Pakistan’s rupee is poised for its biggest monthly decline in more than two years as deteriorating finances and uncertainty over the International Monetary Fund’s bailout plan weigh on the currency.
The rupee has declined about 7 per cent in May, the steepest drop since March 2020, as the country negotiates a bailout package with the fund and other nations to keep its economy afloat and avert a default.
Analysts expect the currency to remain under pressure despite steps taken by the government to meet IMF demands.
Pakistan needs between $36 billion and $37bn in financing for the fiscal year starting June, Finance Minister Miftah Ismail said last week.
Morgan Stanley estimates the funding gap to be as high as $8bn this calendar year. A bailout by the IMF has become critical as countries that have typically been generous lenders are proceeding more cautiously now.
“Pakistan’s funding requirement for the coming year will be met but it will be pretty tight, and that will keep the rupee under pressure,” said Saad Khan, head of research at IGI Securities in Karachi.
IGI and Ismail Iqbal Securities predict that the rupee will decline to 220 per dollar by the end of the year. It closed at 199.06 per dollar on Monday.
Pakistan is seeking to secure a staff-level agreement with the IMF in June to unlock the remaining $3bn from its loan programme. It has also requested to increase the loan size by $2bn.
The country has $3.2bn in dollar-denominated debt that is due this year, data compiled by Bloomberg shows.
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How many games the top 10 have undertaken in the 2017 ATP season
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2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
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Scoreline:
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Jesus 4'
Brighton 0
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
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Towering concerns
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- Power: 640hp
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Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
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Outstanding Arab Woman: Balghis Badri (Sudan)
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Lifetime Achievement: Suad Al Amiry (Palestine)
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Company%20profile%20
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Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
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Sector of operation: Transport
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MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
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Retirees:
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Transmission: eight-speed PDK
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Torque: 820Nm
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The%C2%A0specs%20
COMPANY%20PROFILE
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'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
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Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
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Barcelona 2
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Real Madrid 2
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'Hocus%20Pocus%202'
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Torque: 800Nm from 2,500-4,000rpm
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Fuel consumption: 11.12L/100km
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Museum of the Future in numbers
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The number of Chinese people living in Dubai: An estimated 200,000
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Percentage increase in visitors in eight years: 500 per cent
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
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Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
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Power: 254hp
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1.
2.
3.
4.
5.
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Tomorrow 2021
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Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
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