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