Minister of State for Revenue Hammad Azhar speaks as he presents the budget for the year 2019-20 in the National Assembly on Tuesday. Agence France-Presse
Pakistan Prime Minister Imran Khan’s government was set to present an austerity-focused budget on Tuesday, weeks after the country reached an agreement with the International Monetary Fund
Pakistan’s rupee dropped to an all-time low of 146.5 to the dollar on Thursday, days after Islamabad announced it had reached an agreement with the International Monetary Fund on a fresh bailout for its troubled economy.
Prime Minister Imran Khan has taken parliamentarians of the ruling Pakistan Tehreek-i-Insaf (PTI) and its allies into confidence on the $6 billion bailout package finalised with the International Monetary Fund (IMF) and overall economic policies of the government.
Minister of State for Revenue Hammad Azhar on Thursday said that talks with International Monetary Fund (IMF) are at the final stage and its details would soon be shared with the parliament. The senate was informed that remittances this year will increase to $22 billion breaking the stagnant mode of the previous years.
Risk sentiment was also undermined after Federal Reserve officials expressed concern that rising coronavirus cases could harm economic growth just as stimulus measures start to expire.
A string of positive indicators from China to the US in recent weeks — as well hopes for a vaccine and the easing of lockdowns around the world — has added fuel to a global rally that has lifted equities out of the March depths.
Across Pakistan's "mango belt" in Punjab and Sindh provinces, farmers say a long winter and changing rain patterns have slashed production by up to half this year -- just as virus shutdowns sparked border restrictions and spiralling export costs.
The United Arab Emirates stock markets closed higher on Tuesday, led by financials and property shares. Dubai’s main share index gained 0.5%, led by a 1.5% rise in blue-chip developer Emaar Properties and a 0.5% gain in Emirates NBD Bank.