Pakistan has recently paid back USD 1 billion to Saudi Arabia, reiterating the fact that Islamabad is gradually losing the support of other Muslim countries.

Citing highly placed sources, The Express Tribune reported that Pakistan has given back Saudi Arabia USD 1 billion out of a USD 3 billion loan that it secured one and a half year ago to avoid default on international debt obligations after the kingdom decided to reduce its financial support.

The development comes even as Pakistan has been pushing for the foreign ministers` meeting of the Organisation of Islamic Cooperation (OIC) since India abrogated Article 370, which gave special status to the erstwhile state of Jammu and Kashmir.

<a href="https://www.wionews.com/south-asia/pakistans-failed-judicial-system-fails-14-year-old-christian-girl-318946">Also read:&nbsp;Pakistan's failed judicial system fails 14-year-old Christian girl</a>

In a report published by Dawn, a Pakistan diplomatic source confirmed that Saudi Arabia had shown reluctance to accept Islamabad`s request for an immediate meeting of OIC foreign ministers` on Kashmir.

After Pakistan failed to gather support from the OIC members on Kashmir on May 22, Prime Minister Imran Khan said, "The reason is that we have no voice and there is a total division amongst (us). We cannot even come together as a whole on the OIC meeting on Kashmir."

Though Pakistan reportedly made attempts to push its narrative of raising the issue of rising Islamophobia in India in its agenda, Maldives, an ally of India, thwarted the move and said, "Isolated statements by motivated people and disinformation campaigns on social media should not be construed as representative of the feelings of 1.3 billion."

<a href="https://www.wionews.com/south-asia/pakistan-china-intelligence-sharing-deal-threatens-us-peace-efforts-in-afghanistan-318932">Also read:&nbsp;Pakistan-China intelligence-sharing deal threatens US peace efforts in Afghanistan</a>

Maldives Permanent Representative to the United Nations, Thilmeeza Hussain, said that alleging Islamophobia in the context of India would be factually incorrect.

"It would be detrimental to the religious harmony in the South Asian region. Islam has existed in India for centuries and it is the second-largest religion in India, with 14.2 per cent of the country`s population," she said.

While Pakistan is now on the verge of losing its Muslim friends, China is taking full advantage of the situation.

Coming to the so-called rescue of Khan, Beijing has become "time-tested friend" and has given a loan of USD 1 billion to "help Islamabad avoid any adverse impact of the partial withdrawal of the Saudi lifeline," The Express Tribune quoted sources in the Ministry of Finance and the State Bank of Pakistan (SBP) as saying.

Meanwhile, Pakistan`s top economic body has approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a USD 6.8 billion project to upgrade its railway lines, according to a report in Khaleej Times.

The sanctioning of USD 6.8 billion for the CPEC project is almost equal to Pakistan`s entire development budget for fiscal 2020-21, which is USD 7.9 billion.&nbsp;

Pakistan has recently paid back USD 1 billion to Saudi Arabia, reiterating the fact that Islamabad is gradually losing the support of other Muslim countries. Citing highly placed sources, The Express Tribune reported that Pakistan has given back Saudi Arabia USD 1 billion out of a USD 3 billion loan that it secured one and a half year ago to avoid default on international debt obligations after the kingdom decided to reduce its financial support.

Pakistan has recently paid back USD 1 billion to Saudi Arabia, reiterating the fact that Islamabad is gradually losing the support of other Muslim countries. Citing highly placed sources, The Express Tribune reported that Pakistan has given back Saudi Arabia USD 1 billion out of a USD 3 billion loan that it secured one and a half year ago to avoid default on international debt obligations after the kingdom decided to reduce its financial support. The development comes even as Pakistan has been pushing for the foreign ministers` meeting of the Organisation of Islamic Cooperation (OIC) since India abrogated Article 370, which gave special status to the erstwhile state of Jammu and Kashmir. Also read: Pakistan's failed judicial system fails 14-year-old Christian girl In a report published by Dawn, a Pakistan diplomatic source confirmed that Saudi Arabia had shown reluctance to accept Islamabad`s request for an immediate meeting of OIC foreign ministers` on Kashmir. After Pakistan failed to gather support from the OIC members on Kashmir on May 22, Prime Minister Imran Khan said, "The reason is that we have no voice and there is a total division amongst (us). We cannot even come together as a whole on the OIC meeting on Kashmir." Though Pakistan reportedly made attempts to push its narrative of raising the issue of rising Islamophobia in India in its agenda, Maldives, an ally of India, thwarted the move and said, "Isolated statements by motivated people and disinformation campaigns on social media should not be construed as representative of the feelings of 1.3 billion." Also read: Pakistan-China intelligence-sharing deal threatens US peace efforts in Afghanistan Maldives Permanent Representative to the United Nations, Thilmeeza Hussain, said that alleging Islamophobia in the context of India would be factually incorrect. "It would be detrimental to the religious harmony in the South Asian region. Islam has existed in India for centuries and it is the second-largest religion in India, with 14.2 per cent of the country`s population," she said. While Pakistan is now on the verge of losing its Muslim friends, China is taking full advantage of the situation. Coming to the so-called rescue of Khan, Beijing has become "time-tested friend" and has given a loan of USD 1 billion to "help Islamabad avoid any adverse impact of the partial withdrawal of the Saudi lifeline," The Express Tribune quoted sources in the Ministry of Finance and the State Bank of Pakistan (SBP) as saying. Meanwhile, Pakistan`s top economic body has approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a USD 6.8 billion project to upgrade its railway lines, according to a report in Khaleej Times. The sanctioning of USD 6.8 billion for the CPEC project is almost equal to Pakistan`s entire development budget for fiscal 2020-21, which is USD 7.9 billion.

Pakistan forced to pay back Saudi USD 1 billion

PM Imran Khan had launched an austerity drive to solve Pakistan's financial woes in 2018.

He promised that his austerity measures will make Pakistan a more financially equal society. Its been two years and the common man in Pakistan is still cash-strapped and all promises of equality have been broken with the myth of austerity busted.

Now, Islamabad has decided to act a little transparent by making public the financial details and assets of several special assistants to the Pakistan prime minister.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-pakistans-corrupt-coterie-exposed-314763/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The announcement was made by Shibli Faraz, the I&amp;B minister of Pakistan through a tweet.

According to the details, at least six advisors to the Pakistan PM have dual citizenships and most of the others own movable and immovable assets worth millions of dollars abroad starting with Nadeem Babar, minister of state and the special assistant to the Pakistan PM on petroleum.

He owns assets worth 2.1 billion Pakistani rupees. He has stakes in over two dozen companies based out of Pakistan. Babur also happens to be a dual national&nbsp; with an American passport.

Then there is Tania Aidrus, the special assistant to Imran Khan on digital Pakistan. She has four immovable properties outside Pakistan with two in the United States and two each in Britain and Singapore. Aidrus also happens to be a Canadian national and holds permanent residency in Singapore.

Next on the list is Zulfi Bukhari, the special assistant to Imran Khan on overseas Pakistanis. He has properties in the UK worth 5.2 million euros, gold worth 500,000 euros, four luxury vehicles and a British passport.

Shahzad Syed Qasim, the special assistant to Pakistan PM power division happens to hold a US nationality. Shahbaz Gill, the special assistant to Pakistan PM on political communication too holds permanent residency in the United States.

Now, retired Lieutenant General Asim Saleem Bajwa who is the current special assistant to Imran Khan on information &amp; broadcasting&nbsp;has proudly declared himself a billionaire. After all, the Pakistan army is known for its loot and plunder. The billionaire Lt. General is being trolled on social media&nbsp;not for this but for something more bizarre.

Asim Saleem Bajwa forged the price of a Toyota land cruiser in his declaration. The special assistant mentioned that he got a 2016 model of the car for&nbsp;just 3 million Pakistani rupees whereas another special assistant, Sayed Bukhari mentioned that he got a 2012 model of the same car for 200 million Pakistani rupees.

Asim Saleem Bajwa has undervalued the price of his car by 197 million. He was confronted but he gave no answers, so one can only imagine the kind of lies his colleagues are hiding behind.

PM Imran Khan had launched an austerity drive to solve Pakistan's financial woes in 2018. He promised that his austerity measures will make Pakistan a more financially equal society.

PM Imran Khan had launched an austerity drive to solve Pakistan's financial woes in 2018. He promised that his austerity measures will make Pakistan a more financially equal society. Its been two years and the common man in Pakistan is still cash-strapped and all promises of equality have been broken with the myth of austerity busted. Now, Islamabad has decided to act a little transparent by making public the financial details and assets of several special assistants to the Pakistan prime minister. The announcement was made by Shibli Faraz, the I&B minister of Pakistan through a tweet. According to the details, at least six advisors to the Pakistan PM have dual citizenships and most of the others own movable and immovable assets worth millions of dollars abroad starting with Nadeem Babar, minister of state and the special assistant to the Pakistan PM on petroleum. He owns assets worth 2.1 billion Pakistani rupees. He has stakes in over two dozen companies based out of Pakistan. Babur also happens to be a dual national with an American passport. Then there is Tania Aidrus, the special assistant to Imran Khan on digital Pakistan. She has four immovable properties outside Pakistan with two in the United States and two each in Britain and Singapore. Aidrus also happens to be a Canadian national and holds permanent residency in Singapore. Next on the list is Zulfi Bukhari, the special assistant to Imran Khan on overseas Pakistanis. He has properties in the UK worth 5.2 million euros, gold worth 500,000 euros, four luxury vehicles and a British passport. Shahzad Syed Qasim, the special assistant to Pakistan PM power division happens to hold a US nationality. Shahbaz Gill, the special assistant to Pakistan PM on political communication too holds permanent residency in the United States. Now, retired Lieutenant General Asim Saleem Bajwa who is the current special assistant to Imran Khan on information & broadcasting has proudly declared himself a billionaire. After all, the Pakistan army is known for its loot and plunder. The billionaire Lt. General is being trolled on social media not for this but for something more bizarre. Asim Saleem Bajwa forged the price of a Toyota land cruiser in his declaration. The special assistant mentioned that he got a 2016 model of the car for just 3 million Pakistani rupees whereas another special assistant, Sayed Bukhari mentioned that he got a 2012 model of the same car for 200 million Pakistani rupees. Asim Saleem Bajwa has undervalued the price of his car by 197 million. He was confronted but he gave no answers, so one can only imagine the kind of lies his colleagues are hiding behind.

Pakistan PM Imran Khan's team: Advisors with dual citizenship, assets worth millions of dollars

As Pakistan's Prime Minister Imran Khan gloated about extending monetary help to India, the country has&nbsp;signed agreements with three international financial institutions for a financial aid of USD 1.5 billion to tackle&nbsp;the coronavirus outbreak.

Pakistan's economy has seen a steep decline, especially after the nationwide lockdown was initiated to contain the spread of the virus. Sadly, Prime Minister Imran Khan had to reopen the economy to save the country from starving to death.

<a href="https://www.wionews.com/india-news/our-stimulus-package-is-as-large-as-gdp-of-pakistan-india-tells-imran-khan-after-he-offers-help-305154">Also read|&nbsp;Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help'</a>

The three organisations are&nbsp;World Bank (WB), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB).

Secretary of Ministry of Economic Affairs Noor Ahmed signed the agreements on behalf of Pakistan. WB Director, Pakistan, Patchamuthu Illangovan and Director ADB Xiaohong Yang signed the agreements on behalf of the three financial institutions.&nbsp;Imran Khan was present during the signing process.

<a href="https://www.wionews.com/south-asia/broken-promises-and-lavish-feasts-imran-khan-disappoints-people-of-pakistan-307176">Also read|&nbsp;Broken promises and lavish feasts: Imran Khan disappoints people of Pakistan</a>

The ADB will lend USD 500 million to COVID-19 Active Response and Expenditure Support Program (CARES). The ADB has extended the help to support Pakistan's failing health system&nbsp;and mitigate socioeconomic impacts of the coronavirus pandemic.

The AIIB will be sending&nbsp;USD 500 million to the CARES to help the country deal with all direct and indirect impacts of the pandemic. Another sum of USD 500 million will be extended&nbsp;by the three donors under Securing Human Investments to Foster Transformation (SHIFT).

The money will be disbursed over the next few days.

As Pakistan's Prime Minister Imran Khan gloated about extending monetary help to India, the country has signed agreements with three international financial institutions for a financial aid of USD 1.

As Pakistan's Prime Minister Imran Khan gloated about extending monetary help to India, the country has signed agreements with three international financial institutions for a financial aid of USD 1.5 billion to tackle the coronavirus outbreak. Pakistan's economy has seen a steep decline, especially after the nationwide lockdown was initiated to contain the spread of the virus. Sadly, Prime Minister Imran Khan had to reopen the economy to save the country from starving to death. Also read| Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help' The three organisations are World Bank (WB), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB). Secretary of Ministry of Economic Affairs Noor Ahmed signed the agreements on behalf of Pakistan. WB Director, Pakistan, Patchamuthu Illangovan and Director ADB Xiaohong Yang signed the agreements on behalf of the three financial institutions. Imran Khan was present during the signing process. Also read| Broken promises and lavish feasts: Imran Khan disappoints people of Pakistan The ADB will lend USD 500 million to COVID-19 Active Response and Expenditure Support Program (CARES). The ADB has extended the help to support Pakistan's failing health system and mitigate socioeconomic impacts of the coronavirus pandemic. The AIIB will be sending USD 500 million to the CARES to help the country deal with all direct and indirect impacts of the pandemic. Another sum of USD 500 million will be extended by the three donors under Securing Human Investments to Foster Transformation (SHIFT). The money will be disbursed over the next few days.

Pakistan gets international aid of USD 1.5 billion to handle COVID outbreak

For the first time in 68 years, Pakistan's economy is set to contract in the outgoing fiscal year with a negative 0.38 per cent due to the adverse impact of the coronavirus pandemic coupled with the already weak financial situation before the pandemic hit the country, according to the economic survey unveiled on Thursday.

Advisor on Finance Abdul Hafeez Sheikh, releasing the Pakistan Economic Survey 2019-20 said the economy suffered massively due to the coronavirus pandemic which has so far infected about 120,000 people in the country, and forced the government to impose lockdown in March for several weeks.

The pandemic has badly hit the economy in the current fiscal year ending on June 30.

<a href="https://www.wionews.com/india-news/our-stimulus-package-is-as-large-as-gdp-of-pakistan-india-tells-imran-khan-after-he-offers-help-305154">Also read|&nbsp;Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help'</a>

For the first time in 68 years, Pakistan's economy has marginally contracted by 0.38 per cent in the outgoing fiscal year due to adverse impacts of novel coronavirus coupled with economic stabilisation policies that had hit the industrial sector much before the deadly pandemic.

Except for the agriculture sector that grew 2.7 per cent, the industrial and services sectors witnessed negative growth rates, pulling the overall growth rate down to negative 0.38 per cent in the fiscal year 2019-20, ending on June 30, the economic survey said.

The per capita income in dollar terms has also dipped to 1,366 - a contraction of 6.1 per cent, but it increased in rupee terms to Rs 214,539.

<a href="https://www.wionews.com/south-asia/cash-strapped-pakistan-wants-to-help-india-imran-offers-to-share-the-cash-transfer-programme-305114">Also read:&nbsp;Cash-strapped Pakistan wants to 'help' India, Imran offers to 'share the cash transfer programme'</a>

Sheikh said the International Monetary Fund (IMF) had warned about the dire impact of COVID-19 on the developing countries due to drop in exports and remittance.

"Exports fell due to a fall in global demand while remittance decreased due to layoffs of Pakistanis employed abroad," he said.

The overall tax collection grew by 10.8 per cent to Rs 3,300.6 billion during July-April 2020 against Rs 2,980 billion in the comparable period last year. The tax collection estimate for this period was Rs 4,510 billion.

He said the current account deficit was reduced by 73.1 per cent to USD 2.8 billion (1.1 per cent of GDP) against USD 10.3 billion last year which was 3.7 per cent of GDP.

"The current account deficit that we inherited was around USD 20 billion but we have reduced that to around USD 3 billion. This is a huge achievement of the government," he said.

He said the government controlled state expenses and did not borrow from the State Bank of Pakistan during the outgoing fiscal year.

"This was the first time, I think, in the country's history, and our primary balance -- meaning our expenses were less than our earnings --&nbsp;went into surplus," he said.

He said Rs 3,000 billion were set aside for payment of loans in the coming year while Rs 5,000 billion were given in the outgoing year. He promised more relief in the new budget and also reduced taxes and not imposed any new tax so that industry should be given relief and incentive to grow.

Minister for Economic Affairs Khusru Bakhtiar said that this government had USD 9 billion forex exchange reserve when it came to power in August 2018 and by the end of this year it would be more than USD 18 billion.

He said that the total external debt of Pakistan was USD 76.5 billion which was negatively impacting Pakistan.

He said the debt was USD 40 billion in 2013 and rose to USD 48 billion by 2013 during the tenure of Pakistan Peoples Party and again increased to USD 73 billion by 2018 in the five years of Pakistan Muslim League-Nawaz.

The economic survey is considered as the most authentic document of the government and is launched every year before the announcement of the budget of the next year.

The government has already announced that the budget for 2020-21 will be presented in parliament on June 12.

For the first time in 68 years, Pakistan's economy is set to contract in the outgoing fiscal year with a negative 0.38 per cent due to the adverse impact of the coronavirus pandemic coupled with the already weak financial situation before the pandemic hit the country, according to the economic survey unveiled on Thursday.

For the first time in 68 years, Pakistan's economy is set to contract in the outgoing fiscal year with a negative 0.38 per cent due to the adverse impact of the coronavirus pandemic coupled with the already weak financial situation before the pandemic hit the country, according to the economic survey unveiled on Thursday. Advisor on Finance Abdul Hafeez Sheikh, releasing the Pakistan Economic Survey 2019-20 said the economy suffered massively due to the coronavirus pandemic which has so far infected about 120,000 people in the country, and forced the government to impose lockdown in March for several weeks. The pandemic has badly hit the economy in the current fiscal year ending on June 30. Also read| Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help' For the first time in 68 years, Pakistan's economy has marginally contracted by 0.38 per cent in the outgoing fiscal year due to adverse impacts of novel coronavirus coupled with economic stabilisation policies that had hit the industrial sector much before the deadly pandemic. Except for the agriculture sector that grew 2.7 per cent, the industrial and services sectors witnessed negative growth rates, pulling the overall growth rate down to negative 0.38 per cent in the fiscal year 2019-20, ending on June 30, the economic survey said. The per capita income in dollar terms has also dipped to 1,366 - a contraction of 6.1 per cent, but it increased in rupee terms to Rs 214,539. Also read: Cash-strapped Pakistan wants to 'help' India, Imran offers to 'share the cash transfer programme' Sheikh said the International Monetary Fund (IMF) had warned about the dire impact of COVID-19 on the developing countries due to drop in exports and remittance. "Exports fell due to a fall in global demand while remittance decreased due to layoffs of Pakistanis employed abroad," he said. The overall tax collection grew by 10.8 per cent to Rs 3,300.6 billion during July-April 2020 against Rs 2,980 billion in the comparable period last year. The tax collection estimate for this period was Rs 4,510 billion. He said the current account deficit was reduced by 73.1 per cent to USD 2.8 billion (1.1 per cent of GDP) against USD 10.3 billion last year which was 3.7 per cent of GDP. "The current account deficit that we inherited was around USD 20 billion but we have reduced that to around USD 3 billion. This is a huge achievement of the government," he said. He said the government controlled state expenses and did not borrow from the State Bank of Pakistan during the outgoing fiscal year. "This was the first time, I think, in the country's history, and our primary balance -- meaning our expenses were less than our earnings -- went into surplus," he said. He said Rs 3,000 billion were set aside for payment of loans in the coming year while Rs 5,000 billion were given in the outgoing year. He promised more relief in the new budget and also reduced taxes and not imposed any new tax so that industry should be given relief and incentive to grow. Minister for Economic Affairs Khusru Bakhtiar said that this government had USD 9 billion forex exchange reserve when it came to power in August 2018 and by the end of this year it would be more than USD 18 billion. He said that the total external debt of Pakistan was USD 76.5 billion which was negatively impacting Pakistan. He said the debt was USD 40 billion in 2013 and rose to USD 48 billion by 2013 during the tenure of Pakistan Peoples Party and again increased to USD 73 billion by 2018 in the five years of Pakistan Muslim League-Nawaz. The economic survey is considered as the most authentic document of the government and is launched every year before the announcement of the budget of the next year. The government has already announced that the budget for 2020-21 will be presented in parliament on June 12.

Pakistan's economy contracts for first time in 68 years by -0.38 pc

Pakistani Prime Minister Imran Khan on Thursday gave a statement highlighting the economic impact of the covid-19 crisis in India, based on a report claiming that '84% of Indian households suffered monthly income decrease'.

<a href="https://www.wionews.com/south-asia/who-urges-pakistan-to-return-to-lockdown-as-hospitals-grapple-with-covid-19-cases-304834">Also read: WHO urges Pakistan to return to lockdown as hospitals grapple with COVID-19 cases</a> 
 
Imran Khan's statement comes at a time when his own country is reeling under the huge economic crisis due to COVID-19 pandemic. 
 
<a href="https://www.wionews.com/south-asia/bizarre-pakistans-press-continues-to-embarrass-islamabad-304923">Also read: Bizarre! Pakistan's press continues to embarrass Islamabad</a> 
 
Taking to Twitter, the Pakistani Prime Minister quoted a report saying that 34 per cent of households across India will not be able to survive for more than a week without additional assistance due to low income because of COVID-19 lockdown.

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<blockquote class="twitter-tweet">
Acc to this report, 34% of households across India will not be able to survive for more than a week without add assistance. I am ready to offer help &amp; share our successful cash transfer prog, lauded internationally for its reach &amp; transparency, with India.<a href="https://t.co/CcvUf6wERM">https://t.co/CcvUf6wERM</a>
— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1270994073864863745?ref_src=twsrc%5Etfw">June 11, 2020</a></blockquote>
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The report Imran quoted in his tweet was based on data from the Centre for Monitoring Indian Economy (CMIE) was published on May 12 - a day before PM Modi announced the Rs 20 lakh crore 'Atmanirbhar Bharat' package to kickstart the Indian economy.

Reports say that as of December 2019, Pakistan’s public debt was estimated at Rs $40.9 trillion, which is 14.1 per cent of the country’s GDP. The government owes Rs 18.17 trillion to domestic creditors, and about Rs 1.378 trillion to public sector enterprises.

<a href="https://www.wionews.com/south-asia/pakistan-records-6000-coronavirus-cases-in-last-24-hours-304993">Also read: Pakistan records 6,000 coronavirus cases in last 24 hours</a> 
 
So far, in Pakistan, the number of covid-19 positive cases has surged to 119,536. The nationwide tally of fatalities has jumped to 2,356.

Khan has been facing criticism from medical professionals and opposition leaders in Pakistan for easing lockdown restrictions in Pakistan. Khan said the ailing economy of Pakistan would collapse and the poorest among the country’s 220 million would suffer the most for prolonged lockdowns. 
 
(With inputs&nbsp;from agencies) 
&nbsp;

Pakistani Prime Minister Imran Khan on Thursday gave a statement highlighting the economic impact of the covid-19 crisis in India, based on a report claiming that '84% of Indian households suffered monthly income decrease'.

Pakistani Prime Minister Imran Khan on Thursday gave a statement highlighting the economic impact of the covid-19 crisis in India, based on a report claiming that '84% of Indian households suffered monthly income decrease'. Also read: WHO urges Pakistan to return to lockdown as hospitals grapple with COVID-19 cases Imran Khan's statement comes at a time when his own country is reeling under the huge economic crisis due to COVID-19 pandemic. Also read: Bizarre! Pakistan's press continues to embarrass Islamabad Taking to Twitter, the Pakistani Prime Minister quoted a report saying that 34 per cent of households across India will not be able to survive for more than a week without additional assistance due to low income because of COVID-19 lockdown. Acc to this report, 34% of households across India will not be able to survive for more than a week without add assistance. I am ready to offer help & share our successful cash transfer prog, lauded internationally for its reach & transparency, with India.https://t.co/CcvUf6wERM — Imran Khan (@ImranKhanPTI) June 11, 2020 × The report Imran quoted in his tweet was based on data from the Centre for Monitoring Indian Economy (CMIE) was published on May 12 - a day before PM Modi announced the Rs 20 lakh crore 'Atmanirbhar Bharat' package to kickstart the Indian economy. Reports say that as of December 2019, Pakistan’s public debt was estimated at Rs $40.9 trillion, which is 14.1 per cent of the country’s GDP. The government owes Rs 18.17 trillion to domestic creditors, and about Rs 1.378 trillion to public sector enterprises. Also read: Pakistan records 6,000 coronavirus cases in last 24 hours So far, in Pakistan, the number of covid-19 positive cases has surged to 119,536. The nationwide tally of fatalities has jumped to 2,356. Khan has been facing criticism from medical professionals and opposition leaders in Pakistan for easing lockdown restrictions in Pakistan. Khan said the ailing economy of Pakistan would collapse and the poorest among the country’s 220 million would suffer the most for prolonged lockdowns. (With inputs from agencies)

Cash-strapped Pakistan wants to 'help' India, Imran offers to 'share the cash transfer programme'

The International Monetary Fund (IMF) has projected that due to the coronavirus pandemic, Pakistan`s economy may contract sharply by 1.5 per cent during the current financial year.

The International Monetary Fund (IMF) has projected that due to the coronavirus pandemic, Pakistan`s economy may contract sharply by 1.5 per cent during the current financial year. According to a report in The Express Tribune, the IMF in its World Economic Outlook - The Great Lockdown report has said that Pakistan`s economy may contract by 1.5 per cent this fiscal, which is a "downgrade of nearly 4 per cent from its January 2020 report. " It will be for the first time in 68 years when Pakistan`s economy will contract. The international money lender has projected that next fiscal year, Pakistan`s economy may post a growth rate of two per cent. The IMF, as per the report, has also projected that the unemployment rate in Pakistan will jump, though the current account deficit will narrow down to 1.7 per cent of the GDP. According to the latest information, Pakistan has reported more than 6,000 cases of coronavirus so far while the toll stands at 113. The virus, which originated in China`s Wuhan last year, has infected nearly 2 million people worldwide while claiming over 1 lakh lives. Several countries, in order to check the spread of coronavirus, have imposed tight restrictions hurting economic activities around the globe. The per capita income is also projected to shrink for over 170 countries, including that of Pakistan. The global economy is projected to contract sharply by "minus three per cent" in 2020 as a result of the COVID-19 pandemic, a much worse contraction than during the 2008-09 financial crisis. Gita Gopinath, Chief Economist and Director of the research department at IMF said in her opening remarks, "The COVID-19 pandemic is inflicting high and rising human costs worldwide. Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus." "The health crisis is, therefore, having a severe impact on economic activity. As a result of the pandemic, the global economy is projected to contract sharply by minus 3 per cent in 2020, much worse than during the 2008-09 financial crisis," said Gopinath. The Global Outlook also mentions that in a baseline scenario -- which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound -- the global economy is projected to grow by 5.8 per cent in 2021 as economic activity normalises, helped by policy support.

IMF says Pakistan's economy may contract by 1.5 per cent

COVID-19 tally in Pakistan has now jumped 52 to 237 with in the last 48 hours, the highest in South Asia. Now the sincerity of Pakistan is highly questionable over the crisis.

Coronavirus cases continue to surge in Pakistan

Pakistan's Prime Minister Imran Khan has expressed grave concerns over Covid-19 saying that it can destroy and devastate economies of developing countries. He said the international community should be willing to waive off loans to these nations in case the situation worsens.

Covid-19 could destroy Pakistan, suggests PM Imran Khan

Pakistan Foreign Minister Shah Mehmood Qureshi has gone into self isolation as precautionary measure upon his return from China.

Coronavirus Outbreak: Pakistan's Foreign Minister goes into self isolation

Cash strapped Pakistan may face losses up to $ 61 million due to the deadly coronavirus outbreak, the ADB has said in its assessment report on the impact of the novel <a href="https://www.wionews.com/world/coronavirus-cases-surge-past-100000-worldwide-21-cases-found-on-ship-off-san-francisco-284873">COVID-19</a> outbreak.

The virus that first emerged in China's Wuhan city in the Hubei province in December last year has spread to 97 countries and has infected 1,02,180 people, including 80,651 in China, according to the Johns Hopkins Coronavirus tracker.

In Pakistan, six cases of coronavirus have been reported and all have a history of travel to Iran. Three of the cases are in Karachi and three in Gilgit-Baltistan.

The Manila-based Asian Development Bank has projected that Pakistan's economy may face $16 to $61 million losses due to the coronavirus outbreak, The Express Tribune quoted a report published on Friday.

Also Read:<a href="https://www.wionews.com/business-economy/indian-automakers-say-china-coronavirus-outbreak-hitting-parts-supply-283591">&nbsp;Indian automakers say China coronavirus outbreak hitting parts supply</a>

"In the moderate case scenario, the projected losses to be faced by Pakistan are $34.2 million. In the worst-case scenario, the projected losses to be faced by Pakistan are $60.8 million," the report said.

The report also gave estimates about global losses due to the novel <a href="https://www.wionews.com/world/tourism-industry-across-the-world-takes-a-hit-as-covid-19-spreads-more-widely-284923">virus</a>.

The bank gave a "hypothetical worst-case scenario" that shows Pakistan's economy sustaining a whopping $5 billion loss due to the spread of the virus.

In this case, Pakistan's GDP will loss 1.57 per cent and 946,000 people will be unemployed, the report said.

The report showed that the global GDP will also be affected by $77 billion in the best-case scenario to $347 billion in the worst-case scenario, with China affected the most.

Also Read:<a href="https://www.wionews.com/opinions-blogs/wion-edit-world-grapples-with-extent-of-coronavirus-outbreak-283044">&nbsp;WION Edit: World grapples with extent of coronavirus outbreak</a>

In a one-page paper issued by Tola Associate, tax and corporate advisors also claimed that Pakistan's economy will sustain $5 billion loss due to coronavirus. The firm based its claim on an ADB publication.

According to the estimates published by the ADB the impact of the coronavirus, in terms of the global GDP ranges from $77 billion in best case scenario to $347 billion in the worst-case scenario or 0.1 per cent to 0.4 per cent of the global GDP.

The report said the total losses likely to be sustained by Pakistan will be the only $16.23 million in the best-case scenario.

It projected that in best case scenario, Pakistan's agriculture and mining sector could sustain a loss of $5.5 million, business trade, personal and public service $5.54 million, hotels and restaurants $0.67 million; light and heavy manufacturing $3.6 million and transport services $0.92 million, the report said.

In the worst-case scenario, Pakistan's agriculture and mining sector will face $21.7 million losses; business and trade $18.8 million losses, hotel and restaurants $2.4 million losses, light and heavy engineering $14.6 million losses, and transport services $3.4 million, it said.

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/coronavirus-outbreak-first-case-reported-in-nepal-ministry-of-health-confirms-276431">Coronavirus outbreak: First case reported in Nepal, ministry of health confirms</a>

In addition to the global slowdown, the fear caused by the COVID-19 is going to cause an estimated loss of $1.5 trillion across the globe in a hypothetical worst-case scenario. The lockdown has slowed down the pace of the Chinese economy if compared to the last 30 years.

Coronavirus losses will depend on the magnitude of the problem and the scale of the underlying uncertainties in countries which have strong trade and production linkages with China, according to the Tola Associate.

The cash-strapped Pakistan government has been implementing austerity measures to improve the country's finances. In July last year, Pakistan registered a currency reserve of less than $8 billion enough to cover only 1.7 months of imports.

The International Monetary Fund formally approved a $6-billion loan to Pakistan in July 2019, citing "significant" economic challenges. Pakistan has so far received billions in financial aid from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year.&nbsp;

Cash strapped Pakistan may face losses up to $ 61 million due to the deadly coronavirus outbreak, the ADB has said in its assessment report on the impact of the novel COVID-19 outbreak.

Cash strapped Pakistan may face losses up to $ 61 million due to the deadly coronavirus outbreak, the ADB has said in its assessment report on the impact of the novel COVID-19 outbreak. The virus that first emerged in China's Wuhan city in the Hubei province in December last year has spread to 97 countries and has infected 1,02,180 people, including 80,651 in China, according to the Johns Hopkins Coronavirus tracker. In Pakistan, six cases of coronavirus have been reported and all have a history of travel to Iran. Three of the cases are in Karachi and three in Gilgit-Baltistan. The Manila-based Asian Development Bank has projected that Pakistan's economy may face $16 to $61 million losses due to the coronavirus outbreak, The Express Tribune quoted a report published on Friday. Also Read: Indian automakers say China coronavirus outbreak hitting parts supply "In the moderate case scenario, the projected losses to be faced by Pakistan are $34.2 million. In the worst-case scenario, the projected losses to be faced by Pakistan are $60.8 million," the report said. The report also gave estimates about global losses due to the novel virus. The bank gave a "hypothetical worst-case scenario" that shows Pakistan's economy sustaining a whopping $5 billion loss due to the spread of the virus. In this case, Pakistan's GDP will loss 1.57 per cent and 946,000 people will be unemployed, the report said. The report showed that the global GDP will also be affected by $77 billion in the best-case scenario to $347 billion in the worst-case scenario, with China affected the most. Also Read: WION Edit: World grapples with extent of coronavirus outbreak In a one-page paper issued by Tola Associate, tax and corporate advisors also claimed that Pakistan's economy will sustain $5 billion loss due to coronavirus. The firm based its claim on an ADB publication. According to the estimates published by the ADB the impact of the coronavirus, in terms of the global GDP ranges from $77 billion in best case scenario to $347 billion in the worst-case scenario or 0.1 per cent to 0.4 per cent of the global GDP. The report said the total losses likely to be sustained by Pakistan will be the only $16.23 million in the best-case scenario. It projected that in best case scenario, Pakistan's agriculture and mining sector could sustain a loss of $5.5 million, business trade, personal and public service $5.54 million, hotels and restaurants $0.67 million; light and heavy manufacturing $3.6 million and transport services $0.92 million, the report said. In the worst-case scenario, Pakistan's agriculture and mining sector will face $21.7 million losses; business and trade $18.8 million losses, hotel and restaurants $2.4 million losses, light and heavy engineering $14.6 million losses, and transport services $3.4 million, it said. Also Read: Coronavirus outbreak: First case reported in Nepal, ministry of health confirms In addition to the global slowdown, the fear caused by the COVID-19 is going to cause an estimated loss of $1.5 trillion across the globe in a hypothetical worst-case scenario. The lockdown has slowed down the pace of the Chinese economy if compared to the last 30 years. Coronavirus losses will depend on the magnitude of the problem and the scale of the underlying uncertainties in countries which have strong trade and production linkages with China, according to the Tola Associate. The cash-strapped Pakistan government has been implementing austerity measures to improve the country's finances. In July last year, Pakistan registered a currency reserve of less than $8 billion enough to cover only 1.7 months of imports. The International Monetary Fund formally approved a $6-billion loan to Pakistan in July 2019, citing "significant" economic challenges. Pakistan has so far received billions in financial aid from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year.

Coronavirus may cause $61 million loss to Pakistan: ADB

Pakistan's federal cabinet will hold a meeting on Tuesday to discuss a hike in salary for the country's Prime Minister and the President.

The latest development comes as Pakistan PM had harped on the fact that the <a href="https://www.wionews.com/south-asia/imrans-salary-not-enough-to-run-household-wion-accesses-pak-pms-salary-slip-275968">salary he earns is not enough to make ends meet</a>.

<img alt="Imran Khan' February salary slip" data-entity-type="file" data-entity-uuid="03b8661d-73de-4f48-a3c7-53288390befc" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%288%29_15_0.jpg" />

During a meeting with traders, Imran had cited his expenses as an individual and as a public servant to make a point to traders while accusing opposition leaders of minting money by cheating on taxes.

WION had accessed the Khan's payslip from February 2019, which shows Imran gets over 2 lakh as gross salary every month which includes allowances and after deductions it comes to Rs 1,96, 979.

<a href="https://www.wionews.com/south-asia/wheat-crisis-deepens-in-pakistan-people-eat-more-bread-in-november-december-says-minister-275435">Also read: Wheat crisis deepens in Pakistan: People eat more bread in November-December, says minister</a>

That is close to 90 thousand Indian rupees. The median salary for a considerable population both in Pakistan and India.

Apart from this Khan also enjoys the many perks a country's PM is entitled to.

The Pakistan prime minister has been under fire as a nationwide shortage of wheat has led to a surge in prices of bread and roti.

Pakistan's economy has seen the rupee plummeting as the country battles rampant price rise of various commodities including pulses and flour. Several provinces in the country have reported a shortage of flour.

Since Imran Khan came to power in August 2018, the Pakistani rupee has lost 35 per cent of its value.

In December last year, inflation reached as high as 12.6 per cent, while, Pakistan's foreign debt has reached 106 point 9 billion dollars.

The country is in constant need of bailouts and loans from friendly nations.

In September last year, the <a href="https://www.wionews.com/world/imf-to-extend-6-bn-bailout-package-to-restore-paks-plunging-economy-250518">International Monetary Fund approved a bailout of $6 billion</a> to help Pakistan restore an inclusive and sustainable growth of its plunging economy.

Earlier this month, the UAE allocated $200 million to support small and medium economic projects in Pakistan. 
&nbsp;

Pakistan's federal cabinet will hold a meeting on Tuesday to discuss a hike in salary for the country's Prime Minister and the President. The latest development comes as Pakistan PM had harped on the fact that the salary he earns is not enough to make ends meet.

Pakistan's federal cabinet will hold a meeting on Tuesday to discuss a hike in salary for the country's Prime Minister and the President. The latest development comes as Pakistan PM had harped on the fact that the salary he earns is not enough to make ends meet. During a meeting with traders, Imran had cited his expenses as an individual and as a public servant to make a point to traders while accusing opposition leaders of minting money by cheating on taxes. WION had accessed the Khan's payslip from February 2019, which shows Imran gets over 2 lakh as gross salary every month which includes allowances and after deductions it comes to Rs 1,96, 979. Also read: Wheat crisis deepens in Pakistan: People eat more bread in November-December, says minister That is close to 90 thousand Indian rupees. The median salary for a considerable population both in Pakistan and India. Apart from this Khan also enjoys the many perks a country's PM is entitled to. The Pakistan prime minister has been under fire as a nationwide shortage of wheat has led to a surge in prices of bread and roti. Pakistan's economy has seen the rupee plummeting as the country battles rampant price rise of various commodities including pulses and flour. Several provinces in the country have reported a shortage of flour. Since Imran Khan came to power in August 2018, the Pakistani rupee has lost 35 per cent of its value. In December last year, inflation reached as high as 12.6 per cent, while, Pakistan's foreign debt has reached 106 point 9 billion dollars. The country is in constant need of bailouts and loans from friendly nations. In September last year, the International Monetary Fund approved a bailout of $6 billion to help Pakistan restore an inclusive and sustainable growth of its plunging economy. Earlier this month, the UAE allocated $200 million to support small and medium economic projects in Pakistan.

Pakistan PM Imran Khan to get salary hike? Cabinet to hold meeting

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

Economy In Tatters, Borrowing At An Time High, Opposition Threatening To Throw His Out Of Power, Imran Khan Is Facing Troubles From All Fronts.

Gravitas: Testing Times For Imran Khan

Pakistan's Business Community Presses The Panic Button, Seek Army Chief Gen. Bajwa's Help Pakistan's economy has been going through a serious crisis for some time. Now, in a desperate attempt, the country's business community have sought the help for Army Chief Gen. Bajwa. The sequence of events indicate the weakening of Imran Khan's grip on power. @Palkisu summarises

Gravitas: Pakistan's Economy In Crisis: Businessmen Ask Gen Bajwa For Help

Pakistan's Army Runs The Country's Economy The long arm of the Pakistan army is not just restricted to its politics, it extends to economy as well. From petrol pumps, to industrial pumps, to even schools, the army controls most sectors of the country's economy. This report explores.

Gravitas: The Reach Of The Pakistan Army

In a bid to secure its plunging economy, Pakistan has been desperately trying to garner more investments and bailout packages from various entities.

The huge debt pile-up, however, would gradually force a slowdown in new projects that may push the country into a deeper economic crisis.

Recently, the International Monetary Fund (IMF) has decided to send its team this month for suggesting ways and means curtail the yawning budget deficit being faced by cash-strapped Pakistan.

Earlier in July, the global money-lender had approved a six billion US dollars&nbsp;loan to Pakistan, which is facing significant economic challenges in the backdrop of the country's large fiscal deficits and loose monetary policies.

The IMF team will discuss fiscal issues with special focus to restrict the target of primary deficit within the desired limits, according to Pakistani media reports.

In addition, the Chinese Ambassador to Pakistan, Yao Jing, has also reportedly announced that Beijing is planning to invest one billion US dollars in development projects in Pakistan, especially the CPEC that connects Gwadar Port in Balochistan with China's Xinjiang province.

"Pakistan borrowed $16B from abroad in the 2018-19 fiscal year to avoid running out of foreign currency. 42 per cent&nbsp;of that, or $6.7B, came from China. The government also approached IMF, which in July approved a $6B bailout," Jeff M. Smith, a research scholar from South Asia-Heritage Foundation, said on Twitter.

"The huge debt pile is forcing a slowdown in new projects," Smith added. Previously, the IMF had pointed out that dull progress in structural progress continued to hamper investment and allowed "inefficient state-owned entities (SOEs) to linger and a large informal economy to expand".

Citing Pakistan's finance ministry's documents, Express Tribune reported that foreign loan disbursements between July 2018 and April 2019 of the current financial year showed loans for the Karachi Nuclear Power Plants, known as K2 and K3, and China SAFE deposits as part of federal debt obligations.

Also, countries such as the UAE and Saudi Arabia have given bailout packages to the cash-strapped country in a bid to tackle its ballooning balance-of-payments crisis.

The annual fiscal deficit of Pakistan rose to the highest in the last three decades at 8.9 per cent for the financial year 2018-19. The fiscal deficit is a difference between the revenues and expenditures of the federal government.

Pakistan Prime Minister Imran Khan, who was elected on an anti-corruption plank and a pledge to end austerity measures, had vowed to improve the depleting economic situation of the cash-strapped country.

In fact, the opposite has happened. In reality, prices of gas and oil products and electricity in Pakistan have risen considerably, burning a hole in the common man's pocket. Pakistan had received the first tranche of the loan worth $991.4 million from the IMF in May.

In a bid to secure its plunging economy, Pakistan has been desperately trying to garner more investments and bailout packages from various entities. The huge debt pile-up, however, would gradually force a slowdown in new projects that may push the country into a deeper economic crisis.

In a bid to secure its plunging economy, Pakistan has been desperately trying to garner more investments and bailout packages from various entities. The huge debt pile-up, however, would gradually force a slowdown in new projects that may push the country into a deeper economic crisis. Recently, the International Monetary Fund (IMF) has decided to send its team this month for suggesting ways and means curtail the yawning budget deficit being faced by cash-strapped Pakistan. Earlier in July, the global money-lender had approved a six billion US dollars loan to Pakistan, which is facing significant economic challenges in the backdrop of the country's large fiscal deficits and loose monetary policies. The IMF team will discuss fiscal issues with special focus to restrict the target of primary deficit within the desired limits, according to Pakistani media reports. In addition, the Chinese Ambassador to Pakistan, Yao Jing, has also reportedly announced that Beijing is planning to invest one billion US dollars in development projects in Pakistan, especially the CPEC that connects Gwadar Port in Balochistan with China's Xinjiang province. "Pakistan borrowed $16B from abroad in the 2018-19 fiscal year to avoid running out of foreign currency. 42 per cent of that, or $6.7B, came from China. The government also approached IMF, which in July approved a $6B bailout," Jeff M. Smith, a research scholar from South Asia-Heritage Foundation, said on Twitter. "The huge debt pile is forcing a slowdown in new projects," Smith added. Previously, the IMF had pointed out that dull progress in structural progress continued to hamper investment and allowed "inefficient state-owned entities (SOEs) to linger and a large informal economy to expand". Citing Pakistan's finance ministry's documents, Express Tribune reported that foreign loan disbursements between July 2018 and April 2019 of the current financial year showed loans for the Karachi Nuclear Power Plants, known as K2 and K3, and China SAFE deposits as part of federal debt obligations. Also, countries such as the UAE and Saudi Arabia have given bailout packages to the cash-strapped country in a bid to tackle its ballooning balance-of-payments crisis. The annual fiscal deficit of Pakistan rose to the highest in the last three decades at 8.9 per cent for the financial year 2018-19. The fiscal deficit is a difference between the revenues and expenditures of the federal government. Pakistan Prime Minister Imran Khan, who was elected on an anti-corruption plank and a pledge to end austerity measures, had vowed to improve the depleting economic situation of the cash-strapped country. In fact, the opposite has happened. In reality, prices of gas and oil products and electricity in Pakistan have risen considerably, burning a hole in the common man's pocket. Pakistan had received the first tranche of the loan worth $991.4 million from the IMF in May.

More loans may lead to slowdown of Pakistan's crumbling economy

Keen to woo <a href="https://www.wionews.com/india-news/india-regrets-pakistans-futile-decision-to-deny-overflight-clearance-to-presidents-plane-248321">global investors</a>, Pakistan's Sarhad Chamber of Commerce organised a Khyber Pakhtunkhwa Investment Opportunities Conference in Azerbaijan's capital Baku which had belly dancers among major attractions.

Sarhad Chamber of Commerce and Industry or SCCI based in Peshawar organised the conference from September 4 to 8 in Azerbaijan.

<a href="https://www.wionews.com/world/saudi-arabia-foreign-minister-to-visit-pakistan-today-247502">Pakistan's economy</a> is facing the heat and for that country's Prime Minister Imran Khan has been going to UAE, China and speaking to International Monetary Fund (IMF) for a bailout. Pakistan got a loan of $3 million from UAE to support its economy.

IMF team will visit Pakistan in mid-September from 16-20 as part of Islamabad's technical work program.

Earlier this year, the IMF agreed on a $6billion bailout for Pakistan's beleaguered economy for three-years.

Since the 1980s, this is the 13th bailout the South Asian country is receiving. The last time Pakistan government got a bailout from IMF was in 2013.

The global rating agency Standard &amp; Poor's (S&amp;P) downgraded Pakistan from B to B- with a stable outlook in the first week of February due to diminished growth prospects.

Keen to woo global investors, Pakistan's Sarhad Chamber of Commerce organised a Khyber Pakhtunkhwa Investment Opportunities Conference in Azerbaijan's capital Baku which had belly dancers among major attractions.

Keen to woo global investors, Pakistan's Sarhad Chamber of Commerce organised a Khyber Pakhtunkhwa Investment Opportunities Conference in Azerbaijan's capital Baku which had belly dancers among major attractions. Sarhad Chamber of Commerce and Industry or SCCI based in Peshawar organised the conference from September 4 to 8 in Azerbaijan. Pakistan's economy is facing the heat and for that country's Prime Minister Imran Khan has been going to UAE, China and speaking to International Monetary Fund (IMF) for a bailout. Pakistan got a loan of $3 million from UAE to support its economy. IMF team will visit Pakistan in mid-September from 16-20 as part of Islamabad's technical work program. Earlier this year, the IMF agreed on a $6billion bailout for Pakistan's beleaguered economy for three-years. Since the 1980s, this is the 13th bailout the South Asian country is receiving. The last time Pakistan government got a bailout from IMF was in 2013. The global rating agency Standard & Poor's (S&P) downgraded Pakistan from B to B- with a stable outlook in the first week of February due to diminished growth prospects.

Watch: Cash-strapped Pakistan attracts investors with belly dancers

Belly dance performances in the event to promote Pakistan economy.

Pakistan's 'Belly Dance formula' to revive economy

Gravitas: Pakistan's Economy in Doldrums: Fiscal Deficit at a 28-year High

Nearly one year after the election that brought<a href="https://www.wionews.com/india-news/pakistan-will-not-allow-armed-militia-in-the-country-imran-khan-238076"> Imran Khan</a> to power in Pakistan, the cricket-hero-turned-prime-minister faces growing anger as he chases an elusive target, how to right the South Asian nation's teetering economy.

Pakistan has been staring down the barrel of a balance of payments crisis since before last year's July 25 vote, and analysts have long warned that the new government must act quickly.

In one of his earliest speeches, Khan -- who led the cricket-mad country to World Cup victory in 1992, and campaigned on vows to build an Islamic welfare state -- tried to reassure voters, telling them repeatedly, "Do not panic."

But since then the rupee has lost nearly 30 per cent of its value and inflation is running at nearly nine per cent, and likely to continue rising.

"The price of tomatoes is touching the skies," 30-year-old Shama Parveen, who walked several kilometres through Karachi's sweltering heat to find cheaper produce, told AFP. "Life has become hard."

Watch: Imran Khan supporters clash against Pakistan minority groups protestors in US

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"I need to earn at least 1,000 rupees ($6.30) daily to meet my expenses," said 60-year-old Mohammad Ashraf, who sells henna dye.

"Nowadays I can hardly save 500 or 600 rupees... I sometimes think if I fall ill, how could I afford the medicines and treatment? I would die, I think."

Analysts warn that with Pakistan's galloping population increase far outstripping growth -- set to slow to 2.4 per cent this year -- the country will find no short-term relief, even after the International Monetary Fund approved its latest $6 billion loans.

Pakistan has a rocky relationship with the IMF, which has bailed it out many times before, and Khan secured billions in loans and investment from "friendly countries" including China and Saudi Arabia before going to the Fund.

But it was not enough.

Pakistanis are facing the grimmest part of a seemingly endless economic cycle, austerity imposed on millions of poor people, and futile demands for deep-rooted structural reform.

Traders held a one-day strike earlier this month, and on Friday about 8,000 people marched through the city of Rawalpindi to protest against rising prices.

"This government has completely failed ... they are making the country poorer with each passing day," Ayaz Ahmed, a 32-year-old university graduate, told AFP at the protest.

Mass demonstrations organised by opposition parties are planned for Thursday to mark Khan's one-year anniversary in office.

Worse than nuclear sanctions?

But while discontent is rising on social media, where viral TikTok videos mock Khan's promises, street protests remain a luxury for many.

"I cannot afford to lose even one day of earnings," said Karachi spice vendor Naseem Akhtar.

Asghar Ali, an associate economics professor at the University of Karachi, estimates that up to eight million people could slip beneath the poverty line in the coming days.

He singled out Khan's anti-corruption drive -- which has seen opposition leaders jailed and businesses "harassed" -- as causing "havoc".&nbsp;

For Shahid Hasan Siddiqui, chairman of the Research Institute of Islamic Banking, the situation is "worse than 1998, when the country survived international sanctions after nuclear tests".

Taxes are the issue, he argued.

Just one per cent of Pakistan's adult population is estimated to pay taxes. Khan's government is pushing hard to broaden the tax base but it remains to be seen whether the latest schemes rolled out by officials will make a difference.

But a tax amnesty by Khan "allows the rich to get their black money whitened by paying a mere 1.5 per cent tax", Siddiqui said.&nbsp;

"On the contrary, every poor man who buys essentials pay 17 per cent in (sales) tax."&nbsp;

Rarely do the poor "get to see the inside of a hospital or the schools built with those taxes", agreed Pakistani author Mohammed Hanif in a scathing New York Times opinion piece excoriating Khan's Pakistan recently.

Umer Farooq, an investment analyst at AKD Securities, said the policies are "largely fair", however.

"The real challenge for the government is how they will implement them," he said.

In the meantime, despair is growing.

Mohammad Imran, a 35-year-old vegetable seller in Karachi, said he can no longer pay his debts.

"What should I do? I would commit suicide someday."

Nearly one year after the election that brought Imran Khan to power in Pakistan, the cricket-hero-turned-prime-minister faces growing anger as he chases an elusive target, how to right the South Asian nation's teetering economy.

Nearly one year after the election that brought Imran Khan to power in Pakistan, the cricket-hero-turned-prime-minister faces growing anger as he chases an elusive target, how to right the South Asian nation's teetering economy. Pakistan has been staring down the barrel of a balance of payments crisis since before last year's July 25 vote, and analysts have long warned that the new government must act quickly. In one of his earliest speeches, Khan -- who led the cricket-mad country to World Cup victory in 1992, and campaigned on vows to build an Islamic welfare state -- tried to reassure voters, telling them repeatedly, "Do not panic." But since then the rupee has lost nearly 30 per cent of its value and inflation is running at nearly nine per cent, and likely to continue rising. "The price of tomatoes is touching the skies," 30-year-old Shama Parveen, who walked several kilometres through Karachi's sweltering heat to find cheaper produce, told AFP. "Life has become hard." Watch: Imran Khan supporters clash against Pakistan minority groups protestors in US × "I need to earn at least 1,000 rupees ($6.30) daily to meet my expenses," said 60-year-old Mohammad Ashraf, who sells henna dye. "Nowadays I can hardly save 500 or 600 rupees... I sometimes think if I fall ill, how could I afford the medicines and treatment? I would die, I think." Analysts warn that with Pakistan's galloping population increase far outstripping growth -- set to slow to 2.4 per cent this year -- the country will find no short-term relief, even after the International Monetary Fund approved its latest $6 billion loans. Pakistan has a rocky relationship with the IMF, which has bailed it out many times before, and Khan secured billions in loans and investment from "friendly countries" including China and Saudi Arabia before going to the Fund. But it was not enough. Pakistanis are facing the grimmest part of a seemingly endless economic cycle, austerity imposed on millions of poor people, and futile demands for deep-rooted structural reform. Traders held a one-day strike earlier this month, and on Friday about 8,000 people marched through the city of Rawalpindi to protest against rising prices. "This government has completely failed ... they are making the country poorer with each passing day," Ayaz Ahmed, a 32-year-old university graduate, told AFP at the protest. Mass demonstrations organised by opposition parties are planned for Thursday to mark Khan's one-year anniversary in office. Worse than nuclear sanctions? But while discontent is rising on social media, where viral TikTok videos mock Khan's promises, street protests remain a luxury for many. "I cannot afford to lose even one day of earnings," said Karachi spice vendor Naseem Akhtar. Asghar Ali, an associate economics professor at the University of Karachi, estimates that up to eight million people could slip beneath the poverty line in the coming days. He singled out Khan's anti-corruption drive -- which has seen opposition leaders jailed and businesses "harassed" -- as causing "havoc". For Shahid Hasan Siddiqui, chairman of the Research Institute of Islamic Banking, the situation is "worse than 1998, when the country survived international sanctions after nuclear tests". Taxes are the issue, he argued. Just one per cent of Pakistan's adult population is estimated to pay taxes. Khan's government is pushing hard to broaden the tax base but it remains to be seen whether the latest schemes rolled out by officials will make a difference. But a tax amnesty by Khan "allows the rich to get their black money whitened by paying a mere 1.5 per cent tax", Siddiqui said. "On the contrary, every poor man who buys essentials pay 17 per cent in (sales) tax." Rarely do the poor "get to see the inside of a hospital or the schools built with those taxes", agreed Pakistani author Mohammed Hanif in a scathing New York Times opinion piece excoriating Khan's Pakistan recently. Umer Farooq, an investment analyst at AKD Securities, said the policies are "largely fair", however. "The real challenge for the government is how they will implement them," he said. In the meantime, despair is growing. Mohammad Imran, a 35-year-old vegetable seller in Karachi, said he can no longer pay his debts. "What should I do? I would commit suicide someday."

Soaring prices, rising anger in Imran Khan's Pakistan

Pakistan PM Imran Khan concludes 3-day U.S. visit, i this show we ask: Will meeting Donald Trump help Pak economy? Watch full video to know more.

WION Dispatch: Will meeting Donald Trump help Pak economy?

People in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by Islamabad for benefits that residents here never enjoy.

While Pakistan has been witnessing economic challenges in recent days owing to its incompetent policies, this occupied region, which is already marginalised, has borne the major brunt of unfair taxes and high inflation.

Locals of this region have accused the establishment and Prime Minister Imran Khan of being apathetic towards their plights and making tall claims of bringing prosperity.

They allege that Pakistan has actually done nothing for the welfare of the region. "Imran Khan has changed the lives of people for worse at the pretext of transforming Pakistan. Heavy taxes have been imposed.

Now, how will a person earning a meagre amount of Rs 500 per day, manage his living? How will poor people survive?" Muman Muneer, a miffed rickshaw puller in Muzaffarabad said on the current financial crunch in PoK.

"The rich government officials can bear this but not us. We are dependent on our daily earnings. We just want to say if Pakistan wants our welfare then it should do something and stop exploiting the common people," Muneer added.

A sharp rise in the fuel, food and transportation costs has severely hit the domestic budgets of people in the region.

People who left their homes for green pastures away from towns and cities are now returning home after a drastic reduction in their income.

Mohammad Salman, a young pendant seller said, "Everything has become expensive. Earlier, I would save Rs. 500 per month but now my monthly saving has reduced to Rs.300. Imran Khan has made everything costlier. The room rent is expensive. The food has become has expensive. There is no point in living here."

There has been no progress when it comes to employment and development of the region however the people continue to be subjected to hardships.

Another local in the region said, "Inflation has reached where it is impossible for the common man to survive. You can observe it for yourself. The petrol prices, which would hover around Rs. 90, have gone beyond Rs 160. A packet of flour used to cost us Rs 900 earlier but it is for Rs 1,100 now. The price of sugar has skyrocketed from Rs. 60 per kg to Rs 120 per kg."

The economic policies in the illegally occupied regions of PoK and Gilgit Baltistan are decided according to the whims and fancies of Islamabad. The economic losses being faced by Pakistan due to policy paralysis are compensated from these regions. A sudden escalation in the prices is just one aspect of its exploitative design.

Pakistan's consumer price inflation rose to 9.41 per cent in March, marking the highest in past five years.

The cash-strapped country has recently received the 13th bailout package from the International Monetary Fund worth six billion US dollar.

People in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by Islamabad for benefits that residents here never enjoy.

People in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by Islamabad for benefits that residents here never enjoy. While Pakistan has been witnessing economic challenges in recent days owing to its incompetent policies, this occupied region, which is already marginalised, has borne the major brunt of unfair taxes and high inflation. Locals of this region have accused the establishment and Prime Minister Imran Khan of being apathetic towards their plights and making tall claims of bringing prosperity. They allege that Pakistan has actually done nothing for the welfare of the region. "Imran Khan has changed the lives of people for worse at the pretext of transforming Pakistan. Heavy taxes have been imposed. Now, how will a person earning a meagre amount of Rs 500 per day, manage his living? How will poor people survive?" Muman Muneer, a miffed rickshaw puller in Muzaffarabad said on the current financial crunch in PoK. "The rich government officials can bear this but not us. We are dependent on our daily earnings. We just want to say if Pakistan wants our welfare then it should do something and stop exploiting the common people," Muneer added. A sharp rise in the fuel, food and transportation costs has severely hit the domestic budgets of people in the region. People who left their homes for green pastures away from towns and cities are now returning home after a drastic reduction in their income. Mohammad Salman, a young pendant seller said, "Everything has become expensive. Earlier, I would save Rs. 500 per month but now my monthly saving has reduced to Rs.300. Imran Khan has made everything costlier. The room rent is expensive. The food has become has expensive. There is no point in living here." There has been no progress when it comes to employment and development of the region however the people continue to be subjected to hardships. Another local in the region said, "Inflation has reached where it is impossible for the common man to survive. You can observe it for yourself. The petrol prices, which would hover around Rs. 90, have gone beyond Rs 160. A packet of flour used to cost us Rs 900 earlier but it is for Rs 1,100 now. The price of sugar has skyrocketed from Rs. 60 per kg to Rs 120 per kg." The economic policies in the illegally occupied regions of PoK and Gilgit Baltistan are decided according to the whims and fancies of Islamabad. The economic losses being faced by Pakistan due to policy paralysis are compensated from these regions. A sudden escalation in the prices is just one aspect of its exploitative design. Pakistan's consumer price inflation rose to 9.41 per cent in March, marking the highest in past five years. The cash-strapped country has recently received the 13th bailout package from the International Monetary Fund worth six billion US dollar.

People angry over rising inflation, heavy taxes in Pakistan-occupied-Kashmir

Out of the $6 billion bailout package, Pakistan will receive the instalment of $1 billion from the International Monetary Fund (IMF) today.

"Pakistan has paid attention to economic reforms...It was necessary to bump up tax collection in order to stabilise the economy," Ernesto Ramirez-Rigo, the IMF mission chief for Pakistan, said at a conference on Monday, according to Geo News.

The package is aimed at the stability of the country's economy and institutions.

"The bailout package will help Pakistan to pay its external debts, recover from its fiscal deficit, keep foreign exchange reserves to the equivalent of 3 months of imports and curb further devaluation of the rupee," Dunya News reported.

Ramirez-Rigo added that the bailout package indicated that Pakistan would implement "economic discipline."

The three-year bailout package was approved by the IMF's Executive Board last week.

"IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan's economic plan, which aims to return sustainable growth to the country's economy and improve the standards of living," Gerry Rice, the IMF's spokesperson had confirmed the news on Twitter on July 3.

The Asian Development Bank has also announced plans to lend $10 billion to Pakistan for various development projects over the next five years.

Out of the $6 billion bailout package, Pakistan will receive the instalment of $1 billion from the International Monetary Fund (IMF) today. "Pakistan has paid attention to economic reforms.

Out of the $6 billion bailout package, Pakistan will receive the instalment of $1 billion from the International Monetary Fund (IMF) today. "Pakistan has paid attention to economic reforms...It was necessary to bump up tax collection in order to stabilise the economy," Ernesto Ramirez-Rigo, the IMF mission chief for Pakistan, said at a conference on Monday, according to Geo News. The package is aimed at the stability of the country's economy and institutions. "The bailout package will help Pakistan to pay its external debts, recover from its fiscal deficit, keep foreign exchange reserves to the equivalent of 3 months of imports and curb further devaluation of the rupee," Dunya News reported. Ramirez-Rigo added that the bailout package indicated that Pakistan would implement "economic discipline." The three-year bailout package was approved by the IMF's Executive Board last week. "IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan's economic plan, which aims to return sustainable growth to the country's economy and improve the standards of living," Gerry Rice, the IMF's spokesperson had confirmed the news on Twitter on July 3. The Asian Development Bank has also announced plans to lend $10 billion to Pakistan for various development projects over the next five years.

Pakistan to receive first trench of International Monetary Fund bailout package

Apple Inc is one of the world's most valuable company. Last year, its market capitalisation soared to US $1 trillion, making it bigger than the size of the economy of many countries, more than the Budget deficit of United States and the combined net worth of 100 of the world's richest people.

So, when a Pakistani news anchor made a faux pas, comparing Apple with a fruit, it left Twitterati in splits.

The said gaffe happened during a conversation recently. The discussion was about Pakistan's financial condition where a panelist said, "Apple's business alone amounts to more than the whole of Pakistan's annual budget."

Then came the blunder. "Yes, I have heard that even one apple is very expensive," said the anchor, thinking the panelist was talking about the fruit.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Apple business and types of apple, just some regular tv shows in Pakistan.. <a href="https://t.co/3Sr7IBl7ns">pic.twitter.com/3Sr7IBl7ns</a>
— Naila Inayat नायला इनायत (@nailainayat) <a href="https://twitter.com/nailainayat/status/1146822338236821504?ref_src=twsrc%5Etfw">July 4, 2019</a></blockquote>
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The expert was quick to point out that the anchor had made a mistake, and it was laughingly brushed off. But not on social media. It quickly gained attention on Twitter and tons of reactions.

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Ennu apple khilao
— INDIAN FOOTBALL FANS (@imprasadj) <a href="https://twitter.com/imprasadj/status/1146824027140345856?ref_src=twsrc%5Etfw">July 4, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Hats off to the man!! What control!! Had I been there would have probably fallen off my seat laughing 😂
— Siddhartha Das (@sidharthone) <a href="https://twitter.com/sidharthone/status/1146823793635184641?ref_src=twsrc%5Etfw">July 4, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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an apple a day keeps steve jobs away
— Mohammad Ali Tunna (@MdAli10veer) <a href="https://twitter.com/MdAli10veer/status/1146823498138042368?ref_src=twsrc%5Etfw">July 4, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Poor anchor still thinking about grocery after show <a href="https://t.co/wGAwMiVZ4c">pic.twitter.com/wGAwMiVZ4c</a>
— Taya Amritsaria (@TayaAmritsaria3) <a href="https://twitter.com/TayaAmritsaria3/status/1146826679106408448?ref_src=twsrc%5Etfw">July 4, 2019</a></blockquote>
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Pakistan's economic survey, presented last month, revealed that the country grew at an average rate of 3.29 per cent in the fiscal year 2018-19 against an ambitious target of 6.2 per cent set. The government said that burgeoning debt has become a major burden for Pakistan's economy.

Apple Inc is one of the world's most valuable company. Last year, its market capitalisation soared to US $1 trillion, making it bigger than the size of the economy of many countries, more than the Budget deficit of United States and the combined net worth of 100 of the world's richest people.

Apple Inc is one of the world's most valuable company. Last year, its market capitalisation soared to US $1 trillion, making it bigger than the size of the economy of many countries, more than the Budget deficit of United States and the combined net worth of 100 of the world's richest people. So, when a Pakistani news anchor made a faux pas, comparing Apple with a fruit, it left Twitterati in splits. The said gaffe happened during a conversation recently. The discussion was about Pakistan's financial condition where a panelist said, "Apple's business alone amounts to more than the whole of Pakistan's annual budget." Then came the blunder. "Yes, I have heard that even one apple is very expensive," said the anchor, thinking the panelist was talking about the fruit. Apple business and types of apple, just some regular tv shows in Pakistan.. pic.twitter.com/3Sr7IBl7ns — Naila Inayat नायला इनायत (@nailainayat) July 4, 2019 × The expert was quick to point out that the anchor had made a mistake, and it was laughingly brushed off. But not on social media. It quickly gained attention on Twitter and tons of reactions. Ennu apple khilao — INDIAN FOOTBALL FANS (@imprasadj) July 4, 2019 × Hats off to the man!! What control!! Had I been there would have probably fallen off my seat laughing 😂 — Siddhartha Das (@sidharthone) July 4, 2019 × an apple a day keeps steve jobs away — Mohammad Ali Tunna (@MdAli10veer) July 4, 2019 × Poor anchor still thinking about grocery after show pic.twitter.com/wGAwMiVZ4c — Taya Amritsaria (@TayaAmritsaria3) July 4, 2019 × Pakistan's economic survey, presented last month, revealed that the country grew at an average rate of 3.29 per cent in the fiscal year 2018-19 against an ambitious target of 6.2 per cent set. The government said that burgeoning debt has become a major burden for Pakistan's economy.

'Even 1 apple is very expensive': Pakistan anchor's gaffe about Apple Inc leaves Twitter in splits

Prime Minister Imran Khan asked authorities to take stern action against hoarders and unprecedented prices hike without sufficient cause, authorities reported on Friday.

In a meeting here on Thursday, Khan ordered provincial and federal authorities to launch a special campaign against the unusual price hike and to conduct surprise raids at wholesale markets, Dawn reported.

Khan has said that effective implementation of local and special laws concerning efficient service delivery and relief to the general public was one of the prime responsibilities of the field administration.

The Prime Minister added that under the special campaign, a strategy would be devised by all concerned stakeholders to implement price control laws effectively from the wholesale markets to retail shops.

He further stressed that all the authorities concerned should make price and market control committees more effective, besides taking stern action against the perpetrators under law.

Khan directed the field officers to frequently visit the wholesale markets and be present at the time of auctions to determine realistic rates.

In addition, he asked the related institutions to frequently conduct surprise checks in the districts and directed them to report on a daily basis the implementation of directives to the chief secretary and the chief minister concerned.

Thursday's meeting decided that the price control committees would notify the rates of essential commodities regularly and the same should be implemented effectively.

The recent increase in inflation has made it hard for people who are already facing difficulty in making ends meet amid throes of Pakistan's cash-strapped economy.

Recently released surveys from independent organisations show that more and more people are compromising on health and education due to a decrease in their purchasing power.

In its latest available monthly report released in early June, the country`s Federal Bureau of Statistics said the inflation increased 9.1 per cent in May 2019 as compared to May 2018, Xinhua reported.

The action comes ahead of the scheduled meeting of International Monetary Fund (IMF) in Washington on July 3 in which the global money lender is expected to consider three-year 'extended fund facility'&nbsp;of&nbsp;six billion US dollar for Pakistan.

Sources familiar with the matter told Dunya News that Pakistan has adopted a tight monetary and fiscal policy stance based on all terms and conditions of the global moneylender in order to secure a three-year bailout package.

The bailout package will help Pakistan to pay its external debts, recover from its fiscal deficit, keep foreign exchange reserves to the equivalent of three months of imports and curb further devaluation of the rupee, sources added.

Prime Minister Imran Khan asked authorities to take stern action against hoarders and unprecedented prices hike without sufficient cause, authorities reported on Friday.

Prime Minister Imran Khan asked authorities to take stern action against hoarders and unprecedented prices hike without sufficient cause, authorities reported on Friday. In a meeting here on Thursday, Khan ordered provincial and federal authorities to launch a special campaign against the unusual price hike and to conduct surprise raids at wholesale markets, Dawn reported. Khan has said that effective implementation of local and special laws concerning efficient service delivery and relief to the general public was one of the prime responsibilities of the field administration. The Prime Minister added that under the special campaign, a strategy would be devised by all concerned stakeholders to implement price control laws effectively from the wholesale markets to retail shops. He further stressed that all the authorities concerned should make price and market control committees more effective, besides taking stern action against the perpetrators under law. Khan directed the field officers to frequently visit the wholesale markets and be present at the time of auctions to determine realistic rates. In addition, he asked the related institutions to frequently conduct surprise checks in the districts and directed them to report on a daily basis the implementation of directives to the chief secretary and the chief minister concerned. Thursday's meeting decided that the price control committees would notify the rates of essential commodities regularly and the same should be implemented effectively. The recent increase in inflation has made it hard for people who are already facing difficulty in making ends meet amid throes of Pakistan's cash-strapped economy. Recently released surveys from independent organisations show that more and more people are compromising on health and education due to a decrease in their purchasing power. In its latest available monthly report released in early June, the country`s Federal Bureau of Statistics said the inflation increased 9.1 per cent in May 2019 as compared to May 2018, Xinhua reported. The action comes ahead of the scheduled meeting of International Monetary Fund (IMF) in Washington on July 3 in which the global money lender is expected to consider three-year 'extended fund facility' of six billion US dollar for Pakistan. Sources familiar with the matter told Dunya News that Pakistan has adopted a tight monetary and fiscal policy stance based on all terms and conditions of the global moneylender in order to secure a three-year bailout package. The bailout package will help Pakistan to pay its external debts, recover from its fiscal deficit, keep foreign exchange reserves to the equivalent of three months of imports and curb further devaluation of the rupee, sources added.

Imran Khan orders strict action against unusual price hike in Pakistan

FATF to announce if Pakistan will be in it's greylist or blacklist. Pakistan is currently facing $10 Bn loss annually. Watch this video to know more.

Big Decision On Pakistan: FATF's Greylist Or Blacklist?

Pakistan's Army Chief Is Part Of The National Development Council That Will Decide Policy Imran Khan makes Pakistan's Army Chief General Qamar Javed Bajwa a member of National Development Council (NDC). This council will take policy decisions. What's the army doing in a policy council? Is Pakistan blatantly involving the army in everything? Is Pakistan a pseudo-democracy run by military heads? Palki summarises the development

Gravitas: Pak military to dictate economic policy?

Imran Khan makes Pakistan's Army Chief General Qamar Javed Bajwa a member of National Development Council (NDC). This council will take policy decisions. Watch this video to know more.

Imran Khan gives more powers to army

<a href="https://www.wionews.com/south-asia/pakistans-economic-growth-falls-to-329-per-cent-in-fy19-226094">Pakistan </a>on Tuesday signed three loan agreements worth a total of $918 million with the World Bank, Prime Minister <a href="https://www.wionews.com/south-asia/pakistan-stocks-crash-as-pm-imran-receives-insufficient-imf-bailout-218461">Imran Khan</a>'s adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy.

The amount will be used to fund three projects, $ 400 million each on Pakistan Raises Revenue Programme and Higher Education Development in Pakistan and $ 118 million on Khyber Pakhtunkhwa Revenue Mobilisation and Resource Management Programme, Dawn News reported.

Prime Minister Khan's Adviser Shaikh witnessed the signing of the three agreements between Country Director of World Bank Patchamuthu Illangovan and Economic Affairs Division Secretary Noor Ahmed, the representatives of the Higher Education Commission and Government of Khyber Pakhtunkhwa.

Sheikh thanked the World Bank "for extending their continuous support to Pakistan's government in its efforts to achieve the sustainable economic development of the country".

Pakistan is seeking help from multiple lenders like the IMF, the World Bank and the ADB to overcome a ballooning balance of payments crisis.

Last month, it reached an agreement in principle with the <a href="https://www.wionews.com/south-asia/decisive-policies-and-reforms-must-for-pakistans-economic-stability-imf-218413">International Monetary Fund</a> (IMF) for a three-year, $ 6 billion bailout package aimed at shoring up its finances and strengthening a slowing economy.

Meanwhile, the Asian Development Bank (ADB) has said it is holding meetings with Pakistan on loans.

"These discussions are ongoing and details of the plans as well as the volume of ADB's financial support, once finalised, will be contingent upon the approval of ADB management and its Board of Directors," ADB's Country Director for Pakistan Xiaohong Yang said.

China is investing heavily in Pakistan under the $ 60 billion China-Pakistan Economic Corridor (CPEC).

Launched in 2015, the CPEC is a planned network of roads, railways and energy projects linking China's resource-rich Xinjiang Uyghur Autonomous Region with Pakistan's strategic Gwadar Port on the Arabian Sea.

The US has serious reservations over global lenders like the IMF providing a bailout to Pakistan to pay off Chinese debts.

Secretary of State Mike Pompeo in the past warned that any potential IMF bailout for Pakistan should not provide funds to pay off Chinese lenders, saying "we will be watching what the IMF does... There is no rationale for IMF tax dollars and associated with that American dollar that is part of the IMF funding, for those to go to bail out Chinese bondholders or China itself".

Pakistan on Tuesday signed three loan agreements worth a total of $918 million with the World Bank, Prime Minister Imran Khan's adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy.

Pakistan on Tuesday signed three loan agreements worth a total of $918 million with the World Bank, Prime Minister Imran Khan's adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy. The amount will be used to fund three projects, $ 400 million each on Pakistan Raises Revenue Programme and Higher Education Development in Pakistan and $ 118 million on Khyber Pakhtunkhwa Revenue Mobilisation and Resource Management Programme, Dawn News reported. Prime Minister Khan's Adviser Shaikh witnessed the signing of the three agreements between Country Director of World Bank Patchamuthu Illangovan and Economic Affairs Division Secretary Noor Ahmed, the representatives of the Higher Education Commission and Government of Khyber Pakhtunkhwa. Sheikh thanked the World Bank "for extending their continuous support to Pakistan's government in its efforts to achieve the sustainable economic development of the country". Pakistan is seeking help from multiple lenders like the IMF, the World Bank and the ADB to overcome a ballooning balance of payments crisis. Last month, it reached an agreement in principle with the International Monetary Fund (IMF) for a three-year, $ 6 billion bailout package aimed at shoring up its finances and strengthening a slowing economy. Meanwhile, the Asian Development Bank (ADB) has said it is holding meetings with Pakistan on loans. "These discussions are ongoing and details of the plans as well as the volume of ADB's financial support, once finalised, will be contingent upon the approval of ADB management and its Board of Directors," ADB's Country Director for Pakistan Xiaohong Yang said. China is investing heavily in Pakistan under the $ 60 billion China-Pakistan Economic Corridor (CPEC). Launched in 2015, the CPEC is a planned network of roads, railways and energy projects linking China's resource-rich Xinjiang Uyghur Autonomous Region with Pakistan's strategic Gwadar Port on the Arabian Sea. The US has serious reservations over global lenders like the IMF providing a bailout to Pakistan to pay off Chinese debts. Secretary of State Mike Pompeo in the past warned that any potential IMF bailout for Pakistan should not provide funds to pay off Chinese lenders, saying "we will be watching what the IMF does... There is no rationale for IMF tax dollars and associated with that American dollar that is part of the IMF funding, for those to go to bail out Chinese bondholders or China itself".

Cash-strapped Pakistan inks 3 loan deals worth $918 million with World Bank

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low.

Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday.

On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar.

The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year.

Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion).

Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts.

"The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated.

He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low. Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday.

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low. Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday. On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar. The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year. Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion). Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts. "The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated. He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.

Pakistan rupee falls to historic low against US dollar, GDP growth expected to fall to 2.4 per cent

Pakistan on Wednesday said the government was ready to tax rich people more, insisting that in other countries the upper class pay higher taxes.&nbsp;

Addressing a press conference a day after the government announced the budget, Adviser to the Prime Minister on Finance Hafeez Shaikh said that the average tax rate of Pakistan is 11-12 per cent, which is "one of the lowest in the world."

"If we have to offend some people for this (increasing tax rate), then we are ready to do it," he said.

The tax target for this year has been set at Rs 5,550 billion, which many experts believe will be difficult to meet.

He defended the tax target for 2019-20, saying "Pakistan's people, especially the rich, will have to be sincere with the country and will have to pay taxes."

He addressed the post-budget conference to clarify queries of media regarding the Rs 7022 billion budget announced on Tuesday.

He said more social safety nets and public sector development had been increased.

"We also need to pay loans. So naturally, we need more money,"&nbsp;he said.&nbsp;

Shaikh urged for austerity and said the government should reduce expenses if it was demanding more taxes from the people.

"The focus of the budget is to check fiscal and external deficits, adopt austerity measures, and reduce expenditures of the government,"&nbsp;he said.&nbsp;

Pakistan on Wednesday said the government was ready to tax rich people more, insisting that in other countries the upper class pay higher taxes. Addressing a press conference a day after the government announced the budget, Adviser to the Prime Minister on Finance Hafeez Shaikh said that the average tax rate of Pakistan is 11-12 per cent, which is "one of the lowest in the world.

Pakistan on Wednesday said the government was ready to tax rich people more, insisting that in other countries the upper class pay higher taxes. Addressing a press conference a day after the government announced the budget, Adviser to the Prime Minister on Finance Hafeez Shaikh said that the average tax rate of Pakistan is 11-12 per cent, which is "one of the lowest in the world." "If we have to offend some people for this (increasing tax rate), then we are ready to do it," he said. The tax target for this year has been set at Rs 5,550 billion, which many experts believe will be difficult to meet. He defended the tax target for 2019-20, saying "Pakistan's people, especially the rich, will have to be sincere with the country and will have to pay taxes." He addressed the post-budget conference to clarify queries of media regarding the Rs 7022 billion budget announced on Tuesday. He said more social safety nets and public sector development had been increased. "We also need to pay loans. So naturally, we need more money," he said. Shaikh urged for austerity and said the government should reduce expenses if it was demanding more taxes from the people. "The focus of the budget is to check fiscal and external deficits, adopt austerity measures, and reduce expenditures of the government," he said.

Pakistan's rich people could pay more tax