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<ul><li><keyword id="3001" type="General" weightage="80" keywordseo="pakistan" source="Orion">Pakistan</keyword> is scheduled to pay $1 billion on December 5 against the maturity of five-year sukuk, or Islamic bonds.</li><li>The country requires $32 billion to $34 billion this fiscal year to meet its foreign obligations.</li><li>Financial experts said the country still needed about $23 billion through the remaining fiscal year.</li></ul> Pakistans default risk as measured by five-year credit-default swaps (<keyword id="55704" type="General" weightage="80" keywordseo="cds" source="Orion">CDS</keyword>), insurance contracts that protect an investor against a default, rose sharply amid political turmoil and uncertainty about talks with the <keyword id="6366068" type="General" weightage="50" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (<keyword id="6355408" type="General" weightage="50" keywordseo="imf" source="Orion">IMF</keyword>). The CDS soared to 75.5 per cent on Wednesday from 56.2pc a day ago, <keyword id="59588" type="General" weightage="100" keywordseo="dawn" source="Orion">Dawn</keyword> news reported citing data provided by research firm <keyword id="15541226" type="General" weightage="50" keywordseo="arif-habib-limited" source="Orion">Arif Habib Limited</keyword>. Official sources in Washington said last week the schedule for talks between Pakistan and the IMF had been readjusted, but the negotiations are continuing. Media reports, however, claimed that the talks that were scheduled to begin in early November had been postponed until the third week of this month. According to these reports, the talks would resume after Pakistan fulfilled its pledge to adjust sales tax on petroleum products and took other measures required under a loan agreement revived earlier this year. But official sources told Dawn news said the talks were rescheduled after last month's release of a <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword> report on flood damages in Pakistan. Pakistan is scheduled to pay $1 billion on December 5 against the maturity of five-year sukuk, or Islamic bonds. Finance Minister <keyword id="884324" type="General" weightage="50" keywordseo="ishaq-dar" source="Orion">Ishaq Dar</keyword> has repeatedly assured for sukuk payment, but the international market is not ready to rely on assurances as the country's economy struggles to avoid default by borrowing more from the markets, donors, commercial banks and friendly countries, Dawn reported. The day-to-day increase in the CDS reflects a grave situation, making it increasingly difficult for the government to raise foreign exchange from markets either through bonds or commercial borrowings. The country requires $32 billion to $34 billion this fiscal year to meet its foreign obligations. Financial experts said the country still needed about $23 billion through the remaining fiscal year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/diabetes-care-platform-beato-raises-33-million-in-a-series-b-funding-round/articleshow/95552848.cms">Diabetes care platform BeatO raises $33 million in a series B funding round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/attempts-being-made-to-forget-rich-nations-historical-contribution-india-at-cop27/articleshow/95573665.cms">Attempts being made to forget rich nations' historical contribution: India at COP27</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/the-most-used-and-common-passwords-in-india-in-2022/slidelist/95572960.cms">It takes less than a second to crack these commonly-used passwords</a>

Pakistan's default risk soars amid political turmoil says a Dawn news report

<keyword id="3001" type="General" weightage="50" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s volatile rupee (PKR) became the "worlds best performing currency" in the week that ended on October 7, as it made the largest gain of 3.9 per cent over five working days to 219.92 PKR to a dollar on expectation of significant foreign currency inflows. "The rupee remained the best performing currency on a week-on-week basis," The Express Tribune quoted Arif Habib Limited Head of Research Tahir Abbas as saying. Friday was the 11th consecutive working day for the Pakistan rupee when it maintained the winning streak since the current <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister Ishaq <keyword id="6771714" type="General" weightage="80" keywordseo="dar" source="Orion">Dar</keyword> announced his return to to the country by ending a five-year self-exile last month. Apparently, after taking over, Dar resumed his old policy of protecting the rupee against the onslaught of the US dollar. He found the rupee undervalued at July's all-time low of nearly 240 to a dollar and suspected the manipulation of the rupee value by commercial banks to serve vested interests. A probe in this regard is underway. Speculation is rife that the rupee will resume its downturn in the backdrop of strengthening US dollar against many major world currencies, bouncing back of global crude oil prices to above $90 per barrel, fears of recession in <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, drop in Pakistan's foreign currency reserves and no significant increase in the country's exports, according to experts. Earlier, the domestic currency remained highly volatile since March this year as it somersaulted from the world's best performing currency to become the worst and again became the best performing in the past seven days. Before Dar's return, the rupee lost almost 12 per cent in 15 successive working days to an all-time low of around 240 PKR in late July on increased risk of default on debt repayment, for instance, in the case of $1 billion Sukuk maturing on December 5, 2022. Dar also partially blamed his predecessor Miftah Ismail's policies for the mess in the domestic economy. Ismail, however, had been praised earlier for taking tough decisions to steer Pakistan away from the risk of default and persuade the IMF to resume its loan programme, The Express Tribune reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

Pakistani rupee becomes 'world's best performing currency'

Is it a matter of concern for India? Pakistan is going to buy eight <a href="http://www.businessinsider.in/searchresult.cms?query=submarines+">submarines</a> from China, its biggest supplier of military hardware, in a multi-billion dollar deal. 
 
The deal will boost Pakistani navy's maritime capabilities, PTI reported today, citing a report by the Express Tribune. 
 An agreement was signed in Islamabad by Pakistan Finance Minister <keyword id="884324" type="UNKNOWN" weightage="80" keywordseo="Ishaq-Dar">Ishaq Dar</keyword> and Xu Ziqin, President of state-owned China Shipbuilding &amp; Offshore International Company Limited (SCOC) -- the trade arm of <keyword id="2967053" type="UNKNOWN" weightage="60" keywordseo="China-Shipbuilding-Industry-Corporation">China Shipbuilding Industry Corporation</keyword>. According to the deal, <a href="http://www.businessinsider.in/searchresult.cms?query=China">China</a> will provide eight submarines to the <a href="http://www.businessinsider.in/searchresult.cms?query=Pakistan+Navy">Pakistan Navy</a>. 
 
Sources in the finance ministry, however, said the deal is subject to final review form higher authorities in Beijing, following which a formal agreement will be signed. They also said that Pakistan would make payments in four instalments and the delivery will be made in coming years. 
 According to a statement issued by the finance ministry after the meeting, Dar said the visit by the CSOC delegation to Pakistan would strengthen bilateral economic and defence cooperation. "Pakistan and China have reached an understanding on matters of defence cooperation relating to <keyword id="365271" type="ORGANIZATION" weightage="80" keywordseo="Pakistan-Navy">Pakistan Navy</keyword>," it said. 
 
The statement quoted Xu thanking Dar for his contribution in concluding the arrangements, saying it was reflective of the "deep-rooted" China-Pakistan friendship. 
 
The reports of submarines deal was in the air since the visit of Chinese President <a href="http://www.businessinsider.in/searchresult.cms?query=Xi+Jinping+">Xi Jinping</a> to Pakistan in April and it was reported earlier that the contract could be worth $4 billion to $5 billion, the biggest arms export deal for Communist China. 
 
Pakistan has been negotiating the purchase of submarines from China since 2011. No details were, however, given about the type of the submarines. But there have been reports that Yuan-class Type-041 diesel-electric submarines were being considered. The-Type 041 'Yuan' class is described by IHS Jane's Fighting Ships as a diesel electric attack submarine, potentially with stirling air independent propulsion. 
 Last month, Pakistan and China signed an agreement for construction of six patrol vessels for Pakistan Maritime Security Agency (<keyword id="70761" type="ORGANIZATION" weightage="80" keywordseo="PMSA">PMSA</keyword>). 
 
China is Pakistan's biggest supplier of <a href="http://www.businessinsider.in/searchresult.cms?query=military+">military</a> hardware, which includes battle tanks, naval ships as well as fighter jets. The two jointly manufacture J-17 Thunder warplane. 
 
(Image: Indiatimes)

Pakistan is buying 8 war-ready submarines from China!

Islamabad: Foreign Minister Ishaq Dar has said that <keyword id="19991528" type="General" weightage="100" keywordseo="trade-ties" source="keywords">trade ties</keyword> between Islamabad and New Delhi have remained suspended since 2019 due to the imposition of "heavy duties" by <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on imports from Pakistan after the <keyword id="20579845" type="General" weightage="20" keywordseo="Pulwama-attack" source="keywords">Pulwama attack</keyword>. In a written reply submitted to the <keyword id="19935944" type="General" weightage="20" keywordseo="national-assembly" source="keywords">National Assembly</keyword> on Saturday, Dar, who also holds the deputy prime minister's slot, said: "India decided to impose 200 per cent duty on imports from Pakistan, suspended the Kashmir bus service and trade across the Line of Control after the Pulwama attack." According to the Dawn newspaper, Dar was responding to a question by Pakistan Peoples Party lawmaker Sharmila Faruqui seeking details about trade challenges faced by Pakistan in its relations with neighbouring countries, especially India. In March, during a press conference in London, Dar highlighted the eagerness of Pakistan's business community to resume trade activities with India. However, his office later clarified that Pakistan has no plan to resume trade relations with India which has been "non-existent" since 2019. Pakistan downgraded its ties with India after the <keyword id="20467268" type="General" weightage="20" keywordseo="indian-parliament" source="keywords">Indian Parliament</keyword> suspended Article 370 on August 5, 2019, a decision that Islamabad believed undermined the environment for holding talks between the neighbours. "We have consistently advocated constructive engagement and result-oriented dialogue to resolve all outstanding issues, including the core issue of Jammu and Kashmir with India...," Dar said on Saturday. The foreign minister said that the "onus is now on Delhi to take steps for the creation of an environment that is conducive to peace and dialogue". India has been maintaining that it desires normal neighbourly relations with Pakistan while insisting that the onus is on Islamabad to create an environment that is free of terror and hostility for such an engagement. Islamabad and New Delhi have a long history of strained relations, primarily due to the Kashmir issue as well as the cross-border terrorism emanating from Pakistan.

Trade ties with India suspended due to 'heavy duties': Pakistan Foreign Minister

Islamabad [Pakistan], February 11 (ANI): Tough times are ahead for Pakistan as Islamabad and the International Monetary Fund (IMF) have failed to reach a staff-level agreement on a much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt. Analysts believe that the current economic crisis in Pakistan is a culmination of decades of faulty policies, reported The <keyword id="12543719" type="General" weightage="50" keywordseo="al-arabiya-post" source="Orion">Al Arabiya Post</keyword>. Pakistan is seeking a USD 7 billion bailout package from the IMF to prevent the collapse of the economy. While the visiting IMF delegation is asking for several reforms and compliance with its conditionality. The IMF mission, led by <keyword id="14447716" type="General" weightage="50" keywordseo="nathan-porter" source="Orion">Nathan Porter</keyword>, began talks on January 31 with the Pakistan government represented by Finance Minister Ishaq Dar for the ninth review of the assistance package. <keyword id="2093498" type="General" weightage="50" keywordseo="pm-sharif" source="Orion">PM Sharif</keyword>, while addressing an apex committee meeting in <keyword id="42462" type="General" weightage="20" keywordseo="peshawar" source="Orion">Peshawar</keyword> following Monday's mosque bombing that killed over 100 people, said, "As I speak, the IMF delegation is in Islamabad and they are giving Finance Minister Ishaq Dar and his team a tough time." Notably, the resource allocation pattern in Pakistan from one budget to another puts a disproportionate focus on populism and militarization. This has put an additional burden on its exchequer leading to an unsustainable fiscal gap, reported Al Arabiya Post. Pakistan Prime Minister <keyword id="11977746" type="General" weightage="50" keywordseo="shehbaz-sharif" source="Orion">Shehbaz Sharif</keyword> said on February 3 that the International Monetary Fund (IMF) was giving a "tough time" to his country over the restoration of stalled bailout package at a time of "unimaginable" crisis. Shehbaz Sharif admitted that the country has no option but to accept the IMF conditionality. "You all know we are running short of resources," Sharif said, adding the country was "facing an acute economic crisis". Moreover, the Pakistrupee, which has been in a steep slide since last week, hit a record low against the US dollar. The Pakistani rupee fell by 1.9 per cent to a record low of 276.58 per dollar in the inter-bank market the same day, according to the Central Bank, reported Al Arabiya Post. As the IMF bailout package is conditional on Pakistan implementing IMF suggested measures, its release would require Islamabad to take tough decisions. After the first round of technical talks between the IMF team and the government concluded on February 4, Pak Prime Minister observed that the lender was imposing conditions that were "beyond our wildest dreams". The discussions covered details of expenditure and revenue performance to identify the policy measures- both revenue and non-revenue- that would have to be taken over the next four months of the current fiscal year. The <keyword id="16465663" type="General" weightage="50" keywordseo="pak-prime-ministered" source="Orion">Pak Prime Ministered</keyword>, despite calling the IMF conditionality unimaginable acknowledged that the country had no choice but to implement the conditions. It has been seen that Islamabad has a policy obduracy and inertia that prohibit it to shun its populist policies and take reform measures on debt, fiscal, trade and structural fronts to address its economic woes, reported Al Arabiya Post. Analysts opine that the rocky road Pakistan is passing through is its own creation. In the first instance, a debt-dependent growth strategy is itself a sure recipe to fall into a debt trap, especially when industrial growth and diversification are limited and the export basket is primarily made up of primary goods. The debt dependence has also eroded the sovereignty of Pakistan and the country's economic and foreign policies are dictated by those who provide funds. Such dependence on external funding has impeded the structural transformation of the Pak economy and its indigenous growth impetus. Secondly, an artificially designed threat perception in Pakistan created by the vested interests in Islamabad's establishment has totally distorted the allocation of resources in the country giving undue emphasis on militarisation in the name of preparing for a threat that does not exist. The third most remarkable flaw in Pakistan's economic policy is a deliberate and foolhardy choice of missing the development opportunities generated by free trade, reported Al Arabiya Post. While Pakistan has a good location to leverage the presence of two giant economies in its neighbourhood, it has opted to isolate one of them and sided with the other at the cost of huge losses in trade creation. Not giving the Most Favoured Nation status to India and keeping the trade routes closed for direct trade is a self-defeating proposition. Islamabad could no more avoid taking hard decisions. The situation continues to deteriorate. With only around USD 3.10 billion in foreign exchange reserves, which can only cover 18 days' worth of imports, and a shortage of basic goods including food and medicine and ever-spiralling inflation, the choice to comply with the IMF conditionality would not be easy for Pakistan. (ANI)

Tough times ahead for Pakistan as talks with IMF fails over bailout package

<keyword id="3001" type="General" weightage="100" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s exit from the Financial Action Task Force's (FATF) grey list has brought little cheer to the country's economic managers even as estimates suggest that the cumulative real GDP losses for the country due to the blacklisting had soared to $38 billion. The severe floods and rising political uncertainty have caused the country's economic situation to deteriorate further in the last few months. Ishaq Dar, the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister of the country, who replaced <keyword id="1741315" type="General" weightage="50" keywordseo="miftah-ismail" source="Orion">Miftah Ismail</keyword> a month ago has had little impact on the situation. Local newspaper <keyword id="59588" type="General" weightage="80" keywordseo="dawn" source="Orion">Dawn</keyword> in its report said that forex reserves held by the country's central bank were close to nil. Of the total amount, $2.3 billion has been credited by China, $3 billion was deposited by Saudi Arabia and $1.2 billion came from the International Monetary Fund (IMF). The rest is also based on borrowings from commercial banks, the newspaper said, adding that Pakistan seems to be isolated. Though the South Asian nation has managed to avert an immediate default, its foreign exchange reserves continue to remain below the $8 billion mark. While Pakistan would require about $32 billion for debt repayment in the current financial year, on October 21, the country's foreign currency reserves stood at $7,439.9 million, a fall of $157 million compared to $7,597.2 million held by the State Bank of Pakistan on October 14. After the initial recovery soon after Dar assumed charge, the Pakistani currency is once again on a slide. On Monday, however, it managed to gain more than Rs 2 a dollar. It traded at about 220.5 to a US dollar on Monday after Friday's close of Rs 222.47. An analyst dealing with South Asia said that the economic crisis will linger "until bold reforms are implemented." "But that is not going to be the case and now with general elections inching closer, policies may be more towards populism. We saw how Miftah Ismail (Pakistan's former finance minister) was removed despite being able to steer away from a default," he told India Narrative. After Moody's, rating agency <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> too has downgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'. This will make borrowing even tougher. In its statement, Fitch said that the downgrade reflects further deterioration in Pakistan's external liquidity and funding conditions, and the decline of foreign exchange reserves. This is partly a result of widespread floods, which will undermine Pakistan's efforts to rein in twin fiscal and current account deficits. Fitch typically does not assign outlooks to sovereigns with a rating of 'CCC+' or below, it said in its statement. Earlier, Pakistan-based think tank Tabadlab said: "that FATF grey-listing, starting in 2008 and till 2019, may have resulted in cumulative real GDP losses of approximately $38 billion." The country had been put on the FATF grey list since June 2018. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/twitter-bosses-entitled-to-usd-122-million-in-golden-parachute-payouts/articleshow/95224235.cms">Twitter bosses entitled to USD 122 million in 'golden parachute' payouts</a>

You Searched For "ishaq dar" and got 6 results

Pakistan's default risk soars amid political turmoil says a Dawn news report

IANS

Pakistani rupee becomes 'world's best performing currency'

IANS

Pakistan is buying 8 war-ready submarines from China!

BI India Bureau

Trade ties with India suspended due to 'heavy duties': Pakistan Foreign Minister

PTI

Tough times ahead for Pakistan as talks with IMF fails over bailout package

ANI

Pakistan's forex reserves are close to nil, says local newspaper Dawn

IANS

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