The Federal Minister has instructed the relevant institutions to speed up their efforts for the early implementation of the framework for the implementation of the decisions of the Donors Conference.(IMF)
ISLAMABAD (Monitoring Desk, APP) Federal Minister Ahsan Iqbal has described the completion of the agreement with the International Monetary Fund (IMF) as a necessity and said that if the big people of Pakistan bring the stored dollars into the economy, we will get No need to go to IMF,اWhile discussing the 5-point policy for future economic improvement on the occasion of his visit to Pakistan Institute of Development Economics in Islamabad on Thursday, he said that friendly countries cannot go on for too long on aid and loans, both domestic and foreign.
Capital is needed, the amount of money Pakistani investors have today if they take it out of their basements, Pakistan does not need to go to the IMF. Put it in, we don’t need to go to the IMF. “We should bring in at least 25 to 30 billion dollars of foreign investment annually and increase the revenue in the same way,” he said. and we have not been afraid of these difficult decisions before and we will not be afraid in the future, he said that we have to save this country at any cost from a situation where the economy of the country goes completely in the form of a pomegranate.
For the purpose, we have two challenges, the federal minister said that one challenge is how we can change the situation of Pakistan in a short period of time so that our economy can be restored, the most important thing in this change agenda is the need of resources for Pakistan. Is ,We have to promote and strengthen the productivity in every way, we can bear the burden of our own expenses and we do not have to depend on the IMF and other countries, today the productivity of Pakistan is the lowest in the world, the federal minister said.
He said that all the countries that have developed in the last 20 or 30 years have done it on the basis of exports, but whenever we tried to improve the economy on the basis of exports, our program was reduced to the lowest level. Now we have to bring political and economic stability but our time is short and it will be spent in political conflicts. Now we have no choice, the conditions of the IMF will have to be accepted, remittances and exports will have to be increased to increase the foreign exchange reserves. While presiding over an important meeting, he issued instructions to the relevant ministries that they should take part in the reconstruction and rehabilitation of Pakistan in Geneva.
Accelerate your efforts for the early implementation of the Framework for Partnerships.
A huge decline of 1378.54 points, rumors of further increase in interest rates in the new monetary policy.(IMF)
Dollar interbank rate likely to go up to Rs 260, Yusuf Rehman, exchange rate left equal to 3 weeks of imports, risk of default on global payments, Tahir Abbas
KARACHI (Report: Salman Siddiqui / Ehtesham Mufti) On Tuesday, after two and a half years, the Pakistan Stock Exchange witnessed a sharp decline after two and a half years due to rumors of further increase in interest rate in the new monetary policy, negative economic indicators and uncertain political situation.
The worst decline in the third consecutive session sent the stock market crashing and the Hinder Dandex fell below the psychological level of 39,000 points for the first time since July 2020.Thus, during the last three sessions, a total decline of 2460 points was recorded. On Tuesday, 83 percent of the share prices fell due to the downturn, while 1 trillion 99 billion 30 crore 72 lakh 32 thousand 503 rupees of investors were sunk.
Sector-wise buying activity led to a 222-point jump at one point in the initial period of business, but the continued rise in the value of the dollar, delays in final economic decisions by the government led to the postponement of the IMF loan program and reports of a new tax of Rs 200 billion. At the close of business, the KSE 100 index closed at a loss of 1378.54 points. The business volume was 95.09% higher than Monday and a total of 20 crore 59 lakh 6 thousand 982 shares were traded while the scope of business activities was limited to the shares of 340 companies.
Meanwhile, the dollar continued to advance on Tuesday due to factors such as negative economic indicators and delays in unpopular economic decisions by the government that delayed the recovery of the IMF loan program.In the closing moments, the dollar’s interbank rate closed at Rs 228.65, up by 31 paise, on subdued demand. However, in the open currency market.
The value of the dollar remained unchanged at the level of 238.75 rupees. Yousaf Rehman, head of research at KASB Securities, said that political developments ahead of the general elections and possibly a significant depreciation of the rupee in the interbank market and an expected hike in the central bank’s key policy rate next week. In view of the market has declined. The market expects the rupee to depreciate to around Rs 260 against the US dollar at the interbank level ahead of the revival of the stalled IMF lending programme.
The exchange rate is currently hovering around Rs 228.On the other hand, the market is expecting the central bank to raise its key policy rate by 100 basis points to 17 percent as its Monetary Policy Committee (MPC) meets on January 23. Until the IMF program is restored and the dates for the general elections are announced, the stock market may go into a tailspin. Investors are shifting investments from the stock market to other assets like gold. Tahir Abbas, head of research at Arif Habib Limited, said that investors offloaded part of their holdings in panic due to increased economic instability.
A large number of industries are shutting down partially or completely due to the severe shortage of US dollars, which has stopped the import of raw materials.The risk of default on international payments has increased as the country’s foreign exchange reserves have fallen to an alarming level of $4.3 billion, barely able to pay the bill for three weeks of imports. IM to turn the deteriorating economy around