SBP lifts all restrictions on imports to fulfil IMF condition

SBP, import restrictions, IMF

KARACHI: The State Bank of Pakistan (SBP) has lifted all restrictions on imports to fulfil one more condition of the International Monetary Fund (IMF), ARY News reported on Friday.

The central bank issued a circular to end all restrictions on imports in order to fulfil another IMF condition.

The federal government granted permission to banks for providing remittances to release more than 6,000 containers. The SBP stated in the circular that remittances will be provided for all imports after the enforcement of the latest order.

The authorised dealers have been given instructions to provide remittances following the recommendations of the stakeholders, said the central bank.

Yesterday, it was learnt that Pakistan and the International Monetary Fund (IMF) are facing challenges in reviving a loan program, leading to conflicts between the IMF and the Ministry of Finance.

READ: In last-ditch effort, PM Shehbaz Sharif meets IMF MD in Paris

Sources revealed that the plan to bridge the external financing gap included the funds received from the donor conference held in Geneva.

The conference aimed to gather support and contributions for Pakistan’s financial needs. As part of the plan, the IMF was given a target to secure $500 million by June through the Geneva Donor Conference.

However, efforts to obtain funds for the Ministry of Planning and Treasury have been met with obstacles. The Ministry has struggled to make progress on contracts and agreements under the Donor Conference, which has further hindered the financing process.

Sources from the Ministry of Finance report that, only $150 million has been received through the Geneva Donor Conference, falling short of the expected amount. This has led to dissatisfaction on the part of the International Monetary Fund (IMF), which has expressed concerns over the lack of financial support obtained through the conference.

Despite these challenges, the funds received under the Donor Conference will be allocated towards crucial recovery and rehabilitation projects in areas affected by floods. The aim is to address the needs of these communities and support their restoration efforts.



from ARY NEWS https://ift.tt/lbEV06A

Comments

Post a Comment

Popular posts from this blog

Transport Canada declares Pakistan’s aviation security satisfactory

Image
KARACHI: In a major development, the security delegation from Transport Canada on Wednesday completed the security audit of Jinnah International Airport, ARY News reported. According to Airports Security Force (ASF), the team conducted thorough inspection of the security arrangements in place at the airport and found them satisfactory. During the audit, the ASF team comprising National Inspectors gave a briefing to the Transport Canada team. The assessment team was given briefing on security deployment, entry control, screening, issuance of passes and addressing emergency situations. The Transport Canada team commended the efforts of the ASF for taking additional measures to ensure the safety of the Pakistan International Airlines’ (PIA) direct flights to Canada. The team also termed the overall aviation security measures satisfactory at the international airports of Pakistan. It is pertinent to mention that the two-member delegation from Transport Canada arrived in Pakistan on...
Read more

Woman throws eight-year-old child into Karachi’s nullah

Image
KARACHI: A tragic incident was reported from Karachi’s old Golimar area near Eidgah Ground when an 8-year-old child was allegedly thrown into the sewerage drain by a woman believed to be mentally ill, ARY News reported on Tuesday. The local police claimed that the woman – believed to be mentally ill – picked up the child, who was playing nearby, and threw him into the sewerage drain and fleeing the scene. The father of the child immediately reported the incident to authorities, which led to initiate a rescue operation. Rescue 1122 teams have been working tirelessly form past three hours in search of the missing child. On the other hand, the police are investigating the case, and efforts are underway to apprehend the suspect. from ARY NEWS https://ift.tt/c1ZzapO
Read more

Biden tests positive for Covid, fueling health worries

Image
US President Joe Biden tested positive for Covid with mild symptoms Wednesday, shortly after conceding he would consider dropping his reelection bid if doctors diagnosed him with a serious medical condition. The 81-year-old Democrat gave reporters the thumbs up and said “I feel good” as he cut short a trip to Las Vegas and flew to his beach home in Delaware to go into isolation, which will take him off the campaign trail for days. Biden thanked well-wishers on X, adding that “I will be isolating as I recover, and during this time I will continue to work to get the job done for the American people.” The infection comes at a critical moment for Biden’s campaign, with the president seeking to show he is up to the job after a disastrous debate performance against rival Donald Trump sparked concerns about his health and calls from some Democrats for him to step aside. It is also the latest development in a tumultuous few days in an already frenetic White House race that saw Trump survi...
Read more