE HERE

Will Pakistan have 9 provinces? Senate deputy chairman reignites call

Chinese billionaire Jack Ma was spotted in Pakistan as per reports he stayed in Pakistan's capital city, Lahore. Jack Ma was accompanied by a delegation of seven businessmen the delegation arrived in Pakistan from Nepal's Kathmandu via Hong Kong chartered flight.

Alibaba co-founder Jack Ma spotted in Pakistan

Former Pakistan Prime Minister Nawaz Sharif and former President Asif Ali Zardari have reportedly met in the UAE to consult and decide on the timing of the next general elections in the country and "their respective share" in the future set-up, a media report said on June 27.

PML-N supremo Nawaz Sharif, PPP's Asif Zardari meet in UAE over Pak election

As the IMF agreed a three billion dollar deal to avert an impending economic catastrophe in the area, Pakistan has gained a much-needed lifeline. This IMF investment is a ray of hope for Pakistan's beleaguered economy, which has been suffering from a severe balance of payments problem and declining foreign reserves that have brought it perilously near to default. Pakistan's prime minister expressed gratitude to China and other friends for their assistance.

IMF extends helping hand to cash-strapped Pakistan

Israel's spy agency, Mossad, has announced that it has thwarted an Iranian plot to attack Israeli business people in Cyprus with a detailed probe hinting at Pakistan's involvement in the assassination bid.

Israel's spy agency Mossad uncovers Pak ISI's involvement in killing rich Jews: Report

Crisis-hit Pakistan strikes $3bn IMF bailout deal

Miscreants attacked members of the Sikh Community, disturbing the revered kirtan ceremony at a Gurdwara in the Sindh Province, in a horrifying demonstration of religious intolerance in Pakistan.

Pakistan: Miscreants disrupt sacred kirtan ceremony at Sindh gurdwara

While Pakistan has received a much-needed Llfeline as the International Monetary Fund has approved a three billion dollar deal to prevent an impending economic collapse.

IMF comes to the rescue of cash-strapped Pakistan

<p>Pakistan has managed to clinch a last-minute relief from the International Monetary Fund (IMF) as the two have agreed on an initial $3 billion loan from the global lender. The development lowers the risk of a sovereign debt default as the South Asian nation continues to grapple with sky-high inflation and staggeringly low exchange reserves.&nbsp;</p>

<p>The country will now hope to secure the funding of at least $1.1 billion from the IMF, after a final review. The development occurs right before the expiration of IMF's current programme for Pakistan on June 30.</p>

<p>The agreement aims to&nbsp;support Pakistan's purported efforts&nbsp;to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners. "The new SBA will also create space for social and development spending through improved domestic revenue mobilisation and careful spending execution to help address the needs of the Pakistani people," the IMF said in an official statement.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-races-against-time-with-extreme-tax-measures-to-secure-11-bn-from-imf-608541">Pakistan races against time with extreme tax measures to secure $1.1bn from IMF</a></strong></p>

<p>The staff-level agreement will now be&nbsp;subjected to approval by the IMF Executive Board, constituted by 24 Directors from countries worldwide.&nbsp;</p>

<p>"I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota)," IMF's Nathan Porter said in an official statement.</p>

<p>"The new SBA builds on the authorities’ efforts under Pakistan’s 2019 EFF-supported program which expires end-June. This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider this request by mid-July," said Porter, the IMF team leader who held&nbsp;in-person and virtual meetings with the Pakistani Authorities to discuss a new financing engagement.</p>

<h2><strong>Pakistan $3 bn IMF loan programme: Upcoming Timeline</strong></h2>

<p>According to an IMF statement, the Executive Board's consideration for $3 billion loan programme towards Pakistan is likely to&nbsp;take place in the middle of July.</p>

<p><b>Also watch |&nbsp;Pakistan's last-ditch effort for an IMF loan</b></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pakistans-last-ditch-effort-for-an-imf-loan-608763/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>The IMF on Friday said that a steadfast policy implementation will be&nbsp;key for Pakistan to overcome its current challenges, "including through greater fiscal discipline, a market-determined exchange rate to absorb external pressures, and further progress on reforms, particularly in the energy sector, to promote climate resilience, and to help improve the business climate."</p>

<p>Pakistan has availed nearly two dozen bailouts from the Washington-headquartered lender since 1952.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


Pakistan has managed to clinch a last-minute relief from the International Monetary Fund (IMF) as the two have agreed on an initial $3 billion loan from the global lender.

Pakistan has managed to clinch a last-minute relief from the International Monetary Fund (IMF) as the two have agreed on an initial $3 billion loan from the global lender. The development lowers the risk of a sovereign debt default as the South Asian nation continues to grapple with sky-high inflation and staggeringly low exchange reserves. The country will now hope to secure the funding of at least $1.1 billion from the IMF, after a final review. The development occurs right before the expiration of IMF's current programme for Pakistan on June 30. The agreement aims to support Pakistan's purported efforts to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners. "The new SBA will also create space for social and development spending through improved domestic revenue mobilisation and careful spending execution to help address the needs of the Pakistani people," the IMF said in an official statement. Also read | Pakistan races against time with extreme tax measures to secure $1.1bn from IMF The staff-level agreement will now be subjected to approval by the IMF Executive Board, constituted by 24 Directors from countries worldwide. "I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota)," IMF's Nathan Porter said in an official statement. "The new SBA builds on the authorities’ efforts under Pakistan’s 2019 EFF-supported program which expires end-June. This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider this request by mid-July," said Porter, the IMF team leader who held in-person and virtual meetings with the Pakistani Authorities to discuss a new financing engagement. Pakistan $3 bn IMF loan programme: Upcoming Timeline According to an IMF statement, the Executive Board's consideration for $3 billion loan programme towards Pakistan is likely to take place in the middle of July. Also watch | Pakistan's last-ditch effort for an IMF loan × The IMF on Friday said that a steadfast policy implementation will be key for Pakistan to overcome its current challenges, "including through greater fiscal discipline, a market-determined exchange rate to absorb external pressures, and further progress on reforms, particularly in the energy sector, to promote climate resilience, and to help improve the business climate." Pakistan has availed nearly two dozen bailouts from the Washington-headquartered lender since 1952. WATCH WION LIVE HERE

Pakistan secures initial relief of $3bn from IMF in its bid to avoid sovereign default

<p>Pakistan is currently facing an unprecedented financial crisis and expects a loan from the International Monetary Fund (IMF) to revive the economy. On Wednesday (June 28), Dawn newspaper reported citing people with knowledge of the matter that Islamabad is in talks with the international financial institution for a new $2.5 billion quick standby assistance as the existing programme expires on June 30.&nbsp;</p>

<p>According to the Pakistan-based newspaper, the short-term proposed arrangement, which is for six to nine months, includes an upfront disbursement of $1.1 billion within the next 15 days. It is followed by two or three more reviews for as much as $500 million each.&nbsp;</p>

<p>Pakistan is struggling to finalise an agreement with the lender as its IMF programme runs out. Prime Minister Shehbaz Sharif also held a meeting with the ambassadors of key countries to get support for the revival of the deal. So far, there's nothing concrete.&nbsp;</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistans-new-law-paves-way-for-former-pm-nawaz-sharifs-return-report-609308">Pakistan passes new law, paves way for former PM Nawaz Sharif’s return: Report</a>&nbsp;</strong></p>

<h2><strong>Economic crisis in Pakistan&nbsp;</strong></h2>

<p>The economy of the nation has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt. Months of political chaos have worsened the situation.&nbsp;</p>

<p>The cost of living crisis is also troubling the common people as inflation has rocketed, the Pakistan rupee has plummeted and the country can no longer afford imports. This has led to a severe decline in industrial output.&nbsp;</p>

<p>Pakistan remained in a difficult phase as it attempted to regain access to a $6.7 billion bailout programme. However, it has been delayed for more than six months. The South Asian nation drafted its annual budget keeping the crisis in mind.&nbsp;</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/world/indias-amara-raja-group-secures-130-million-solar-power-project-in-bangladesh-609215">India's Amara Raja Group secures $130 million solar power project in Bangladesh</a>&nbsp;</strong></p>

<p>Ishaq Dar told reporters after releasing the budget for the 2023-24 financial year that "we'll see how things go" as he referred to whether to restructure or reprofile debt. Dar added, "In either case, we will talk to bilateral creditors."&nbsp;</p>

<p>To tackle the situation, Pakistan has taken decisive changes to the annual budget, such as hiked taxes and energy prices to win the lender's support. However, these tweaks would impact the common people.&nbsp;</p>

<p><strong>Watch:&nbsp;Civilians in Pakistan may face military trial for vandalising army building&nbsp;</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pakistan-civilians-may-face-military-trial-for-vandalising-army-building-608796/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2><strong>Pakistan to hand over Karachi port to UAE&nbsp;</strong></h2>

<p>Pakistan is apparently planning to hand over the Karachi port terminals to the United Arab Emirates (UAE), a move which appears to be the first intergovernmental transaction under a law enacted last year to raise emergency funds.&nbsp;</p>

<p>Earlier this month, a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions was chaired by the finance minister to discuss the details of the deal.&nbsp;</p>

<p>In the meeting, it was decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Pakistan is currently facing an unprecedented financial crisis and expects a loan from the International Monetary Fund (IMF) to revive the economy. On Wednesday (June 28), Dawn newspaper reported citing people with knowledge of the matter that Islamabad is in talks with the international financial institution for a new $2.

Pakistan is currently facing an unprecedented financial crisis and expects a loan from the International Monetary Fund (IMF) to revive the economy. On Wednesday (June 28), Dawn newspaper reported citing people with knowledge of the matter that Islamabad is in talks with the international financial institution for a new $2.5 billion quick standby assistance as the existing programme expires on June 30. According to the Pakistan-based newspaper, the short-term proposed arrangement, which is for six to nine months, includes an upfront disbursement of $1.1 billion within the next 15 days. It is followed by two or three more reviews for as much as $500 million each. Pakistan is struggling to finalise an agreement with the lender as its IMF programme runs out. Prime Minister Shehbaz Sharif also held a meeting with the ambassadors of key countries to get support for the revival of the deal. So far, there's nothing concrete. Also read: Pakistan passes new law, paves way for former PM Nawaz Sharif’s return: Report Economic crisis in Pakistan The economy of the nation has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt. Months of political chaos have worsened the situation. The cost of living crisis is also troubling the common people as inflation has rocketed, the Pakistan rupee has plummeted and the country can no longer afford imports. This has led to a severe decline in industrial output. Pakistan remained in a difficult phase as it attempted to regain access to a $6.7 billion bailout programme. However, it has been delayed for more than six months. The South Asian nation drafted its annual budget keeping the crisis in mind. Also read: India's Amara Raja Group secures $130 million solar power project in Bangladesh Ishaq Dar told reporters after releasing the budget for the 2023-24 financial year that "we'll see how things go" as he referred to whether to restructure or reprofile debt. Dar added, "In either case, we will talk to bilateral creditors." To tackle the situation, Pakistan has taken decisive changes to the annual budget, such as hiked taxes and energy prices to win the lender's support. However, these tweaks would impact the common people. Watch: Civilians in Pakistan may face military trial for vandalising army building × Pakistan to hand over Karachi port to UAE Pakistan is apparently planning to hand over the Karachi port terminals to the United Arab Emirates (UAE), a move which appears to be the first intergovernmental transaction under a law enacted last year to raise emergency funds. Earlier this month, a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions was chaired by the finance minister to discuss the details of the deal. In the meeting, it was decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government. (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.

Pakistan in talks with IMF for new $2.5 billion quick standby assistance: Report

Here, we bring you the news that is trending across WION's social media platforms- Problems bound for the people of Pakistan further as the ATM machines in Karachi run out of cash just ahead of the Muslim Festival of Eid and people are forced to go cashless.

Pakistan: People of Karachi 'cashless' as ATMs run out of cash before Eid Al-Adha

<p><meta name="uuid" content="uuiddwoewGEssC0h" /><meta charset="utf-8" /></p>

<p>The Pakistani government and the International Monetary Fund (IMF) were discussing a $2.5-billion "standby arrangement" for six to nine months as the current bailout programme is set to expire on Friday (June 30). On Tuesday, Pakistan Finance Minister Ishaq Dar said the two sides were working on a "mechanism" to ensure that Islamabad got the entire amount and not just the close to $1.1 billion due under the current review, the news agency Reuters reported on Wednesday.&nbsp;</p>

<p>However, Finance Minister Dar did not elaborate on what the mechanism was. The government is currently racing against time to unlock $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019.&nbsp;</p>

<p>As per a report by the Express Tribune, the ninth review is in order after recent adjustments but Pakistan is keen to receive the entire undisbursed amount,&nbsp;which is only possible in a new programme. The report added that Prime Minister Shehbaz Sharif discussed signing a new standby arrangement (SBA) worth&nbsp;$2.6 billion for six months with IMF Managing Director Kristalina Georgieva.</p>

<h2><strong>'Pak taking decisive steps to push through economic reforms'</strong></h2>

<p>On Tuesday, the IMF said that Pakistan was taking decisive steps to push through a series of economic reforms. In a statement, IMF's Pakistan mission chief Nathan Porter said that the country's authorities were bringing in policies more in line with the economic reform programme supported by the lender.&nbsp;</p>

<p>"The IMF team continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support,” the statement added.&nbsp;</p>

<p>Porter said that the steps taken by the government include parliament’s approval of a budget that expands the tax base and allows for more social and development spending, and efforts to improve the functioning of the foreign exchange market.&nbsp;</p>

<p>The IMF mission chief also cited the country’s tightening of monetary policy to reduce inflationary and balance of payment pressures that “affect particularly the more vulnerable.”</p>

<p>In the FY 24 budget, the government had earmarked $2.5 billion in external receipts from the IMF. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24.<br />
<br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


The Pakistani government and the International Monetary Fund (IMF) were discussing a $2.5-billion "standby arrangement" for six to nine months as the current bailout programme is set to expire on Friday (June 30).

The Pakistani government and the International Monetary Fund (IMF) were discussing a $2.5-billion "standby arrangement" for six to nine months as the current bailout programme is set to expire on Friday (June 30). On Tuesday, Pakistan Finance Minister Ishaq Dar said the two sides were working on a "mechanism" to ensure that Islamabad got the entire amount and not just the close to $1.1 billion due under the current review, the news agency Reuters reported on Wednesday. However, Finance Minister Dar did not elaborate on what the mechanism was. The government is currently racing against time to unlock $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019. As per a report by the Express Tribune, the ninth review is in order after recent adjustments but Pakistan is keen to receive the entire undisbursed amount, which is only possible in a new programme. The report added that Prime Minister Shehbaz Sharif discussed signing a new standby arrangement (SBA) worth $2.6 billion for six months with IMF Managing Director Kristalina Georgieva. 'Pak taking decisive steps to push through economic reforms' On Tuesday, the IMF said that Pakistan was taking decisive steps to push through a series of economic reforms. In a statement, IMF's Pakistan mission chief Nathan Porter said that the country's authorities were bringing in policies more in line with the economic reform programme supported by the lender. "The IMF team continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support,” the statement added. Porter said that the steps taken by the government include parliament’s approval of a budget that expands the tax base and allows for more social and development spending, and efforts to improve the functioning of the foreign exchange market. The IMF mission chief also cited the country’s tightening of monetary policy to reduce inflationary and balance of payment pressures that “affect particularly the more vulnerable.” In the FY 24 budget, the government had earmarked $2.5 billion in external receipts from the IMF. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24. 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.

Pakistan, IMF discussing $2.5 billion standby arrangement, says FM Ishaq Dar

The Pakistan Army has just undertaken a massive purge. 3 Army officials have been sacked while 15 other officers have been disciplined. They've been accused of failing to protect military installations during the May 9 violence. Molly Gambhir reports.

Pak Army goes for unprecedented cleanup

The schedule for the 2023 ICC Men's ODI World Cup in India has been released. India and Pakistan are scheduled to face off on October 15, however, Pakistan's participation in the marquee event is still not confirmed. The Pakistan Cricket Board says it will require government clearance to travel to India. Molly Gambhir reports.

Gravitas: Pakistan’s participation in ODI WC not confirmed

Pakistan Prime Minister Shehbaz Sharif held a phone call with IMF Managing Director Kristalina Georgieva on Tuesday during which he expressed hope that the global lender would announce a decision on the release of the bailout fund within a day or two.

Pak PM asks IMF chief for early release of stalled bailout fund

Justice Yahya Afridi has urged the Chief Justice of Pakistan to form a full court bench for hearing petitions challenging the trial of civilians in military courts.

Pakistan Military courts case: Justice Yahya Afridi stresses formation of full bench

In Pakistan, a member of the six-judge bench hearing pleas challenging the trials of civilians in the military courts has urged the Chief Justice, Umar Ata Bandial to reconsider the reconstitution of the bench.

Brutal military trials of civilians in Pakistan

A private Chinese firm wanted to export 100,000 endangered monkeys from Sri Lanka. The island nation has put the deal on halt after backlash from animal rights activists & environmentalists. Why did China want so many monkeys from Sri Lanka? Molly Gambhir tells you more.

Why did Sri Lanka halt monkey exports to China?

US State department has called on Pakistan to take steps to permanently disband all terrorist groups including Lashkar-e-Taiba, Jaish-e-Mohammed, and their various front organisations. This comes after Pakistan summoned US Deputy Ambassador over India and the US calling out Islamabad over its support to terrorism in the joint statement issued last week.

'Disband all terrorist groups', US reacts after Pak summons deputy envoy

A minimum of 350 Pakistanis were on an overloaded boat that sank in open seas off Greece last week. It was a case of human smuggling where a fishing boat with a capacity of 400 people had over 700 people on board.

Greece boat tragedy: WION speaks to families of Pakistani victims caught in shipwreck

The fixtures for the 2023 ICC men's One Day International World Cup are finally out. Pakistan and India are scheduled to play India on the 15th of October in Ahmedabad. But, the Pakistan Cricket Board remarked that they are yet to get permission from their government to travel to India.

Pakistan Cricket Board awaits government's approval for 2023 ICC men's ODI International World Cup

The breathtaking snow-capped peaks of Shounter Valley in Pakistan-occupied Kashmir are showing signs of melting. According to the united nations development programme, its glaciers are worsening floods and forming lakes, putting at least 7 million people downstream at risk.

In Pakistan-held Kashmir, melting glacier puts millions at risk

The International Cricket Council World Cup schedule is out with over three months to go for the marquee event. This is after plenty of speculation and the big news is that Pakistan is travelling to India for this event. The highly anticipated match between India and Pakistan will take place on October 15, 2023.

ICC World Cup 2023: India and Pakistan set for epic showdown

The Indian army and educational institutions are experiencing persistent cyber attacks from a Pakistan-based group. What does Pakistan want from the Indian army? Molly Gambhir tells you how.

Gravitas: Pakistan hits Indian army with cyber attacks

Pakistan has introduced a bill to limit the disqualification of lawmakers. This move could pave the way for Nawaz Sharif's return to Pakistan. Molly Gambhir tells you how.

Gravitas: Pak govt goes all out to bring Nawaz Sharif back

The judiciary and citizens alike continue to bear the scars of Pakistan's deadly anti-establishment protest on May 9. A nine-member bench of Pakistan's Apex Court was initially established to assess whether civilians implicated in the violence should be tried in a military court.

Pakistan: Civilians may face military trial for vandalising army building

Pakistan’s National Assembly on Sunday passed a bill to limit the lifetime disqualification of lawmakers to five years, possibly paving the way for the return of former Prime Minister Nawaz Sharif from London to resume active politics ahead of general elections this year. Sharif, 73, was disqualified for life in 2017 by the Supreme Court and later convicted in corruption cases by the accountability courts. In 2018, the three-time former premier became ineligible to hold public office for life after a Supreme Court verdict in the Panama Papers case.

Pakistan National Assembly passes bill to limit disqualification period of lawmakers

Cash strapped Pakistan is still hopeful of an international monetary fund package. And in a last ditch effort to secure the loan, it is planning to introduce new taxes to appease the international fund. Pakistan plans to introduce new taxes and raise revenue by $750 million, just days before the new financial year begins on July 1. With the new tax proposals, Pakistan expects to secure at least 1.1 billion dollars in funding.

Pakistan's last-ditch effort for an IMF loan

Pakistan to introduce new taxes to appease IMF

<p>Pakistan's dire economic crisis has forced it to take actions as per International Monetary Fund's conditions as the South Asian nation made&nbsp;tax-related announcements earlier this week.</p>

<p>Finance Minister Ishaq Dar announced in Parliament on Saturday that Pakistan will implement new tax policy following which the country would&nbsp;generate an additional revenue of 215 billion rupees ($750 million), bringing the total budget to 9.4 trillion rupees.</p>

<p>Following three days of discussions with the IMF, the budget will be finalised within the next three days, according to Dar.</p>

<h2><strong>Pakistan's focus to revive $6.7bn bailout programme</strong></h2>

<p>Prime Minister Shehbaz Sharif's government had previously presented an annual spending plan aimed at balancing economic growth with&nbsp;conditions imposed by the IMF to revive a $6.7 billion bailout programme.</p>

<p>But on Saturday, Pakistani finance minister stated that the government has decided to revise and reduce state expenses by 85 billion rupees, just what the IMF had proposed.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistans-karachi-city-to-stop-import-of-eatables-drinks-due-to-lack-of-dollars-606133">Pakistan's Karachi city to stop import of eatables, drinks due to lack of dollars</a></strong></p>

<p>In an earlier statement, the IMF expressed concerns about the budget's tax policies, pointing out&nbsp;that Pakistan&nbsp;failed to broaden the revenue base. The IMF had also raised objections to an amnesty programme that apparently raised conflict with the bailout programme's conditions.</p>

<p>Earlier, Pakistan&nbsp;Prime Minister Shehbaz Sharif&nbsp;met with IMF Managing Director Kristalina Georgieva and committed to taking further measures with the bailout programme.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> changes budget as dictated by IMF to clinch stalled funds.<br />
<br />
The review came a day after Prime Minister <a href="https://twitter.com/CMShehbaz?ref_src=twsrc%5Etfw">@CMShehbaz</a> met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.<a href="https://twitter.com/SehgalRahesha?ref_src=twsrc%5Etfw">@SehgalRahesha</a> tells you more <a href="https://t.co/N8rd7ACrI8">pic.twitter.com/N8rd7ACrI8</a></p>
— WION (@WIONews) <a href="https://twitter.com/WIONews/status/1672906163195887617?ref_src=twsrc%5Etfw">June 25, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>The country now expects to secure funding of at least $1.1 billion from the IMF before the expiration of its current programme on June 30.</p>

<p>Over the past year, the government has implemented measures such as raising taxes and fuel prices, as well as loosening control over the foreign exchange rate.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>


Pakistan's dire economic crisis has forced it to take actions as per International Monetary Fund's conditions as the South Asian nation made tax-related announcements earlier this week.

Pakistan's dire economic crisis has forced it to take actions as per International Monetary Fund's conditions as the South Asian nation made tax-related announcements earlier this week. Finance Minister Ishaq Dar announced in Parliament on Saturday that Pakistan will implement new tax policy following which the country would generate an additional revenue of 215 billion rupees ($750 million), bringing the total budget to 9.4 trillion rupees. Following three days of discussions with the IMF, the budget will be finalised within the next three days, according to Dar. Pakistan's focus to revive $6.7bn bailout programme Prime Minister Shehbaz Sharif's government had previously presented an annual spending plan aimed at balancing economic growth with conditions imposed by the IMF to revive a $6.7 billion bailout programme. But on Saturday, Pakistani finance minister stated that the government has decided to revise and reduce state expenses by 85 billion rupees, just what the IMF had proposed. Also read | Pakistan's Karachi city to stop import of eatables, drinks due to lack of dollars In an earlier statement, the IMF expressed concerns about the budget's tax policies, pointing out that Pakistan failed to broaden the revenue base. The IMF had also raised objections to an amnesty programme that apparently raised conflict with the bailout programme's conditions. Earlier, Pakistan Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva and committed to taking further measures with the bailout programme. #Pakistan changes budget as dictated by IMF to clinch stalled funds. The review came a day after Prime Minister @CMShehbaz met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.@SehgalRahesha tells you more pic.twitter.com/N8rd7ACrI8 — WION (@WIONews) June 25, 2023 × The country now expects to secure funding of at least $1.1 billion from the IMF before the expiration of its current programme on June 30. Over the past year, the government has implemented measures such as raising taxes and fuel prices, as well as loosening control over the foreign exchange rate. WATCH WION LIVE HERE

Pakistan races against time with extreme tax measures to secure $1.1bn from IMF

pakistan-0

Pakistan, News on Pakistan, stories on Pakistan, articles on Pakistan, Pakistan stories at Wion, Pakistan news, Pakistan latest news

pakistan 0