Pakistan’s Finance Minister Warns of Possible Default
Pakistan’s finance minister Miftah Ismail sounded a warning of a possible default if its fuel subsidies do not get abolished. He said that the government was giving a subsidy of PKR 19 ($0.09) on petrol and PKR 53 ($0.26) on diesel whilst referring to Sri Lanka...
Pakistan Unveils New Budget But IMF Still has Concerns over Numbers
Pakistan’s new coalition government unveiled a new budget where it will increase taxes for the rich, reduce tax leakages and monetize government assets. From July 1, the government will impose a 2% additional tax on individuals having income more than PKR 30mn...
Pakistan’s Forex Reserves Fall Below $10bn as Crisis Fears Loom
Pakistan’s foreign exchange reserves fell by $366mn to $9.72bn for the week ended May 27, the central bank said. Bloomberg notes that its forex reserves have dipped over 50% in almost a year and is sufficient to only pay for less than two months of imports....
