AIRLINK 60.70 Decreased By ▼ -0.27 (-0.44%)
BOP 6.30 Increased By ▲ 0.01 (0.16%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.19 Increased By ▲ 0.33 (2.08%)
DGKC 70.20 Increased By ▲ 0.90 (1.3%)
FCCL 18.02 Decreased By ▼ -0.18 (-0.99%)
FFBL 26.50 Increased By ▲ 0.25 (0.95%)
FFL 9.25 Increased By ▲ 0.02 (0.22%)
GGL 10.30 Increased By ▲ 0.05 (0.49%)
HBL 115.00 Decreased By ▼ -2.00 (-1.71%)
HUBC 115.55 Increased By ▲ 1.07 (0.93%)
HUMNL 7.08 Increased By ▲ 0.15 (2.16%)
KEL 5.00 Increased By ▲ 0.11 (2.25%)
KOSM 5.45 Increased By ▲ 0.12 (2.25%)
MLCF 38.83 Increased By ▲ 0.33 (0.86%)
OGDC 125.61 Increased By ▲ 1.64 (1.32%)
PAEL 21.90 Increased By ▲ 0.05 (0.23%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.22 Increased By ▲ 0.12 (1.97%)
PPL 116.50 Increased By ▲ 2.75 (2.42%)
PRL 28.36 Increased By ▲ 0.06 (0.21%)
PTC 12.25 Increased By ▲ 0.80 (6.99%)
SEARL 52.25 Decreased By ▼ -0.05 (-0.1%)
SNGP 67.70 No Change ▼ 0.00 (0%)
SSGC 11.44 Increased By ▲ 0.11 (0.97%)
TELE 8.23 Increased By ▲ 0.38 (4.84%)
TPLP 11.62 Increased By ▲ 0.04 (0.35%)
TRG 72.00 Increased By ▲ 0.19 (0.26%)
UNITY 24.05 Increased By ▲ 0.95 (4.11%)
WTL 1.35 Increased By ▲ 0.06 (4.65%)
BR100 6,779 Increased By 62.3 (0.93%)
BR30 22,884 Increased By 366.7 (1.63%)
KSE100 65,813 Increased By 487.4 (0.75%)
KSE30 22,354 Increased By 207.9 (0.94%)

LAHORE: Pakistan could face default without an International Monetary Fund (IMF) bailout programme as the country is likely to embrace uncertain financing options beyond June, Bloomberg reported while quoting Moody’s Investors Service on Tuesday.

“We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the ratings company in Singapore, was quoted as saying in an emailed response to Bloomberg. “However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF programme, Pakistan could default given its very weak reserves.”

The remarks come as Pakistan remains engaged with the Washington-based lender to resume its bailout programme that has been stalled at the ninth review since November last year. Various measures including a floating exchange rate, additional taxes, and hike in energy tariffs have failed to convince the IMF to resume the bailout.

Instead, the IMF reiterated that it is working with Pakistani authorities to bring the pending ninth review to conclusion “once the necessary financing is in place and the agreement is finalised”. Pakistan has secured nearly half of its necessary financing after its officials said Saudi Arabia and UAE have pledged providing a combined $3 billion. However, the amounts are yet to be deposited in Pakistan’s central bank, and its official foreign exchange reserves still stand at a precarious level.

Comments

Comments are closed.

LOLZ May 10, 2023 10:47am
I hope we default, genuinely...the common man is already holding on by their fingernails EXCEPT the elite for whome this country is heaven on earth..a default will shake everything up including these correupt elite and thats what we need
thumb_up Recommended (0)