The International Monetary Fund announced Friday that it will release $1.13 billion aid package for Pakistan despite country’s failure to meet conditions specified in loan agreement. Pakistan had requested for a waiver for its inability to meet quarterly budget deficit target and net government borrowing limits from the State Bank of Pakistan. Murilo Portugal, IMF’s [...]
Noting a 17 percent increase in remittances, State Bank of Pakistan Wednesday said that Non-Resident Pakistanis have send home nearly $5.7 billion between July 2009 to February 2010. During the same period in previous fiscal year, Pakistanis living abroad had sent $4.9 billion. For economies like Pakistan, funds repatriated by non-residents to family and friends [...]
As of yesterday State Bank of Pakistan will not sell foreign exchange to banks for financing the crude oil imports. SBP had given banks a full working week to get prepared for securing funding from the international market.