Pakistan has reached a staff-level agreement with the International Monetary Fund that will provide $3 billion in funds to help the country address its economic imbalances and restore stability.
The financing agreement is subject to the approval of the IMF Executive Board, with its consideration expected by mid-July, the Washington-based lender said on Friday.
Pakistan's parliament approved budget changes for the next fiscal year on June 25, which impose new taxes and reduce government spending that helped to secure IMF funding and avoid a possible default.
In March, Moody's Investors Service cut Pakistan's rating deeper into junk territory due to its deteriorating finances that raise the risk of it defaulting.
Fitch Ratings had also cut the country's rating to non-investment grade the month before.
The nine-month standby arrangement builds on reform and structural adjustment measures undertaken by the country, said Nathan Porter, who led the IMF staff team that met with Pakistani authorities.
It will support immediate efforts to shore up the economy after recent external shocks while preserving macroeconomic stability and providing a framework for financing from multilateral and bilateral partners, he said.
“The economy has faced several external shocks such as the catastrophic floods in 2022 that impacted the lives of millions of Pakistanis, and an international commodity price spike in the wake of Russia’s war in Ukraine,” Mr Porter said.
“As a result of these shocks, as well as some policy missteps – including shortages from constraints on the functioning of the FX [foreign currency] market – economic growth has stalled.”
Mr Porter said liquidity conditions in the electricity sector remained acute, amid a further build-up of arrears and frequent power cuts.
Pakistan's foreign exchange reserves held by the State Bank of Pakistan (SBP), the country's central bank, fell by about 12 per cent on a weekly basis to $3.5 billion as of June 16, enough to cover about a month of imports.
Inflation in the country remains high and despite efforts to reduce imports and the trade deficit, reserves have declined to very low levels, he said.
Pakistan's annual inflation rate increased to a record 38 per cent in May, the fourth consecutive month that consumer prices were more than 30 per cent.
Higher food and fuel costs have raised the cost of living.
Rising prices worldwide and delayed policy action by Pakistan's government have hit the country’s finances, leading to a significant exchange-rate depreciation, a surge in prices and an erosion of its foreign currency reserves.
On Monday, after parliament passed its adjusted budget, the central bank raised its key policy rate by 100 basis points, raising interest rates to 22 per cent.
Torrential rain and flooding in June, which left a third of the country partially submerged and killed more than 1,000 people, piled pressure on Pakistan's faltering economy.
Before the flooding, a weakening economy forced the government to raise fuel prices by more than 20 per cent this year.
The newly approved budget, which accounts for a primary surplus of about 0.4 per cent of gross domestic product, will strengthen the country's finances, which will enable greater social and development spending.
The 2024 fiscal budget broadens the tax base and increases tax collection from undertaxed sectors.
“It will be important that the budget is executed as planned, and [that] the authorities resist pressures for unbudgeted spending or tax exemptions in the period ahead,” Mr Porter said.
“The full and timely implementation of the programme will be critical for its success in light of the difficult challenges.”
The SBP should remain proactive to reduce inflation, which particularly affects the most vulnerable, and maintain a foreign exchange framework free of restrictions on payments and transfers for current international transactions and several currency practices, he said.
Moody's has forecast Pakistan's external financing needs for the rest of the fiscal year ending June 2023 at about $11 billion, including the outstanding $7 billion in external debt payments that are due.
The rating agency projects Pakistan's GDP growth at between zero per cent and 1 per cent for the country's 2023 fiscal year.
OPINIONS ON PALESTINE & ISRAEL
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Killing of Qassem Suleimani
The years Ramadan fell in May
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Mohammed bin Zayed Majlis
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
More from Rashmee Roshan Lall
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Mohammed bin Zayed Majlis
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
