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Hiatus with IMF

Published on October 20, 2014The news has come from Washington that the IMF has declined the request by our Finance Minister for release of the quarterly installment following the fourth review. Instead, it is now proposed that the Fund will undertake the fifth review shortly of the first quarter of 2014-15. If successfully completed, there will be a combined release of $1.1 billion, following Executive Board approval, in December 2014.Read full story

The fourth review

Published on October 20, 2014The mandated fourth quarterly review under the International Monetary Fund's (IMF) Extended Fund Facility (EFF) will be cobbled with the fifth review as per the IMF website. The reason: delay in complying with time bound actions including sale of 10 percent of OGDC shares, issuance of Sukuk bonds, reversing the court decision disallowing the government to collect Gas Infrastructure Development Cess (GIDC) as well as raise power tariffs buy 7 percent.Read full story

Hong Kong protests, China slowdown takes sparkle off luxury market

Published on October 20, 2014Protests in Hong Kong, an economic slowdown and anti-corruption drive in China and a coup in Thailand: Asia is no longer a market of constant growth for luxury goods firms. LVMH, world number-one in the sector and owner of brands like Louis Vuitton, Givenchy and Dior, saw its sales drop by three percent in Asia, excluding Japan, in the third-quarter of 2014, a far cry from the halcyon days of 2010-2012.Read full story