Pakistan's Prime Mini­ster Shehbaz Sharif on Wednesday said that even friendly countries have started looking at Pakistan as a nation that is always begging for money. Sharif's remarks show a bleak picture of the country's economy and its poor image portrayal&nbsp;on the global forum.&nbsp;

As quoted by Pakistan-based Dawn News, Prime Minister Sharif in an address to a lawyers' convention said, "Today, when we go to any friendly country or make a phone call, they think that we have come [to them] to beg for money."&nbsp;

Weighing in on the status of the economy, Sharif added that even small economies have surpassed Pakistan, "and we have been wandering for the past 75 years carrying a begging bowl".&nbsp;

WATCH |&nbsp;Pakistan Prime Minister Shehbaz Sharif admits country's grim reality&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/where-is-masood-azhar-pakistan-says-ungoverned-spaces-within-afghanistan-safe-havens-for-terrorists-516731">Where is Masood Azhar? Pakistan says 'ungoverned spaces' in Afghanistan safe havens for terrorists</a>&nbsp;

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Pakistan is already suffering from political and economic crises and the devastating floods have worsened the situation. As per Sharif, Pakistan's economy was facing a "challenging situation" even before the floods&nbsp;that have&nbsp;made it more "complicated".&nbsp;

At the SCO Summit 2022, Sharif on Friday told the leaders of the member nations that Pakistan looked like "a sea of water" after unprecedented floods hit his country. He also urged for immediate action to tackle climate change. Sharif was addressing the SCO's Council of Heads of State (CHS) Summit in the Uzbek city of Samarkand.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/no-more-funding-from-india-to-sri-lanka-as-imf-talks-progress-sources-516652">No more funding from India to Sri Lanka as IMF talks progress: Sources</a>&nbsp;

Sharif spoke about the climate catastrophe that has led to cataclysmic floods killing more than 1,500 persons and affecting over 33 million people in the country.&nbsp;

"The devastating floods in Pakistan are most definitely climate change-induced. It is the result of climate change, cloud outbursts, and unprecedented rains, combined with hill torrents coming down. All this put together makes Pakistan look like a sea of water," Sharif said.&nbsp;

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Pakistan's Prime Minister Shehbaz Sharif on Wednesday said that even friendly countries have started looking at Pakistan as a nation that is always begging for money.

Pakistan's Prime Minister Shehbaz Sharif on Wednesday said that even friendly countries have started looking at Pakistan as a nation that is always begging for money. Sharif's remarks show a bleak picture of the country's economy and its poor image portrayal on the global forum. As quoted by Pakistan-based Dawn News, Prime Minister Sharif in an address to a lawyers' convention said, "Today, when we go to any friendly country or make a phone call, they think that we have come [to them] to beg for money." Weighing in on the status of the economy, Sharif added that even small economies have surpassed Pakistan, "and we have been wandering for the past 75 years carrying a begging bowl". WATCH | Pakistan Prime Minister Shehbaz Sharif admits country's grim reality ALSO READ | Where is Masood Azhar? Pakistan says 'ungoverned spaces' in Afghanistan safe havens for terrorists × Pakistan is already suffering from political and economic crises and the devastating floods have worsened the situation. As per Sharif, Pakistan's economy was facing a "challenging situation" even before the floods that have made it more "complicated". At the SCO Summit 2022, Sharif on Friday told the leaders of the member nations that Pakistan looked like "a sea of water" after unprecedented floods hit his country. He also urged for immediate action to tackle climate change. Sharif was addressing the SCO's Council of Heads of State (CHS) Summit in the Uzbek city of Samarkand. ALSO READ | No more funding from India to Sri Lanka as IMF talks progress: Sources Sharif spoke about the climate catastrophe that has led to cataclysmic floods killing more than 1,500 persons and affecting over 33 million people in the country. "The devastating floods in Pakistan are most definitely climate change-induced. It is the result of climate change, cloud outbursts, and unprecedented rains, combined with hill torrents coming down. All this put together makes Pakistan look like a sea of water," Sharif said. 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.

PM Shehbaz Sharif says 'even friendly countries think Pakistan is always begging'

Pakistan is suffering from catastrophic floods that hit across the country. United Nations Secretary-General Antonio Guterres visited the country. This calamity came at possibly the worst time that Pakistan could expect.&nbsp;

The country is already suffering from political, economic and geopolitical problems. For the past few months, Pakistan is in stringent condition. Husain Haqqani, a former ambassador of Pakistan to the US, recently warned that if this continues Pakistan could become another Sri Lanka.&nbsp;

Let's examine in detail how one catastrophe led to another. It all probably started this April, when then Prime Minister Imran Khan was ousted by the National Assembly of Pakistan in the no-confidence motion.&nbsp;

Shahbaz Sharif, a former chief minister of the Punjab province of Pakistan and younger brother of the former prime minister Nawaz Sharif took over as the new PM of the south Asian nation.&nbsp;

In a parliamentary democracy, it is very common to lose the majority and sit on the other side of the table, but not in Pakistan. Khan, who proclaimed himself the leader of the Muslim ummah, refused to acknowledge the result of the no-confidence motion.&nbsp;

He claimed that the whole motion was a conspiracy by the US government to dethrone him. Khan argued that the West did not approve of Pakistan’s close relations with Russia and China. He alleged that the deep state (Pakistani Military) with the help of American intelligence conspired against him and his party Pakistan Tehreek-e-Insaf (PTI).&nbsp;

Khan along with all of his legislatures of PTI resigned from the National Assembly. Since then he is demanding early elections. But the current government, along with coalition partners, is keen to complete the remaining term of one and a half years.&nbsp;

Before leaving office he staunchly gave excessive subsidies on rations and fuels. This made it very hard for the incumbent government to reverse those actions. Eventually, the political storm coupled with uncertainty in the market led to an economic crisis in the country.&nbsp;

Pakistan, which already was struggling to get an IMF bailout, had to face more economic constraints because of Khan’s subsidy move. In the past 60 years, Pakistan has received loans from the IMF 22 times, all of which have strict terms like raising energy prices, eliminating energy subsidies, raising taxes, privatising state organisations, making budgetary adjustments etc.&nbsp;

It is being perceived by economists that, once the bailout is finalised, Pakistan will notice a sudden surge in inflation rates. Pakistani economy, which was already affected by the coronavirus pandemic, the Russia-Ukraine conflict and being on the FATF grey list (since 2018) is yet at another juncture of getting a fiscal shock, with the current government not able to overturn the risk of the default.&nbsp;

As Miftah Ismail last week imposed an extra tax on fuel and averted the subsidy, former PM Khan was ready to absorb political gain out of the situation. Khan in the last few months made it very hard for the current ruling government to take any substantive decision. In his political rallies, he constantly targets PM Shahbaz and current Army chief, General Qamar Javed Bajwa.&nbsp;

Pakistan right now is in front of the perfect storm. With the Taliban taking over in Afghanistan, another security risk of, the Pakistani Taliban or TTP (Tehrik-i-Taliban Pakistan), is averting in the northwest frontiers. TTP which is considered to be a Pakistani arm of the Afghan Taliban wants the same fate as Afghanistan for Pakistan. TTP is responsible for the disastrous Peshawar army school terror attack of 2014, in which more than 150 people had lost their lives out of which 134 were students. TTP is yet again active in Pakistan as political instability approaches. &nbsp;

The following months will be very hard for Pakistani leaders, the opposition and especially the establishment. On one hand, they will be fighting with the political turmoil on other economic uncertainty. Similarly on one hand they’ll be fighting with the extremism and terror outfits on the other climate floods. It is the need of the hour that Pakistani politicians and the Pakistani establishment come together and work for the collective good of the people ignoring personal gain and benefits.&nbsp;

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)&nbsp;

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Pakistan is suffering from catastrophic floods that hit across the country. United Nations Secretary-General Antonio Guterres visited the country. This calamity came at possibly the worst time that Pakistan could expect.

Pakistan is suffering from catastrophic floods that hit across the country. United Nations Secretary-General Antonio Guterres visited the country. This calamity came at possibly the worst time that Pakistan could expect. The country is already suffering from political, economic and geopolitical problems. For the past few months, Pakistan is in stringent condition. Husain Haqqani, a former ambassador of Pakistan to the US, recently warned that if this continues Pakistan could become another Sri Lanka. Let's examine in detail how one catastrophe led to another. It all probably started this April, when then Prime Minister Imran Khan was ousted by the National Assembly of Pakistan in the no-confidence motion. Shahbaz Sharif, a former chief minister of the Punjab province of Pakistan and younger brother of the former prime minister Nawaz Sharif took over as the new PM of the south Asian nation. In a parliamentary democracy, it is very common to lose the majority and sit on the other side of the table, but not in Pakistan. Khan, who proclaimed himself the leader of the Muslim ummah, refused to acknowledge the result of the no-confidence motion. He claimed that the whole motion was a conspiracy by the US government to dethrone him. Khan argued that the West did not approve of Pakistan’s close relations with Russia and China. He alleged that the deep state (Pakistani Military) with the help of American intelligence conspired against him and his party Pakistan Tehreek-e-Insaf (PTI). Khan along with all of his legislatures of PTI resigned from the National Assembly. Since then he is demanding early elections. But the current government, along with coalition partners, is keen to complete the remaining term of one and a half years. Before leaving office he staunchly gave excessive subsidies on rations and fuels. This made it very hard for the incumbent government to reverse those actions. Eventually, the political storm coupled with uncertainty in the market led to an economic crisis in the country. Pakistan, which already was struggling to get an IMF bailout, had to face more economic constraints because of Khan’s subsidy move. In the past 60 years, Pakistan has received loans from the IMF 22 times, all of which have strict terms like raising energy prices, eliminating energy subsidies, raising taxes, privatising state organisations, making budgetary adjustments etc. It is being perceived by economists that, once the bailout is finalised, Pakistan will notice a sudden surge in inflation rates. Pakistani economy, which was already affected by the coronavirus pandemic, the Russia-Ukraine conflict and being on the FATF grey list (since 2018) is yet at another juncture of getting a fiscal shock, with the current government not able to overturn the risk of the default. As Miftah Ismail last week imposed an extra tax on fuel and averted the subsidy, former PM Khan was ready to absorb political gain out of the situation. Khan in the last few months made it very hard for the current ruling government to take any substantive decision. In his political rallies, he constantly targets PM Shahbaz and current Army chief, General Qamar Javed Bajwa. Pakistan right now is in front of the perfect storm. With the Taliban taking over in Afghanistan, another security risk of, the Pakistani Taliban or TTP (Tehrik-i-Taliban Pakistan), is averting in the northwest frontiers. TTP which is considered to be a Pakistani arm of the Afghan Taliban wants the same fate as Afghanistan for Pakistan. TTP is responsible for the disastrous Peshawar army school terror attack of 2014, in which more than 150 people had lost their lives out of which 134 were students. TTP is yet again active in Pakistan as political instability approaches. The following months will be very hard for Pakistani leaders, the opposition and especially the establishment. On one hand, they will be fighting with the political turmoil on other economic uncertainty. Similarly on one hand they’ll be fighting with the extremism and terror outfits on the other climate floods. It is the need of the hour that Pakistani politicians and the Pakistani establishment come together and work for the collective good of the people ignoring personal gain and benefits. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) 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.

Perils of Pakistan’s stability

The International Monetary Fund (IMF) said on Thursday that it and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy.&nbsp;The new accord comes after months of profoundly unpopular belt-tightening by Shehbaz Sharif's government, which gained power in April and has virtually scrapped gasoline subsidies while also introducing new measures to increase the tax base.&nbsp;Imran Khan, the&nbsp;former prime minister, signed a $6 billion bailout deal in 2019, but it constantly stalled because of his administration's violation of subsidy agreements and poor tax collection.

Watch |&nbsp;Pakistan economic crisis: Inflation at a 13-year high

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A statement by the IMF posted on its website says, "The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion.

It further added that "in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing", an extension of the EFF through June 2023 will be considered by the IMF Board&nbsp;along with&nbsp;"an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion."

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/paper-crisis-hits-pakistan-publishers-say-no-books-for-new-academic-session-491200">Paper crisis hits Pakistan, publishers say no books for new academic session</a>

The IMF team's leader, Nathan Porter, stated in the statement that "Pakistan is at a challenging economic juncture" and added that both foreign forces and domestic policy were to blame.

Pakistan's economy, which suffers from subpar income collection and diminishing foreign reserves to cover its crushing debt, is in dire need of international assistance.

As per AFP, to satisfy the demands of international financial institutions, the new administration has drastically reduced the number of subsidies, but by doing so, it runs the risk of angering the populace, which is already suffering from double-digit inflation.

Also read |&nbsp;​​​​​​​<a href="https://www.wionews.com/south-asia/is-pakistani-rupee-so-worthless-that-this-cop-in-karachi-demanded-goats-and-cow-as-bribe-494600">Is Pakistani rupee so worthless that this cop in Karachi demanded goats and cow&nbsp;as bribe?</a>

Islamabad has already received $3 billion from the initiative, but officials requested an extension until June 2023 since the facility was set to close later this year.

Last month, Miftah Ismail, the finance minister, told the national assembly that it had become "essential to resume the IMF programme to save the country from default".

"We knew it would damage our political reputation, but still we did it."

(With inputs from agencies)

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The International Monetary Fund (IMF) said on Thursday that it and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.

The International Monetary Fund (IMF) said on Thursday that it and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy. The new accord comes after months of profoundly unpopular belt-tightening by Shehbaz Sharif's government, which gained power in April and has virtually scrapped gasoline subsidies while also introducing new measures to increase the tax base. Imran Khan, the former prime minister, signed a $6 billion bailout deal in 2019, but it constantly stalled because of his administration's violation of subsidy agreements and poor tax collection. Watch | Pakistan economic crisis: Inflation at a 13-year high A statement by the IMF posted on its website says, "The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion. It further added that "in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing", an extension of the EFF through June 2023 will be considered by the IMF Board along with "an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion." Also read | Paper crisis hits Pakistan, publishers say no books for new academic session The IMF team's leader, Nathan Porter, stated in the statement that "Pakistan is at a challenging economic juncture" and added that both foreign forces and domestic policy were to blame. Pakistan's economy, which suffers from subpar income collection and diminishing foreign reserves to cover its crushing debt, is in dire need of international assistance. As per AFP, to satisfy the demands of international financial institutions, the new administration has drastically reduced the number of subsidies, but by doing so, it runs the risk of angering the populace, which is already suffering from double-digit inflation. Also read | Is Pakistani rupee so worthless that this cop in Karachi demanded goats and cow as bribe? Islamabad has already received $3 billion from the initiative, but officials requested an extension until June 2023 since the facility was set to close later this year. Last month, Miftah Ismail, the finance minister, told the national assembly that it had become "essential to resume the IMF programme to save the country from default". "We knew it would damage our political reputation, but still we did it." (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.

IMF agrees to resume inflation-hit Pakistan's loan after fuel, tax hikes

In order to cut down the consumption of tea in the country, Higher Education Commission (HEC) in Pakistan has now asked vice-chancellors to promote the consumption of local drinks such as 'lassi' and 'sattu' as per a report published in 'The News'.

The move “increase employment and generate income for the public” according to HEC acting chairperson Dr Shaista Sohail.

Earlier, Ahsan Iqbal, Pakistan's minister for planning, development, and special initiatives said "I appeal to cut down the consumption of tea by 1-2 cups because we import tea on loan."

In 2021-22, Pakistan's total import bill increased by $60 million in comparison to $340 million in 2020-21.&nbsp;

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Pakistani Prime Minister Shehbaz Sharif's government has adopted the seemingly bizarre austerity measures due to a recent financial crisis that saw the Pakistani rupee at record lows against the US dollar and a fall in foreign exchange reserves.

After Pakistan's benchmark index plunged by more than 2,000 points, the country's stock exchange on Friday halted trading.

Food prices in Pakistan have soared following a hike in the price of fuel, natural gas and electricity by up to 45 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/paper-crisis-hits-pakistan-publishers-say-no-books-for-new-academic-session-491200" hreflang="en">Paper crisis hits Pakistan, publishers say no books for new academic session</a>

According to official data, Pakistan owes $16 billion to non-Paris Club countries on December 31, 2021.

Out of approximately $21 billion in outstanding official loans including commercial, bilateral and safe deposits, China had agreed in principle for granting a fresh rollover of $2.5 billion in commercial loans to Pakistan for one year in March.

With additional funds in compliance with its conditionality of doing away with subsidies and raising taxes and power tariffs, the International Monetary Fund has also agreed to extend the Extended Fund Facility to Pakistan.

(With inputs from agencies)

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In order to cut down the consumption of tea in the country, Higher Education Commission (HEC) in Pakistan has now asked vice-chancellors to promote the consumption of local drinks such as 'lassi' and 'sattu' as per a report published in 'The News'.

In order to cut down the consumption of tea in the country, Higher Education Commission (HEC) in Pakistan has now asked vice-chancellors to promote the consumption of local drinks such as 'lassi' and 'sattu' as per a report published in 'The News'. The move “increase employment and generate income for the public” according to HEC acting chairperson Dr Shaista Sohail. Earlier, Ahsan Iqbal, Pakistan's minister for planning, development, and special initiatives said "I appeal to cut down the consumption of tea by 1-2 cups because we import tea on loan." In 2021-22, Pakistan's total import bill increased by $60 million in comparison to $340 million in 2020-21. × Pakistani Prime Minister Shehbaz Sharif's government has adopted the seemingly bizarre austerity measures due to a recent financial crisis that saw the Pakistani rupee at record lows against the US dollar and a fall in foreign exchange reserves. After Pakistan's benchmark index plunged by more than 2,000 points, the country's stock exchange on Friday halted trading. Food prices in Pakistan have soared following a hike in the price of fuel, natural gas and electricity by up to 45 per cent. Also read | Paper crisis hits Pakistan, publishers say no books for new academic session According to official data, Pakistan owes $16 billion to non-Paris Club countries on December 31, 2021. Out of approximately $21 billion in outstanding official loans including commercial, bilateral and safe deposits, China had agreed in principle for granting a fresh rollover of $2.5 billion in commercial loans to Pakistan for one year in March. With additional funds in compliance with its conditionality of doing away with subsidies and raising taxes and power tariffs, the International Monetary Fund has also agreed to extend the Extended Fund Facility to Pakistan. (With inputs from agencies) Watch WION's live TV here:

Ditch tea, drink lassi: Pakistan education body wants to promote local drinks

Pakistan is in the midst of an economic catastrophe, and the government has no idea how to salvage the country's economy. On Tuesday, the Pakistani government's desperation and irritation came to the fore when a Federal Minister urged citizens to cut their tea consumption in order to save the country's economy, which is on the verge of collapse.

In a news conference, Ahsan Iqbal declared, "I will appeal to the country to reduce one cup of tea," in an attempt to save the economy.

Ahsan Iqbal, Pakistan's Federal Minister for Planning, Development, and Special Incentives. 
&nbsp;

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"میں یہ بھی قوم سے اپیل کروں گا کہ چائے کی ایک ایک پیالی کم کر دیں"۔معیشت بچانے کیلئے احسن اقبال کی عوام سے اپیل 
 
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— Siasat.pk (@siasatpk) <a href="https://twitter.com/siasatpk/status/1536600747571392513?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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Pakistan is teetering on the brink of a major calamity. There was a long-running political crisis linked to terrorism, followed by a persistent economic crisis in which even their close ally China was failing to assist.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pak-currency-stock-markets-take-a-hit-as-budget-fails-to-restore-investors-confidence-487798">Pakistan currency, stock markets take a hit as budget fails to restore investors confidence</a>

However, the country is presently in the midst of a severe economic downturn. Pakistan's new government is attempting to meet bailout criteria set by the International Monetary Fund by repaying $6.4 billion in debt over the next three years.

Watch |&nbsp;IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes

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Pakistan has gone to the International Monetary Fund (IMF) 22 times in the past to request a bailout. However, genuine reform initiatives have been lacking, which is why they keep returning. Pakistan's foreign exchange reserves are rapidly diminishing. They've dropped by half in less than a year.

Pakistani netizens mock the Pakistani minister on social media

The video footage of a Pakistani minister's call to restrict tea consumption went viral in no time, and as expected, netizens were quick to mock him and the ruling regime. 
&nbsp;

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A sensible suggestion considering the financial crisis, however, such demands can only come from ppl who themselves practice this austerity. Not from ppl who have spent 70 million on renovating PM house's swimming pool, giving lavish dinners using public money and maintaining <a href="https://t.co/KgCdBPZR1q">https://t.co/KgCdBPZR1q</a>
— Cornered Tiger (@SheikhKhiWala) <a href="https://twitter.com/SheikhKhiWala/status/1536626266119733248?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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Woke up,had a cup of Chai in my hand and watched this Aristotle saying “Chai ki 2 2 pyalyan pini kam ker dein” Are you serious?We can leave everything but not Chai! What an incompetent lot has been imposed on us. Koi economic strategy layo Bongyan na maro! <a href="https://twitter.com/hashtag/%D8%A7%D9%85%D9%BE%D9%88%D8%B1%D9%B9%DA%88_%D8%AD%DA%A9%D9%88%D9%85%D8%AA_%D9%86%D8%A7%D9%85%D9%86%D8%B8%D9%88%D8%B1?src=hash&amp;ref_src=twsrc%5Etfw">#امپورٹڈ_حکومت_نامنظور</a> <a href="https://t.co/5fGLNpQdXw">https://t.co/5fGLNpQdXw</a>
— Madi Ahmed (IK’s overseas tigress) (@madi_ahm) <a href="https://twitter.com/madi_ahm/status/1536625933905444865?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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This smart aleck, instead of creating a conducive environment and encouraging farmers to grow tea locally, asks people to reduce their tea intake. 🤡 <a href="https://t.co/e1mcPWT9mJ">https://t.co/e1mcPWT9mJ</a>
— M (@minimalfuss_) <a href="https://twitter.com/minimalfuss_/status/1536625673682436097?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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Pakistan is in the midst of an economic catastrophe, and the government has no idea how to salvage the country's economy. On Tuesday, the Pakistani government's desperation and irritation came to the fore when a Federal Minister urged citizens to cut their tea consumption in order to save the country's economy, which is on the verge of collapse.

Pakistan is in the midst of an economic catastrophe, and the government has no idea how to salvage the country's economy. On Tuesday, the Pakistani government's desperation and irritation came to the fore when a Federal Minister urged citizens to cut their tea consumption in order to save the country's economy, which is on the verge of collapse. In a news conference, Ahsan Iqbal declared, "I will appeal to the country to reduce one cup of tea," in an attempt to save the economy. Ahsan Iqbal, Pakistan's Federal Minister for Planning, Development, and Special Incentives. "میں یہ بھی قوم سے اپیل کروں گا کہ چائے کی ایک ایک پیالی کم کر دیں"۔معیشت بچانے کیلئے احسن اقبال کی عوام سے اپیل Video Credit : @mugheesali81 pic.twitter.com/bcprIFDrTY — Siasat.pk (@siasatpk) June 14, 2022 × Pakistan is teetering on the brink of a major calamity. There was a long-running political crisis linked to terrorism, followed by a persistent economic crisis in which even their close ally China was failing to assist. Also read | Pakistan currency, stock markets take a hit as budget fails to restore investors confidence However, the country is presently in the midst of a severe economic downturn. Pakistan's new government is attempting to meet bailout criteria set by the International Monetary Fund by repaying $6.4 billion in debt over the next three years. Watch | IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes Pakistan has gone to the International Monetary Fund (IMF) 22 times in the past to request a bailout. However, genuine reform initiatives have been lacking, which is why they keep returning. Pakistan's foreign exchange reserves are rapidly diminishing. They've dropped by half in less than a year. Pakistani netizens mock the Pakistani minister on social media The video footage of a Pakistani minister's call to restrict tea consumption went viral in no time, and as expected, netizens were quick to mock him and the ruling regime. A sensible suggestion considering the financial crisis, however, such demands can only come from ppl who themselves practice this austerity. Not from ppl who have spent 70 million on renovating PM house's swimming pool, giving lavish dinners using public money and maintaining https://t.co/KgCdBPZR1q — Cornered Tiger (@SheikhKhiWala) June 14, 2022 × Woke up,had a cup of Chai in my hand and watched this Aristotle saying “Chai ki 2 2 pyalyan pini kam ker dein” Are you serious?We can leave everything but not Chai! What an incompetent lot has been imposed on us. Koi economic strategy layo Bongyan na maro! #امپورٹڈ_حکومت_نامنظور https://t.co/5fGLNpQdXw — Madi Ahmed (IK’s overseas tigress) (@madi_ahm) June 14, 2022 × This smart aleck, instead of creating a conducive environment and encouraging farmers to grow tea locally, asks people to reduce their tea intake. 🤡 https://t.co/e1mcPWT9mJ — M (@minimalfuss_) June 14, 2022 × 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.

Cutting chai: Govt asks Pakistanis to reduce tea consumption

The Pakistani rupee and stock markets have taken a hit as the government's budget for the next fiscal year 2022-23 failed to gain investors'&nbsp;confidence, on Monday.

The local currency surpassed the critical threshold of 204 against the US dollar in the interbank market during intra-day trade, while the benchmark KSE-100 index of the Pakistan Stock Exchange&nbsp;is pushed by nearly 800 points, falling below the 41,000 barrier.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/explainer-what-financial-action-task-force-and-why-is-pakistan-in-its-terror-grey-list-487671">Explainer: What is Financial Action Task Force and why is Pakistan in its 'grey list'?</a>

Former planning minister and senior PTI leader Asad Umar also commented on the budget in a sarcastic way, calling the&nbsp;budget for 2022-23&nbsp;“wonderful”.

He further added that "who else is happy with the budget other than the companies that produce candies".

Watch |&nbsp;IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes

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While, capital market expert Saad Ali said that, "the sentiment is negative across all capital markets today".

He mentioned&nbsp;that everyone was looking forward to this budget and it was seen as a "major milestone", however, once again the government has failed to make IMF happy with its budget and is unable to revive the country's economy.&nbsp;

<a href="https://www.wionews.com/south-asia/debt-ridden-pakistan-imposes-luxury-tax-on-big-cars-for-hard-times-487101/amp">Also read |&nbsp;Debt-ridden Pakistan imposes ‘luxury tax’ on big cars for 'hard times'</a>

"In line with the statement of Finance Minister Miftah Ismail over the weekend, the market players expect that the government might have to revisit its proposed allocations and targets set in the federal budget in order to convince the IMF", he added.

Ali also suggested that more clarity would be needed to develop a good budget and gain the confidence of investors.

(With inputs from agencies)

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The Pakistani rupee and stock markets have taken a hit as the government's budget for the next fiscal year 2022-23 failed to gain investors' confidence, on Monday.

The Pakistani rupee and stock markets have taken a hit as the government's budget for the next fiscal year 2022-23 failed to gain investors' confidence, on Monday. The local currency surpassed the critical threshold of 204 against the US dollar in the interbank market during intra-day trade, while the benchmark KSE-100 index of the Pakistan Stock Exchange is pushed by nearly 800 points, falling below the 41,000 barrier. Also read | Explainer: What is Financial Action Task Force and why is Pakistan in its 'grey list'? Former planning minister and senior PTI leader Asad Umar also commented on the budget in a sarcastic way, calling the budget for 2022-23 “wonderful”. He further added that "who else is happy with the budget other than the companies that produce candies". Watch | IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes While, capital market expert Saad Ali said that, "the sentiment is negative across all capital markets today". He mentioned that everyone was looking forward to this budget and it was seen as a "major milestone", however, once again the government has failed to make IMF happy with its budget and is unable to revive the country's economy. Also read | Debt-ridden Pakistan imposes ‘luxury tax’ on big cars for 'hard times' "In line with the statement of Finance Minister Miftah Ismail over the weekend, the market players expect that the government might have to revisit its proposed allocations and targets set in the federal budget in order to convince the IMF", he added. Ali also suggested that more clarity would be needed to develop a good budget and gain the confidence of investors. (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 currency, stock markets take a hit as budget fails to restore investors confidence

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country.

Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

The prime minister further said the government and ministries had not given the desired results.

"The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying.

"Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked.

Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest.

He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives.

The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term.

Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis.

Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion.

(With inputs from agencies)

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported. The prime minister further said the government and ministries had not given the desired results. "The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying. "Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked. Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest. He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives. The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term. Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis. Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion. (With inputs from agencies)

‘Wanted to bring revolutionary changes’: Pak PM admits govt’s failure

Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan.&nbsp;

This development comes ahead of the country's Prime Minister Imran Khan's scheduled visit to Beijing this week.

PM Khan will visit the Chinese capital to attend the opening ceremony of the Beijing Winter Olympics 2022&nbsp;on February 3. During his visit, he will also meet the top Chinese officials on the sidelines for bilateral talks.&nbsp;

It has been understood that Pakistan's government decided&nbsp;to seek a loan worth $5 billion. Loans to be sought from China, Russia and Kazakhstan. A loan of $3 billion is to be sought from China and $1 billion each from Kazakhstan and Russia.&nbsp;

The loan from China will be used to stabilise foreign exchange reserves and loans from Russia and Kazakhstan will be spent on the Main Line One (ML1) Railway Project.&nbsp;

Pakistan's Ministry of Economic Affairs has prepared a plan for borrowing as the loan agreement of $3 billion with China will be signed during PM Khan's visit to China.&nbsp;The initial agreement with China for the loan will be for one year.

The deals with Kazakhstan and Russia are also expected to be finalised and subsequently signed soon.&nbsp;

Meanwhile, PM Khan is set to depart for China for a three-day visit on Thursday and some federal ministers will also accompany him.&nbsp;

The Pakistani PM will hold important meetings during his visit to China and will meet the Chinese President Xi Jinping. &nbsp;

PM Khan is also expected to hold bilateral meetings with other dignitaries at the Winter Olympics.&nbsp;

It is expected that during the Prime Minister's visit to China, CPEC and mutual security issues will be discussed and the regional situation will also be on the agenda.&nbsp;

The matter of China providing loans to Pakistan worth $3 billion will also be finalised and is expected to be signed during PM Khan's China visit.&nbsp;

The Pakistani Economic Affairs Ministry in a rebuttal to the media reports seeking a loan said that no such proposal is under process in the Economic Affairs Division for obtaining a $3 billion loan from China and $2 billion loan from Russia and&nbsp;Kazakhstan.&nbsp;

WATCH |&nbsp;Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis

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Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan.

Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan. This development comes ahead of the country's Prime Minister Imran Khan's scheduled visit to Beijing this week. PM Khan will visit the Chinese capital to attend the opening ceremony of the Beijing Winter Olympics 2022 on February 3. During his visit, he will also meet the top Chinese officials on the sidelines for bilateral talks. It has been understood that Pakistan's government decided to seek a loan worth $5 billion. Loans to be sought from China, Russia and Kazakhstan. A loan of $3 billion is to be sought from China and $1 billion each from Kazakhstan and Russia. The loan from China will be used to stabilise foreign exchange reserves and loans from Russia and Kazakhstan will be spent on the Main Line One (ML1) Railway Project. Pakistan's Ministry of Economic Affairs has prepared a plan for borrowing as the loan agreement of $3 billion with China will be signed during PM Khan's visit to China. The initial agreement with China for the loan will be for one year. The deals with Kazakhstan and Russia are also expected to be finalised and subsequently signed soon. Meanwhile, PM Khan is set to depart for China for a three-day visit on Thursday and some federal ministers will also accompany him. The Pakistani PM will hold important meetings during his visit to China and will meet the Chinese President Xi Jinping. PM Khan is also expected to hold bilateral meetings with other dignitaries at the Winter Olympics. It is expected that during the Prime Minister's visit to China, CPEC and mutual security issues will be discussed and the regional situation will also be on the agenda. The matter of China providing loans to Pakistan worth $3 billion will also be finalised and is expected to be signed during PM Khan's China visit. The Pakistani Economic Affairs Ministry in a rebuttal to the media reports seeking a loan said that no such proposal is under process in the Economic Affairs Division for obtaining a $3 billion loan from China and $2 billion loan from Russia and Kazakhstan. WATCH | Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis ×

Cash-strapped Pakistan seeks loans of $5 billion from China, Russia and Kazakhstan

At a time when Pakistan is facing its biggest economic crisis in history, Imran Khan, the prime minister of the&nbsp;cash strapped country, believes that his country is in a better economic position than India.

Speaking during the opening session of the International Chambers Summit 2022 in Islamabad on Tuesday, Khan stated that Pakistan is in a better economic position than several countries in the area, particularly India.&nbsp;

"Pakistan is still one of the cheapest countries compared to many countries in the world. They (opposition) call us incompetent, but the fact is that our government has saved the nation from all crises," Khan said. 
 
Also read |<a href="https://www.wionews.com/india-news/india-has-less-nukes-than-pakistan-china-new-analysis-of-capabilities-426600">&nbsp;India has less nukes than Pakistan, China: New analysis of capabilities</a>

Khan is also believed to have stated that, among other things, Pakistani oil prices are lower than those in other countries.

His comments come as the administration prepares to introduce a financial bill in Parliament as part of an IMF condition. 
 
Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-buys-25-chinese-j-10c-fighters-in-response-to-indias-rafale-441092">Pakistan buys 25 Chinese J-10C fighters in response to India's Rafale</a>

If passed, the bill will pave the way for a $1 billion tranche of funding for Pakistan.

On Tuesday, the bill was debated in the National Assembly, during which Pakistan Muslim League (N) leader and National Assembly Leader Shahbaz Sharif claimed that the government was "putting Pakistan at risk for a mere $1 billion."&nbsp;

(With inputs from agencies)

At a time when Pakistan is facing its biggest economic crisis in history, Imran Khan, the prime minister of the cash strapped country, believes that his country is in a better economic position than India.

At a time when Pakistan is facing its biggest economic crisis in history, Imran Khan, the prime minister of the cash strapped country, believes that his country is in a better economic position than India. Speaking during the opening session of the International Chambers Summit 2022 in Islamabad on Tuesday, Khan stated that Pakistan is in a better economic position than several countries in the area, particularly India. "Pakistan is still one of the cheapest countries compared to many countries in the world. They (opposition) call us incompetent, but the fact is that our government has saved the nation from all crises," Khan said. Also read | India has less nukes than Pakistan, China: New analysis of capabilities Khan is also believed to have stated that, among other things, Pakistani oil prices are lower than those in other countries. His comments come as the administration prepares to introduce a financial bill in Parliament as part of an IMF condition. Also read | Pakistan buys 25 Chinese J-10C fighters in response to India's Rafale If passed, the bill will pave the way for a $1 billion tranche of funding for Pakistan. On Tuesday, the bill was debated in the National Assembly, during which Pakistan Muslim League (N) leader and National Assembly Leader Shahbaz Sharif claimed that the government was "putting Pakistan at risk for a mere $1 billion." (With inputs from agencies)

Here is another gem of a claim from Imran Khan: Pakistan's economy is better than India's

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high.

In January, Pakistan had witnessed 12-year high inflation at 14.6 per cent which is among the highest in the world.

Food prices have been spiralling out of control in the country. In October, food inflation was at 16.6 per cent. The Pakistan government has gone on a panic-buying spree to bring the prices down.

The Pakistani currency has weakened at 160 Pakistani rupees to a dollar it has become one of the worst-performing currencies in the region. "Naya Pakistan" is turning out to be a nightmare for Imran Khan which has taken the shape of the country - failed and adrift.

For all his tall promises of a new era, PM Imran Khan has only taken his country backwards.

The total public debt has in Pakistan has ballooned. It has increased by 11 trillion rupees at a total of 36.3 trillion which is 87 per cent of Pakistan's total GDP in the two years under Imran Khan's rule.

Then there are international loans which have been piling up. Islamabad is still turning to foreign banks to meet its balance of payments. In the latest instance, the Asian Development Bank has approved a loan of $300 million to Islamabad, it is in addition to $1.3 billion that Pakistan borrowed from the IMF in April which was in addition to a $6 billion loan it secured from the IMF in July.

Pakistan's economy is scraping the bottom of the barrel with unemployment zooming. According to the World Economic Forum, the youth unemployment rate in Pakistan stands at 8.5 per cent in a country where 64 per cent of the population is below the age of 30.

Pakistan's healthcare has been going from bad to worse. According to Pakistan's national command operation centre, 10,300 healthcare professionals have been infected during the pandemic and at least 100 healthcare workers have lost their lives to the virus from China.

There's also a severe shortage of oxygen in hospitals. In Peshawar, at least 6 patients lost their life due to oxygen shortage even as over 200 patients had their oxygen supply curtailed for hours.

Corruption in Pakistan has become institutionalised. The bus rapid transit project and the billion tree Tsunami project which was the brainchild of Imran Khan are now scams. A report by Pakistan's auditor-general has revealed financial irregularities of up to 2.77 billion Pakistani rupees in the bus rapid transport project and the billion tree Tsunami project is facing a probe for embezzlement of funds and misuse of authority.

PM Imran Khan had promised a tsunami of trees across Pakistan. The money has been spent but there are no trees to show for it, all that is left is a hole in the public exchequer's purse with a loss of over 432 million Pakistani rupees.

Naya Pakistan is riddled with the same old problems - the politicians are embroiled in corruption, the elites have been exploiting the masses and the clerics have been radicalising them. The army is taking control and cash and terrorism have become a means for survival, the people of Pakistan, however. are barely managing to survive.

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high. In January, Pakistan had witnessed 12-year high inflation at 14.

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high. In January, Pakistan had witnessed 12-year high inflation at 14.6 per cent which is among the highest in the world. Food prices have been spiralling out of control in the country. In October, food inflation was at 16.6 per cent. The Pakistan government has gone on a panic-buying spree to bring the prices down. The Pakistani currency has weakened at 160 Pakistani rupees to a dollar it has become one of the worst-performing currencies in the region. "Naya Pakistan" is turning out to be a nightmare for Imran Khan which has taken the shape of the country - failed and adrift. For all his tall promises of a new era, PM Imran Khan has only taken his country backwards. The total public debt has in Pakistan has ballooned. It has increased by 11 trillion rupees at a total of 36.3 trillion which is 87 per cent of Pakistan's total GDP in the two years under Imran Khan's rule. Then there are international loans which have been piling up. Islamabad is still turning to foreign banks to meet its balance of payments. In the latest instance, the Asian Development Bank has approved a loan of $300 million to Islamabad, it is in addition to $1.3 billion that Pakistan borrowed from the IMF in April which was in addition to a $6 billion loan it secured from the IMF in July. Pakistan's economy is scraping the bottom of the barrel with unemployment zooming. According to the World Economic Forum, the youth unemployment rate in Pakistan stands at 8.5 per cent in a country where 64 per cent of the population is below the age of 30. Pakistan's healthcare has been going from bad to worse. According to Pakistan's national command operation centre, 10,300 healthcare professionals have been infected during the pandemic and at least 100 healthcare workers have lost their lives to the virus from China. There's also a severe shortage of oxygen in hospitals. In Peshawar, at least 6 patients lost their life due to oxygen shortage even as over 200 patients had their oxygen supply curtailed for hours. Corruption in Pakistan has become institutionalised. The bus rapid transit project and the billion tree Tsunami project which was the brainchild of Imran Khan are now scams. A report by Pakistan's auditor-general has revealed financial irregularities of up to 2.77 billion Pakistani rupees in the bus rapid transport project and the billion tree Tsunami project is facing a probe for embezzlement of funds and misuse of authority. PM Imran Khan had promised a tsunami of trees across Pakistan. The money has been spent but there are no trees to show for it, all that is left is a hole in the public exchequer's purse with a loss of over 432 million Pakistani rupees. Naya Pakistan is riddled with the same old problems - the politicians are embroiled in corruption, the elites have been exploiting the masses and the clerics have been radicalising them. The army is taking control and cash and terrorism have become a means for survival, the people of Pakistan, however. are barely managing to survive.

Imran's 'Naya Pakistan' turns into nightmare as economy hits new low

Pakistan's economy is shrinking, unemployment is rising and various sectors are in crisis. Pakistan's exports primarily comprise of textile products. These exports are down since the COVID-19 crisis started.

Your Story: Pak forced to seek debt relief from G-20 | World News

The <a href="https://www.wionews.com/south-asia/asian-development-bank-approves-lending-27-billion-to-pakistan-254799">Asian Development Bank</a> (ADB) on Friday approved a $1 billion emergency loan for cash strapped Pakistan to provide support to the country`s public finances and help strengthen its slowing economy.

The loan is part of a multi-donor economic reform program led by the <a href="https://www.wionews.com/south-asia/international-monetary-fund-approves-450-million-loan-to-pakistan-as-part-of-three-year-package-260967">International Monetary Fund</a> (IMF) to stabilise Pakistan's economy after it crumbled in mid-2018 and caused the "growth to slump and threatened (the country`s) progress in alleviating poverty," the ADB said in a statement.

The financing was approved after the Pakistan government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis.

Commenting on the same, Werner Liepach, ADB Director General for Central and West Asia said that the funds would meet the government`s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.

"<a href="https://www.wionews.com/south-asia/pakistan-submits-compliance-report-to-fatf-266131">Pakistan</a> is facing significant economic challenges on the back of a large balance of payments gap and critically low foreign exchange reserves together with weak and unbalanced growth," the ADB`s statement read.

Back in July this year, the IMF had approved a three-year USD 6 billion Extended Fund Facility (EFF) to finance the government`s economic reform program that aims to put Pakistan`s economy on the path of sustainable and inclusive growth.

"The EFF is expected to catalyze at least $38 billion in financing from Pakistan`s development partners. ADB has committed to provide a total of $2.1 billion in policy-based lending during (the) fiscal year 2019-2020 to support the reform program," it added.

The Asian Development Bank (ADB) on Friday approved a $1 billion emergency loan for cash strapped Pakistan to provide support to the country`s public finances and help strengthen its slowing economy.

The Asian Development Bank (ADB) on Friday approved a $1 billion emergency loan for cash strapped Pakistan to provide support to the country`s public finances and help strengthen its slowing economy. The loan is part of a multi-donor economic reform program led by the International Monetary Fund (IMF) to stabilise Pakistan's economy after it crumbled in mid-2018 and caused the "growth to slump and threatened (the country`s) progress in alleviating poverty," the ADB said in a statement. The financing was approved after the Pakistan government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis. Commenting on the same, Werner Liepach, ADB Director General for Central and West Asia said that the funds would meet the government`s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth. "Pakistan is facing significant economic challenges on the back of a large balance of payments gap and critically low foreign exchange reserves together with weak and unbalanced growth," the ADB`s statement read. Back in July this year, the IMF had approved a three-year USD 6 billion Extended Fund Facility (EFF) to finance the government`s economic reform program that aims to put Pakistan`s economy on the path of sustainable and inclusive growth. "The EFF is expected to catalyze at least $38 billion in financing from Pakistan`s development partners. ADB has committed to provide a total of $2.1 billion in policy-based lending during (the) fiscal year 2019-2020 to support the reform program," it added.

Asian Development Bank approves $1 billion emergency loan for Pakistan

<a href="https://www.wionews.com/south-asia/pakistan-economic-crisis-countrys-debts-liabilities-exceed-the-size-of-its-gdp-245554">Pakistan's economy</a> has been going through a serious crisis for some time. Now, in a desperate attempt, the country's <a href="https://www.wionews.com/videos/gravitas-pakistans-economy-in-crisis-businessmen-ask-gen-bajwa-for-help-253577">business community</a> has sought help for Army Chief General Qamar Javed Bajwa.&nbsp;

The sequence of events indicates the weakening of Imran Khan's grip on power.

Businessmen of this Islamic Republic have pressed the panic button. And they went to meet the Army Chief — General Qamar Javed Bajwa — and asking him for help.

For a normal country, this would be odd. For Pakistan, this is par for the course.

It is a known fact that in Pakistan, its the army that calls the shots. But even by Pakistan's standards, this is unprecedented.

Watch: Pakistan's economy in crisis — Business leaders pin hopes on army generals

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General Bajwa has been privately meeting with top business leaders. Reports say as many as three such meetings have taken place so far.

These were held at heavily guarded military offices in Karachi — that's the financial capital of Pakistan. Some meetings were convened in Rawalpindi, which is home to the army headquarters.

Reports say that business leaders shared advice on how to fix Pakistan's economy.Businessmen in Pakistan are a worried lot. They wanted immediate action from the Imran Khan government — but that hasn't happened. &nbsp;

So they knocked on the doors of the army chief. And already, things are moving. Reports say there has been action on some requests.&nbsp;One report says that a meeting led to prompt decisions.

From there — instructions were dispatched to top government officials.The Pakistani government is downplaying these interactions.

A spokesman from Pakistan's finance ministry has denied claims of any interference from the military.At this stage, The businessmen of Pakistan are pinning their hopes on the generals.

They believe that the army chief has enough military power and clout to get things done.

Pakistan Army Chief General&nbsp;Qamar Javed Bajwa

General Bajwa isn't a regular army chief. He wears many hats. He is part of the high powered national development council.This is a 13-member body — that was set up by Imran Khan. It's job is to advise the Pakistan&nbsp;Prime Minister on long term economic policy.

So he was already directly involved in policymaking. These meetings are being called the beginning of a soft coup.And the army has a solid excuse, not that they need one. Pakistan's growth has plummeted to two point four per cent, the budget deficit — that's the difference between revenues and earnings — has spiked to nearly nine per cent.

Pakistan has secured a six billion dollar bailout from the international monetary fund to save its economy. But the bailout may not be enough.Pakistan owes six point seven billion dollars to china alone.

They need some experts to fight the economic battle. The reliance on generals may prove to be a costly mistake.

Pakistan's economy has been going through a serious crisis for some time. Now, in a desperate attempt, the country's business community has sought help for Army Chief General Qamar Javed Bajwa.

Pakistan's economy has been going through a serious crisis for some time. Now, in a desperate attempt, the country's business community has sought help for Army Chief General Qamar Javed Bajwa. The sequence of events indicates the weakening of Imran Khan's grip on power. Businessmen of this Islamic Republic have pressed the panic button. And they went to meet the Army Chief — General Qamar Javed Bajwa — and asking him for help. For a normal country, this would be odd. For Pakistan, this is par for the course. It is a known fact that in Pakistan, its the army that calls the shots. But even by Pakistan's standards, this is unprecedented. Watch: Pakistan's economy in crisis — Business leaders pin hopes on army generals General Bajwa has been privately meeting with top business leaders. Reports say as many as three such meetings have taken place so far. These were held at heavily guarded military offices in Karachi — that's the financial capital of Pakistan. Some meetings were convened in Rawalpindi, which is home to the army headquarters. Reports say that business leaders shared advice on how to fix Pakistan's economy.Businessmen in Pakistan are a worried lot. They wanted immediate action from the Imran Khan government — but that hasn't happened. So they knocked on the doors of the army chief. And already, things are moving. Reports say there has been action on some requests. One report says that a meeting led to prompt decisions. From there — instructions were dispatched to top government officials.The Pakistani government is downplaying these interactions. A spokesman from Pakistan's finance ministry has denied claims of any interference from the military.At this stage, The businessmen of Pakistan are pinning their hopes on the generals. They believe that the army chief has enough military power and clout to get things done. Pakistan Army Chief General Qamar Javed Bajwa General Bajwa isn't a regular army chief. He wears many hats. He is part of the high powered national development council.This is a 13-member body — that was set up by Imran Khan. It's job is to advise the Pakistan Prime Minister on long term economic policy. So he was already directly involved in policymaking. These meetings are being called the beginning of a soft coup.And the army has a solid excuse, not that they need one. Pakistan's growth has plummeted to two point four per cent, the budget deficit — that's the difference between revenues and earnings — has spiked to nearly nine per cent. Pakistan has secured a six billion dollar bailout from the international monetary fund to save its economy. But the bailout may not be enough.Pakistan owes six point seven billion dollars to china alone. They need some experts to fight the economic battle. The reliance on generals may prove to be a costly mistake.

Pakistan's economic crisis: Army chief Bajwa meets business leaders; is Imran Khan isolated in Pakistan?

Pakistan PM Imran Khan announced today that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country.

"Despite multiple security challenges. My government will spend this money saved on development of merged tribal areas and Balochistan," the Pakistan prime minister said on Twitter.

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I appreciate Pak Mil's unprecedented voluntary initiative of stringent cuts in their defence expenditures for next FY bec of our critical financial situation, despite multiple security challenges. My govt will spend this money saved on dev of merged tribal areas &amp; Balochistan.
— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1135971466552512520?ref_src=twsrc%5Etfw">June 4, 2019</a></blockquote>
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Major General Asif Ghafoor head of Pakistan's Inter-Services Public Relations(ISPR), the military's media wing, added&nbsp;that voluntary cut in the defence budget for a year wouldn't be at the cost of defence and security.&nbsp;

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Voluntary cut in def budget for a year will not be at the cost of def &amp; security. We shall maint effective response potential to all threats.Three services will manage impact of the cut through appropriate internal measures. It was imp to participate in dev of tribal areas &amp; Bln.
— Maj Gen Asif Ghafoor (@OfficialDGISPR) <a href="https://twitter.com/OfficialDGISPR/status/1136003059476324353?ref_src=twsrc%5Etfw">June 4, 2019</a></blockquote>
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"We shall maintain effective response potential to all threats. Three services will manage the impact of the cut through appropriate internal measures. It is important to participate in the development of tribal areas and Balochistan," Ghafoor said.

However, the move was criticised by Opposition PML(N) leader Maryam Nawaz Sharif who said PM Imran Khan's announcement was "nothing but an admission of your incompetence and sheer ineptitude."

Last month the International Monetary Fund(IMF) had agreed on a $6 billion bailout for Pakistan's beleaguered economy. The IMF had stated that&nbsp;"priority" areas included improving the management of public enterprises, strengthening institutions and "continuing anti-money laundering and combating the financing of terrorism efforts".

Pakistan has had 21 bailouts since it joined the IMF in 1950. It's most recent loan was issued in 2013, worth $6.6 billion.

Post the bailout, the Pakistan currency had hit an all-time low as the rupee slipped over 3 per cent last month.

Pakistan is battling being blacklisted by Financial Action Task Force (FATF) due to inaction on terror financing. The Pakistan economy for the past two years has been fighting a deep balance-of-payments crisis hit by low growth, soaring inflation&nbsp;and mounting debt.

In recent months, Pakistan prime minister Imran Khan has travelled to China, Saudi Arabia and Malaysia in an attempt to request financial aid, although he has been promised substantial aid but it still hasn't been enough to tide over the crisis.

Pakistan PM Imran Khan announced today that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country.

Pakistan PM Imran Khan announced today that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country. "Despite multiple security challenges. My government will spend this money saved on development of merged tribal areas and Balochistan," the Pakistan prime minister said on Twitter. I appreciate Pak Mil's unprecedented voluntary initiative of stringent cuts in their defence expenditures for next FY bec of our critical financial situation, despite multiple security challenges. My govt will spend this money saved on dev of merged tribal areas & Balochistan. — Imran Khan (@ImranKhanPTI) June 4, 2019 × Major General Asif Ghafoor head of Pakistan's Inter-Services Public Relations(ISPR), the military's media wing, added that voluntary cut in the defence budget for a year wouldn't be at the cost of defence and security. Voluntary cut in def budget for a year will not be at the cost of def & security. We shall maint effective response potential to all threats.Three services will manage impact of the cut through appropriate internal measures. It was imp to participate in dev of tribal areas & Bln. — Maj Gen Asif Ghafoor (@OfficialDGISPR) June 4, 2019 × "We shall maintain effective response potential to all threats. Three services will manage the impact of the cut through appropriate internal measures. It is important to participate in the development of tribal areas and Balochistan," Ghafoor said. However, the move was criticised by Opposition PML(N) leader Maryam Nawaz Sharif who said PM Imran Khan's announcement was "nothing but an admission of your incompetence and sheer ineptitude." Last month the International Monetary Fund(IMF) had agreed on a $6 billion bailout for Pakistan's beleaguered economy. The IMF had stated that "priority" areas included improving the management of public enterprises, strengthening institutions and "continuing anti-money laundering and combating the financing of terrorism efforts". Pakistan has had 21 bailouts since it joined the IMF in 1950. It's most recent loan was issued in 2013, worth $6.6 billion. Post the bailout, the Pakistan currency had hit an all-time low as the rupee slipped over 3 per cent last month. Pakistan is battling being blacklisted by Financial Action Task Force (FATF) due to inaction on terror financing. The Pakistan economy for the past two years has been fighting a deep balance-of-payments crisis hit by low growth, soaring inflation and mounting debt. In recent months, Pakistan prime minister Imran Khan has travelled to China, Saudi Arabia and Malaysia in an attempt to request financial aid, although he has been promised substantial aid but it still hasn't been enough to tide over the crisis.

Pak PM Imran Khan announces military's 'voluntary cut' in defence expenditure amid financial crisis

Pakistan Prime Minister Imran Khan has hit out at the opposition parties which gathered in Islamabad for an Iftar-dinner, holding them responsible for the country's record foreign debt and economic woes.

In a show of unity, Pakistan Muslim League-Nawaz (PML-N) leader Maryam Nawaz met the chairman of Pakistan People Party (PPP) Bilawal Bhutto at an Iftar-dinner hosted by him here on Sunday.

It was for the first time that Maryam came face-to-face with Bilawal whose slain mother Benazir Bhutto was a strong rival of now-jailed ex-prime minister Nawaz Sharif but later the two joined hands against military ruler Pervez Musharraf.

The Iftar-dinner was also attended by other opposition leaders, including Awami National Party leader Asfandyar Wali, Pashtunkhwa Milli Awami Party (PkMAP) Chairman Mehmood Khan Achakzai among others.&nbsp;

"These people [opposition leaders] have gathered under the guise of safeguarding democracy. In fact, they are the reason for the country's present crises," Khan said.

Khan said that the Pakistan Tehreek-e-Insaf government assumed charge in the toughest of times when the country's debt was at a historic high.

He said that the nation is hopeful for the country's progress and he will prove that Pakistan will be at the top in the region.

"We inherited Pakistan in the most difficult circumstances with a record foreign debt and a huge economic deficit. But I will prove that Pakistan will emerge as the fastest growing country in the whole region."

"However, we will bring the country back on the path to progress by working tirelessly," he told the audience at a fundraiser.&nbsp;

Cash-strapped Pakistan last week reached an agreement with the International Monetary Fund on a bailout package under which the cash-strapped country will receive $6 billion over three years.

The country is seeking this money to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.&nbsp;

The latest deal would be the 22nd bailout package since Pakistan became a member of the IMF in 1950. 
&nbsp;

Pakistan Prime Minister Imran Khan has hit out at the opposition parties which gathered in Islamabad for an Iftar-dinner, holding them responsible for the country's record foreign debt and economic woes.

Pakistan Prime Minister Imran Khan has hit out at the opposition parties which gathered in Islamabad for an Iftar-dinner, holding them responsible for the country's record foreign debt and economic woes. In a show of unity, Pakistan Muslim League-Nawaz (PML-N) leader Maryam Nawaz met the chairman of Pakistan People Party (PPP) Bilawal Bhutto at an Iftar-dinner hosted by him here on Sunday. It was for the first time that Maryam came face-to-face with Bilawal whose slain mother Benazir Bhutto was a strong rival of now-jailed ex-prime minister Nawaz Sharif but later the two joined hands against military ruler Pervez Musharraf. The Iftar-dinner was also attended by other opposition leaders, including Awami National Party leader Asfandyar Wali, Pashtunkhwa Milli Awami Party (PkMAP) Chairman Mehmood Khan Achakzai among others. "These people [opposition leaders] have gathered under the guise of safeguarding democracy. In fact, they are the reason for the country's present crises," Khan said. Khan said that the Pakistan Tehreek-e-Insaf government assumed charge in the toughest of times when the country's debt was at a historic high. He said that the nation is hopeful for the country's progress and he will prove that Pakistan will be at the top in the region. "We inherited Pakistan in the most difficult circumstances with a record foreign debt and a huge economic deficit. But I will prove that Pakistan will emerge as the fastest growing country in the whole region." "However, we will bring the country back on the path to progress by working tirelessly," he told the audience at a fundraiser. Cash-strapped Pakistan last week reached an agreement with the International Monetary Fund on a bailout package under which the cash-strapped country will receive $6 billion over three years. The country is seeking this money to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. The latest deal would be the 22nd bailout package since Pakistan became a member of the IMF in 1950.

Imran Khan blames opposition parties for Pakistan's economic woes

Something very significant is underway in <a href="https://www.wionews.com/south-asia/imf-delegation-arrives-in-pakistan-to-hold-talks-on-bailout-package-214460">Pakistan</a>, the government in Islamabad would like you to believe.

A small group of foreign journalists, Reuters correspondents included, was given Pakistan's new narrative by Prime Minister<a href="https://www.wionews.com/world/prevent-imf-bailout-to-pakistan-to-repay-chinese-debt-208726"> Imran Khan</a>, its army chief General Qamar Javed Bajwa, and other top government officials and generals during a visit to the country earlier this month.

Some of the comments of the officials were for publication, others were not, but the message remained consistent.

In summary, Pakistan says it is tired of conflict, opposed to extremism, open for peace talks and clamping down on corruption. It also insists it is run by politicians, with the military partnering rather than dominating.

That all sounds good. There is just one problem - around much of the world many with a close understanding of the situation remain highly sceptical.

In New Delhi, the view even beyond the more hawkish elements in Indian Prime Minister Narendra Modi's government is that the world has seen and heard these kinds of promises before, only for Pakistan-backed Islamist groups to attack India. That is just what India says happened on Feb. 14, when a suicide bombing killed 40 paramilitary police in India-controlled Kashmir and brought the two nuclear powers close to war.

&nbsp;This was underlined by comments to Reuters from Indian foreign ministry spokesman Raveesh Kumar for this article.

"Pakistan should take immediate, credible, irreversible and verifiable action against terrorists and terror organisations operating from territories under its control," he said.

"Pakistan follows an identical script after every terror attack in India where 'action' is taken to deflect the international pressure before returning to the normal situation of providing support and sanctuary to terror groups in the territories under their control."

Certainly, Pakistan's positive talk has no chance of resonating in India while Modi's ruling Hindu nationalist Bharatiya Janata Party continues to stir up patriotic fervour during the nation's 39-day general election, which ends May 19. Votes are counted May 23.

NEEDING FRIENDS

Islamabad urgently needs friends.

Pakistani officials say India has been lobbying to get it put on the blacklist of the Financial Action Task Force, which monitors whether countries are doing enough to prevent money laundering and terrorism financing. If that happened it could lead to sanctions, cripple Pakistan's banking relations and badly hurt its trade.

The country is also close to securing its 13th bailout by the International Monetary Fund since the 1980s as it tries to tackle large budget and current account deficits, and faces a soaring inflation rate triggered by high oil prices and a weak Pakistani rupee.

But Pakistani officials claim the changes they are talking about are much more than a cosmetic makeover to head off the IMF.

Khan's government says it is suing for peace on all fronts.

In Afghanistan, Islamabad has been key in getting the Taliban around the table for talks with the Americans.

And Khan, in the face of rising tensions following bloody attacks by militant groups, visited Tehran and agreed last week to set up a joint rapid reaction force for the border area with Iran.

Since taking office in August, Khan has also consistently offered talks with Modi, and Pakistani officials are hopeful that the Indian leader will eventually say yes if he wins a second term in office.

NORTHERN IRELAND LESSONS

The Pakistan authorities insist they are cracking down on armed militant groups on its soil, saying extremism is the biggest threat it faces. Officials talk of a Northern Ireland-style peace and disarmament process, plus state regulation of the 32,000 madrasas, or Islamic schools, in the country that can easily become breeding grounds for militants.

"For the future of the country - forget outside pressure - we will not allow armed militias to operate," Khan told the journalists. And the government has "the total support of the Pakistani army and intelligence services in dismantling them", he added.

Not only that, but its military chiefs insist they report to the prime minister - rather than the other way around as is often assumed by foreign diplomats and the media.

The military chiefs say they want to bring 100 million Pakistanis out of grinding poverty, and that engineering a big increase in spending on education is critical to that.

During the trip, the journalists were taken to an impressively modern-looking army school complex and, separately, a rehabilitation centre for teenagers showing militant tendencies. Those were both in the Swat Valley, which was overrun by the Taliban and other militant groups only 11 years ago.

The image of unity, though, was shaken only a few days after the trip when Khan announced a major reshuffle of his cabinet, including the replacement of his finance minister Asad Umar, who had been at the helm of the IMF talks, and the appointment of retired Brigadier Ijaz Shah as Pakistan's new interior minister. Shah, former spy chief and close ally of the country's last military ruler, has long been accused of deep ties to militant groups.

Given such moves, it isn't difficult to find specialists in Pakistan policy who still believe that the army pulls the strings. A senior security source in Pakistan told Reuters the government was taking "no serious action" against anti-India militant groups.

"The cabinet shuffle in Pakistan is a setback for the image of 'new' Pakistan," said TCA Raghavan, who was India's high commissioner in Pakistan in 2013-2015. "It shows an inability to carry even the cabinet along on the economy."

He also said the appointment of Shah was a setback for any reset. "Poachers don't turn gamekeepers easily," he said.

Shah's office did not respond to a request for comment, but in an interview with the BBC after his appointment, he said he was a civilian politician who retired from the army a long time ago.

One other ministerial change was the moving of information minister Fawad Chaudhry to the less high-profile post of science and technology minister.

It was Chaudhry who had been the journalists' main guide for the visit.

So, if it really is transforming, Pakistan clearly has a lot of convincing still to do. One trip for foreign journalists is only a start.

Something very significant is underway in Pakistan, the government in Islamabad would like you to believe. A small group of foreign journalists, Reuters correspondents included, was given Pakistan's new narrative by Prime Minister Imran Khan, its army chief General Qamar Javed Bajwa, and other top government officials and generals during a visit to the country earlier this month.

Something very significant is underway in Pakistan, the government in Islamabad would like you to believe. A small group of foreign journalists, Reuters correspondents included, was given Pakistan's new narrative by Prime Minister Imran Khan, its army chief General Qamar Javed Bajwa, and other top government officials and generals during a visit to the country earlier this month. Some of the comments of the officials were for publication, others were not, but the message remained consistent. In summary, Pakistan says it is tired of conflict, opposed to extremism, open for peace talks and clamping down on corruption. It also insists it is run by politicians, with the military partnering rather than dominating. That all sounds good. There is just one problem - around much of the world many with a close understanding of the situation remain highly sceptical. In New Delhi, the view even beyond the more hawkish elements in Indian Prime Minister Narendra Modi's government is that the world has seen and heard these kinds of promises before, only for Pakistan-backed Islamist groups to attack India. That is just what India says happened on Feb. 14, when a suicide bombing killed 40 paramilitary police in India-controlled Kashmir and brought the two nuclear powers close to war. This was underlined by comments to Reuters from Indian foreign ministry spokesman Raveesh Kumar for this article. "Pakistan should take immediate, credible, irreversible and verifiable action against terrorists and terror organisations operating from territories under its control," he said. "Pakistan follows an identical script after every terror attack in India where 'action' is taken to deflect the international pressure before returning to the normal situation of providing support and sanctuary to terror groups in the territories under their control." Certainly, Pakistan's positive talk has no chance of resonating in India while Modi's ruling Hindu nationalist Bharatiya Janata Party continues to stir up patriotic fervour during the nation's 39-day general election, which ends May 19. Votes are counted May 23. NEEDING FRIENDS Islamabad urgently needs friends. Pakistani officials say India has been lobbying to get it put on the blacklist of the Financial Action Task Force, which monitors whether countries are doing enough to prevent money laundering and terrorism financing. If that happened it could lead to sanctions, cripple Pakistan's banking relations and badly hurt its trade. The country is also close to securing its 13th bailout by the International Monetary Fund since the 1980s as it tries to tackle large budget and current account deficits, and faces a soaring inflation rate triggered by high oil prices and a weak Pakistani rupee. But Pakistani officials claim the changes they are talking about are much more than a cosmetic makeover to head off the IMF. Khan's government says it is suing for peace on all fronts. In Afghanistan, Islamabad has been key in getting the Taliban around the table for talks with the Americans. And Khan, in the face of rising tensions following bloody attacks by militant groups, visited Tehran and agreed last week to set up a joint rapid reaction force for the border area with Iran. Since taking office in August, Khan has also consistently offered talks with Modi, and Pakistani officials are hopeful that the Indian leader will eventually say yes if he wins a second term in office. NORTHERN IRELAND LESSONS The Pakistan authorities insist they are cracking down on armed militant groups on its soil, saying extremism is the biggest threat it faces. Officials talk of a Northern Ireland-style peace and disarmament process, plus state regulation of the 32,000 madrasas, or Islamic schools, in the country that can easily become breeding grounds for militants. "For the future of the country - forget outside pressure - we will not allow armed militias to operate," Khan told the journalists. And the government has "the total support of the Pakistani army and intelligence services in dismantling them", he added. Not only that, but its military chiefs insist they report to the prime minister - rather than the other way around as is often assumed by foreign diplomats and the media. The military chiefs say they want to bring 100 million Pakistanis out of grinding poverty, and that engineering a big increase in spending on education is critical to that. During the trip, the journalists were taken to an impressively modern-looking army school complex and, separately, a rehabilitation centre for teenagers showing militant tendencies. Those were both in the Swat Valley, which was overrun by the Taliban and other militant groups only 11 years ago. The image of unity, though, was shaken only a few days after the trip when Khan announced a major reshuffle of his cabinet, including the replacement of his finance minister Asad Umar, who had been at the helm of the IMF talks, and the appointment of retired Brigadier Ijaz Shah as Pakistan's new interior minister. Shah, former spy chief and close ally of the country's last military ruler, has long been accused of deep ties to militant groups. Given such moves, it isn't difficult to find specialists in Pakistan policy who still believe that the army pulls the strings. A senior security source in Pakistan told Reuters the government was taking "no serious action" against anti-India militant groups. "The cabinet shuffle in Pakistan is a setback for the image of 'new' Pakistan," said TCA Raghavan, who was India's high commissioner in Pakistan in 2013-2015. "It shows an inability to carry even the cabinet along on the economy." He also said the appointment of Shah was a setback for any reset. "Poachers don't turn gamekeepers easily," he said. Shah's office did not respond to a request for comment, but in an interview with the BBC after his appointment, he said he was a civilian politician who retired from the army a long time ago. One other ministerial change was the moving of information minister Fawad Chaudhry to the less high-profile post of science and technology minister. It was Chaudhry who had been the journalists' main guide for the visit. So, if it really is transforming, Pakistan clearly has a lot of convincing still to do. One trip for foreign journalists is only a start.

Pakistan says it's on the road to major change, but the world is sceptical

Pakistan is set to sign deals worth $900 million in telecoms, information technology during a three-day visit by Malaysian Prime Minister Mahathir Mohamad, a senior official said on Thursday.

Pakistan, facing an economic crisis due to depleting foreign reserves and a widening current account deficit, has been searching for investment since the government of Prime Minister Imran Khan took office in August.

Razak Dawood, the prime minister's advisor on commerce said a memorandum of understanding covering $800-$900 million worth of investments with Malaysian investors would be signed on Friday.

"We believe Malaysia will be an opening for us to the ASEAN countries," he said, referring to the Association of South East Asian Nations.

Mahathir is scheduled to arrive in Islamabad on Thursday evening and will be the chief guest at the Pakistan day parade on March 23.

Pakistan has been seeking financial assistance and calling for investment from friendly countries, while also negotiating a bailout package from the International Monetary Fund (IMF).

Both Saudi Arabia and the United Arab Emirates have each offered Islamabad loan packages of $3 billion.

During a visit in February, Saudi Crown Prince Mohammed bin Salman signed investment agreements worth $20 billion with Islamabad, including a $10 billion refinery and petrochemicals complex in the southwestern port city of Gwadar.

Pakistan has also been trying to get loans from neighbouring China, which has pledged nearly $60 billion for energy and road and rail infrastructure projects as part of the Belt and Road Initiative (BRI), known as China Pakistan Economic Corridor (CPEC).

In February the government said it was close to securing an IMF package, its 13th bailout since the late 1980s, but while talks between the two sides are ongoing no deal has been agreed.

Pakistan is set to sign deals worth $900 million in telecoms, information technology during a three-day visit by Malaysian Prime Minister Mahathir Mohamad, a senior official said on Thursday.

Pakistan is set to sign deals worth $900 million in telecoms, information technology during a three-day visit by Malaysian Prime Minister Mahathir Mohamad, a senior official said on Thursday. Pakistan, facing an economic crisis due to depleting foreign reserves and a widening current account deficit, has been searching for investment since the government of Prime Minister Imran Khan took office in August. Razak Dawood, the prime minister's advisor on commerce said a memorandum of understanding covering $800-$900 million worth of investments with Malaysian investors would be signed on Friday. "We believe Malaysia will be an opening for us to the ASEAN countries," he said, referring to the Association of South East Asian Nations. Mahathir is scheduled to arrive in Islamabad on Thursday evening and will be the chief guest at the Pakistan day parade on March 23. Pakistan has been seeking financial assistance and calling for investment from friendly countries, while also negotiating a bailout package from the International Monetary Fund (IMF). Both Saudi Arabia and the United Arab Emirates have each offered Islamabad loan packages of $3 billion. During a visit in February, Saudi Crown Prince Mohammed bin Salman signed investment agreements worth $20 billion with Islamabad, including a $10 billion refinery and petrochemicals complex in the southwestern port city of Gwadar. Pakistan has also been trying to get loans from neighbouring China, which has pledged nearly $60 billion for energy and road and rail infrastructure projects as part of the Belt and Road Initiative (BRI), known as China Pakistan Economic Corridor (CPEC). In February the government said it was close to securing an IMF package, its 13th bailout since the late 1980s, but while talks between the two sides are ongoing no deal has been agreed.

Pakistan eyes $900 million investment deals during Malaysian PM's visit

Cash-strapped Pakistan's quest for a $8 billion IMF bailout package by January 15 may not realise as the global lender wants the government to adopt tougher measures to address the external sector imbalances before sending the country's case to its Executive Board, a media report said Friday.

Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

The Express Tribune, quoting sources in the ministry of finance, said that the two sides made their first contact on Thursday for the first time since November 20 when they concluded their first round of talks for the bailout package.

Finance Minister Asad Umar and the IMF's Washington-based mission chief Harald Finger made contact through a video link, the report said. The two sides discussed the developments that took place during three weeks.

Talks between Pakistan and the IMF remained inconclusive last month after both sides could not bridge the gulf on issues like the increase in electricity prices, hike in interest rate, rupee devaluation and tax collection targets.

At that time, Pakistani officials had claimed that the staff-level agreement could be reached before Christmas holidays and Pakistan could request the IMF to send its case to the next board meeting, tentatively scheduled for January 15, the report said.

Both the sides showed flexibility and talks on Thursday were held in a more conducive environment than last month, said a senior official of the ministry.

The finance minister informed the IMF mission head about developments on the exchange rate and monetary policy.

The sources said that the IMF welcomed both the developments but urged Pakistan to continue these necessary actions to address the external sector imbalances. The IMF wanted further adjustments in the exchange rate and monetary policy said the sources.

During the video conference, the two sides also discussed the issue of the increase in the electricity prices that remain unimplemented, the report said.

The IMF was demanding 22 per cent further increase in electricity prices to address the issue of the circular debt, the report said.

Meanwhile, Pakistan's debt and liabilities rose to nearly Rs31 trillion at the end of September 2018 with an addition of Rs 984 billion in just three months, another report in the same newspaper said.

The increase comes amid concerns over a rapid rise in the debt burden in the coming months owing to currency depreciation and interest rate hike.

Statistics released by the State Bank of Pakistan (SBP) showed that by the end of the first quarter of the current fiscal year, Pakistan's total debt and liabilities soared to Rs 30.9 trillion. Within a span of just three months, there was an increase of Rs 984 billion, or 3.3 per cent, in the overall debt.

Of the Rs 30.9 trillion, the gross public debt, which is the direct responsibility of the government, stood at Rs 25.8 trillion, the report said.&nbsp;

There was an increase of Rs 839 billion in the gross public debt in three months, which was far higher than the overall budget deficit of Rs 542 billion for the period.

One of the key reasons behind the higher debt was the increase in interest rate and depreciation of the rupee during July-September 2018, the report said.

A single rupee devaluation adds Rs 97 billion to the public debt. Similarly, a 1 per cent increase in interest rate increases the cost of debt servicing by roughly Rs 180 billion. This ultimately increases the borrowing requirements of the finance ministry, it said.&nbsp;

Pakistan has received an aid package of $6 billion from Saudi Arabia and an assurance of financial help from China, both close allies, to tide over the immediate cash crunch.&nbsp;

Cash-strapped Pakistan's quest for a $8 billion IMF bailout package by January 15 may not realise as the global lender wants the government to adopt tougher measures to address the external sector imbalances before sending the country's case to its Executive Board, a media report said Friday.

Cash-strapped Pakistan's quest for a $8 billion IMF bailout package by January 15 may not realise as the global lender wants the government to adopt tougher measures to address the external sector imbalances before sending the country's case to its Executive Board, a media report said Friday. Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. The Express Tribune, quoting sources in the ministry of finance, said that the two sides made their first contact on Thursday for the first time since November 20 when they concluded their first round of talks for the bailout package. Finance Minister Asad Umar and the IMF's Washington-based mission chief Harald Finger made contact through a video link, the report said. The two sides discussed the developments that took place during three weeks. Talks between Pakistan and the IMF remained inconclusive last month after both sides could not bridge the gulf on issues like the increase in electricity prices, hike in interest rate, rupee devaluation and tax collection targets. At that time, Pakistani officials had claimed that the staff-level agreement could be reached before Christmas holidays and Pakistan could request the IMF to send its case to the next board meeting, tentatively scheduled for January 15, the report said. Both the sides showed flexibility and talks on Thursday were held in a more conducive environment than last month, said a senior official of the ministry. The finance minister informed the IMF mission head about developments on the exchange rate and monetary policy. The sources said that the IMF welcomed both the developments but urged Pakistan to continue these necessary actions to address the external sector imbalances. The IMF wanted further adjustments in the exchange rate and monetary policy said the sources. During the video conference, the two sides also discussed the issue of the increase in the electricity prices that remain unimplemented, the report said. The IMF was demanding 22 per cent further increase in electricity prices to address the issue of the circular debt, the report said. Meanwhile, Pakistan's debt and liabilities rose to nearly Rs31 trillion at the end of September 2018 with an addition of Rs 984 billion in just three months, another report in the same newspaper said. The increase comes amid concerns over a rapid rise in the debt burden in the coming months owing to currency depreciation and interest rate hike. Statistics released by the State Bank of Pakistan (SBP) showed that by the end of the first quarter of the current fiscal year, Pakistan's total debt and liabilities soared to Rs 30.9 trillion. Within a span of just three months, there was an increase of Rs 984 billion, or 3.3 per cent, in the overall debt. Of the Rs 30.9 trillion, the gross public debt, which is the direct responsibility of the government, stood at Rs 25.8 trillion, the report said. There was an increase of Rs 839 billion in the gross public debt in three months, which was far higher than the overall budget deficit of Rs 542 billion for the period. One of the key reasons behind the higher debt was the increase in interest rate and depreciation of the rupee during July-September 2018, the report said. A single rupee devaluation adds Rs 97 billion to the public debt. Similarly, a 1 per cent increase in interest rate increases the cost of debt servicing by roughly Rs 180 billion. This ultimately increases the borrowing requirements of the finance ministry, it said. Pakistan has received an aid package of $6 billion from Saudi Arabia and an assurance of financial help from China, both close allies, to tide over the immediate cash crunch.

Pakistan unlikely to get IMF bailout by Jan 15: Report

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

The unit sank to 143 rupees against the dollar just a day after Prime Minister Imran Khan’s government celebrated 100 days in office with a televised conference boasting of its achievements.

The State Bank of Pakistan has indirectly devalued the state-managed unit several times already as it tries to&nbsp;narrow a huge balance of payments deficit.

But traders are growing concerned that neither Khan nor his Finance Minister Asad Umar laid out a comprehensive plan to address the country’s economic woes more than a week after negotiations with the International Monetary Fund ended without a much-needed bailout agreement.

The former cricketer has launched a highly publicised austerity drive since being sworn in, including auctioning off government-owned luxury vehicles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF.

"The market was disappointed to see that there was no clear-cut direction of the government regarding raising loans from IMF or taxation policies for the rest of its term," said Hamad Iqbal, director of research at Elixir Securities.

The rupee has lost about a third of its value since the start of the year as&nbsp;Pakistan&nbsp;struggles with chronic inflation as it burns through its dwindling foreign currency reserves, which are down around 40 per cent this year.

Pakistan&nbsp;secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Khan's visit to the kingdom in October.

Despite the pledges, the ministry of finance said Pakistan&nbsp;would still seek broader IMF support for the government's long-term economic planning.

With talks with the IMF still ongoing --Pakistan&nbsp;has been a regular borrower from the IMF since the 1980s -- Khan's new government has been searching for ways to rally its struggling economy.

Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, but the US -- one of the IMF's biggest donors -- has raised fears that&nbsp;Pakistan&nbsp;could use any bailout money to repay its debts to Beijing.&nbsp;

The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by four to 4.5 percent for the year fiscal year ending June 2019 compared to 5.8 percent growth in the last fiscal year.

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis. The unit sank to 143 rupees against the dollar just a day after Prime Minister Imran Khan’s government celebrated 100 days in office with a televised conference boasting of its achievements. The State Bank of Pakistan has indirectly devalued the state-managed unit several times already as it tries to narrow a huge balance of payments deficit. But traders are growing concerned that neither Khan nor his Finance Minister Asad Umar laid out a comprehensive plan to address the country’s economic woes more than a week after negotiations with the International Monetary Fund ended without a much-needed bailout agreement. The former cricketer has launched a highly publicised austerity drive since being sworn in, including auctioning off government-owned luxury vehicles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF. "The market was disappointed to see that there was no clear-cut direction of the government regarding raising loans from IMF or taxation policies for the rest of its term," said Hamad Iqbal, director of research at Elixir Securities. The rupee has lost about a third of its value since the start of the year as Pakistan struggles with chronic inflation as it burns through its dwindling foreign currency reserves, which are down around 40 per cent this year. Pakistan secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Khan's visit to the kingdom in October. Despite the pledges, the ministry of finance said Pakistan would still seek broader IMF support for the government's long-term economic planning. With talks with the IMF still ongoing --Pakistan has been a regular borrower from the IMF since the 1980s -- Khan's new government has been searching for ways to rally its struggling economy. Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, but the US -- one of the IMF's biggest donors -- has raised fears that Pakistan could use any bailout money to repay its debts to Beijing. The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by four to 4.5 percent for the year fiscal year ending June 2019 compared to 5.8 percent growth in the last fiscal year.

Pakistan rupee hits record low, no news on IMF lifeline

Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package.

Asad Umar said a combined $6 billion of Saudi money and promised funds from China would cover a projected $12 billion shortfall in foreign currency to service Pakistan's debt.

"So, Pakistan’s immediate balance of payment crises is over. That I can tell you categorically that now we don’t have anymore a balance of payment crises," he told a news briefing, without mentioning the IMF.

The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, PTI had reported.&nbsp;

Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF.

"We expect those discussions to begin on November the 7th. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice was quoted as saying by PTI.

"The objectives of that program is to help stabilise the Pakistan economy, put in place the preconditions for sustained inclusive growth," Rice said, adding that the modalities of that would be announced once the IMF and Pakistan have reached a staff-level agreement.

Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program.

(With inputs from news agencies)

Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package.

Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package. Asad Umar said a combined $6 billion of Saudi money and promised funds from China would cover a projected $12 billion shortfall in foreign currency to service Pakistan's debt. "So, Pakistan’s immediate balance of payment crises is over. That I can tell you categorically that now we don’t have anymore a balance of payment crises," he told a news briefing, without mentioning the IMF. The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, PTI had reported. Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF. "We expect those discussions to begin on November the 7th. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice was quoted as saying by PTI. "The objectives of that program is to help stabilise the Pakistan economy, put in place the preconditions for sustained inclusive growth," Rice said, adding that the modalities of that would be announced once the IMF and Pakistan have reached a staff-level agreement. Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program. (With inputs from news agencies)

On eve of IMF talks, Pakistan's finance minister says balance of payments crisis over

The death toll due to a massive fire in a hospital in India&#39;s eastern state of Orissa rose to 24 on Saturday.

The post-mortem reports of the 19 dead said they died of suffocation and not of burns in the incident on Monday evening.

The death toll in the Sum Hospital fire tragedy increased to 24 with the death of Kartikeswar Das, a resident of GGP Colony, said Manoj Kumar Mohanty, additional district magistrate of Bhubaneswar.

Das was moved from Sum hospital to a private facility on the night of the incident. He was referred to a third hospital when his condition worsened, where he died.

The post-mortem reports which reached the Commissionerate of Police revealed that &quot;there was no burn case&quot;, Press Trust of India reported.

&quot;All the 19 people died due to suffocation due to smoke caused by the fire,&quot; said commissioner of police YB Khurania.

On Monday, at least 19 people were killed and several injured after a fire broke out at the ICU and the dialysis unit of the Institute of Medical Sciences and SUM Hospital, situated in the capital city of Odisha, Bhubaneswar. Within minutes, the smoke engulfed the entire ICU and dialysis unit making evacuation of patients difficult.

The post-mortem reports of the other bodies are yet to come.

A preliminary investigation had revealed that the fire was caused due to a short circuit in the Intensive Care Unit (ICU), which later spread to rest of the hospital.&nbsp;

The police interrogated the owner of the hospital, Manoj Ranjan Nayak, and received &#39;vital&#39; information about the violation of the institution&#39;s fire safety norms, Khurania said. Nayak&#39;s two-day police remand ends on Saturday night.

&quot;We will interrogate all those concerned regarding the safety measures of the hospital,&quot; Khurania said, adding that Nayak&#39;s wife Saswati Das, also a trustee member of the hospital, was still at large, PTI reported.

Orissa&#39;s health minister Pradip Kumar Amat said he would &#39;try to do justice&#39; and take action against the culprits of the tragedy.

India&#39;s health minister J P Nadda visited the fire-ravaged hospital and the injured patients undergoing treatment on Wednesday.

&ldquo;It is really very saddening, shocking and painful also. I have found some lapses in safety issues there which need to be addressed. We see some protocol breach. Inquiry report will come soon. State government should see punitive action taken,&rdquo; said Nadda, adding, &ldquo;A fresh advisory will be given to all the states so that such incidents do not take place in future.&rdquo;

On the same day, the National Human Rights Commission (NHRC) took cognisance of the&nbsp;matter and has sought a report from the Odisha government within six weeks.

On Tuesday as many as four officials of the hospital were arrested on charges of criminal negligence, including culpable homicide, culpable homicide not amounting to murder, and negligence with regard to fire safety.

The arrested include the hospital&rsquo;s medical superintendent Pusparaj Samantasinghar, ex-executive engineer Amulya Kumar Sahu, fire safety officer Santosh Das and retired junior engineer Malay Kumar Sahu.

A similar incident in yet another eastern Indian state of West Bengal had occurred in 2011, where a fire in the AMRI hospital claimed as many as 90 lives.

(WION with inputs from PTI)

Lagarde congratulated Sharif 'on successfully completing the IMF programme which has helped Pakistan restore its macroeconomic stability'

The death toll due to a massive fire in a hospital in India's eastern state of Orissa rose to 24 on Saturday. The post-mortem reports of the 19 dead said they died of suffocation and not of burns in the incident on Monday evening. The death toll in the Sum Hospital fire tragedy increased to 24 with the death of Kartikeswar Das, a resident of GGP Colony, said Manoj Kumar Mohanty, additional district magistrate of Bhubaneswar. Das was moved from Sum hospital to a private facility on the night of the incident. He was referred to a third hospital when his condition worsened, where he died. The post-mortem reports which reached the Commissionerate of Police revealed that "there was no burn case", Press Trust of India reported. "All the 19 people died due to suffocation due to smoke caused by the fire," said commissioner of police YB Khurania. On Monday, at least 19 people were killed and several injured after a fire broke out at the ICU and the dialysis unit of the Institute of Medical Sciences and SUM Hospital, situated in the capital city of Odisha, Bhubaneswar. Within minutes, the smoke engulfed the entire ICU and dialysis unit making evacuation of patients difficult. The post-mortem reports of the other bodies are yet to come. A preliminary investigation had revealed that the fire was caused due to a short circuit in the Intensive Care Unit (ICU), which later spread to rest of the hospital. The police interrogated the owner of the hospital, Manoj Ranjan Nayak, and received 'vital' information about the violation of the institution's fire safety norms, Khurania said. Nayak's two-day police remand ends on Saturday night. "We will interrogate all those concerned regarding the safety measures of the hospital," Khurania said, adding that Nayak's wife Saswati Das, also a trustee member of the hospital, was still at large, PTI reported. Orissa's health minister Pradip Kumar Amat said he would 'try to do justice' and take action against the culprits of the tragedy. India's health minister J P Nadda visited the fire-ravaged hospital and the injured patients undergoing treatment on Wednesday. “It is really very saddening, shocking and painful also. I have found some lapses in safety issues there which need to be addressed. We see some protocol breach. Inquiry report will come soon. State government should see punitive action taken,” said Nadda, adding, “A fresh advisory will be given to all the states so that such incidents do not take place in future.” On the same day, the National Human Rights Commission (NHRC) took cognisance of the matter and has sought a report from the Odisha government within six weeks. On Tuesday as many as four officials of the hospital were arrested on charges of criminal negligence, including culpable homicide, culpable homicide not amounting to murder, and negligence with regard to fire safety. The arrested include the hospital’s medical superintendent Pusparaj Samantasinghar, ex-executive engineer Amulya Kumar Sahu, fire safety officer Santosh Das and retired junior engineer Malay Kumar Sahu. A similar incident in yet another eastern Indian state of West Bengal had occurred in 2011, where a fire in the AMRI hospital claimed as many as 90 lives. (WION with inputs from PTI)

Pakistan out of economic crisis: IMF chief Christine Lagarde