Islamabad: China has once again come to the fore amid cash crunch Pakistan as finance minister miftah ismail said on Thursday that Chinese banks have agreed to refinance their country with $2. 3 billion worth fund which will “enhance Pakistan’s foreign exchange reserves”. “Terms and conditions have been agreed for the refinance of RMB 15 billion deposited by Chinese banks (about US$2.3 billion),” Finance Minister Miftah said. Ismail tweeted. “The inflow is expected soon after some regular clearances from both the sides. This will help in increasing our foreign exchange reserves.”
Pakistan’s foreign exchange reserves are under severe pressure and have declined by $190 million to $10. 3 billion during the week ending 6 May, according to State Bank Of Pakistan,
Pakistan slashes fuel subsidy for the second time in a week FM Miftah Ismail has increased the prices of petrol and diesel by 17% for consumers at the pumps starting from Friday by 30 Pakistani rupees per litre.
The new price of petrol will be 209. 8 Pakistani rupees ($1.06) per liter and diesel 204 per liter, he said. Last week, the country increased prices by about 20%. Ismail said on Thursday that now the subsidy of about 9 Pakistani rupees per liter remains. Pakistan is looking to the IMF to restore the $6 billion package agreed in 2019. Till now half of the promised money had been given. According to a source, the IMF and Islamabad signed an agreement to release more than $900 million after Pakistan withdrew the fuel subsidy.
Pakistan’s foreign exchange reserves are under severe pressure and have declined by $190 million to $10. 3 billion during the week ending 6 May, according to State Bank Of Pakistan,
Pakistan slashes fuel subsidy for the second time in a week FM Miftah Ismail has increased the prices of petrol and diesel by 17% for consumers at the pumps starting from Friday by 30 Pakistani rupees per litre.
The new price of petrol will be 209. 8 Pakistani rupees ($1.06) per liter and diesel 204 per liter, he said. Last week, the country increased prices by about 20%. Ismail said on Thursday that now the subsidy of about 9 Pakistani rupees per liter remains. Pakistan is looking to the IMF to restore the $6 billion package agreed in 2019. Till now half of the promised money had been given. According to a source, the IMF and Islamabad signed an agreement to release more than $900 million after Pakistan withdrew the fuel subsidy.