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Dec 26 • 5 tweets • 3 min read
🚨 BREAKING 🚨: "When I took oath, I wasn't aware of the gravity of Pakistan's economic problems," admits Prime Minister Shehbaz Sharif. The country was at risk of defaulting on its debt, and the International Monetary Fund program was "stained." 1/5
Despite these challenges, Sharif is confident that the country will "sail through" the difficulties. 2/5
In a speech a short while back given on a visit to Dera Ismail Khan, he also discussed infrastructure projects underway in the region, including the construction of a new airport and industrial estate. 3/5
The government has also spent approximately $600 million in flood aid to address the devastation caused by recent floods in Khyber-Pakhtunkhwa.

🔗 Read more on this link: brecorder.com/news/40216727/… 4/5
#Pakistan #economy #default #InternationalMonetaryFund #infrastructure #floods #KhyberPakhtunkhwa #PrimeMinister #ShehbazSharif 5/5

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More from @investifypk

Investify Pakistan Profile picture
Dec 27
Pakistan's internet connectivity 📶 is facing some bumps in the road, and it seems like letters of credit 📜 may be partially to blame.

Read 🧵 below 👇
According to a recent report, the Universal Service Fund (USF) has encountered problems importing telecom machinery📱due to the lack of LCs, and the Senate is taking steps to address the issue.
On a brighter note, the PTA is working on an international internet project 💻 and has assured the Senate that efforts are being made to improve internet accessibility in Balochistan's Gwadar.
Read 5 tweets
Investify Pakistan Profile picture
Dec 27
🇵🇰🇺🇿 Pakistan and Uzbekistan team up to boost trade! 🤝

The two countries have signed an agreement to implement the Pakistan-Uzbekistan Preferential Trade Agreement (PTA), which aims to increase trade volume to $1 billion by 2023.
In addition to the PTA, eight other agreements were signed to strengthen bilateral relations in various sectors.
Despite issues in Afghanistan, both countries will work together to overcome problems faced by Pakistani/Uzbek transporters and facilitate transit trade through Afghanistan.

Read more on this link: tribune.com.pk/story/2392998/… #Pakistan

#Uzbekistan #trade #Afghanistan
Read 4 tweets
Investify Pakistan Profile picture
Dec 27
🚨 Alert 🚨 The State Bank of Pakistan has made it easier to open an Asaan Mobile Account (AMA) by waiving the One Time Password (OTP) and Call Back Confirmation (CBC) requirement until May 2023.
Customers will still have to undergo a NADRA biometric verification within 60 days of opening the account or it will be treated as debit blocked after a 10 day notice period.
The AMA allows Pakistani citizens to open a bank account digitally using any mobile operator's SIM, and the platform has recorded over 5.7 million AMA accounts with transactions worth over Rs. 42.9 billion.
Read 5 tweets
Investify Pakistan Profile picture
Dec 27
پاکستان ڈیفالٹ کے دہانے پر؟ سابق وزیر خزانہ مفتاح اسماعیل نے خبردار کیا ہے کہ اگر ملک نے مدد کے لیے آئی ایم ایف سے رجوع نہیں کیا تو سنگین نتائج برآمد ہوں گے۔ لیکن موجودہ وزیر خزانہ اسحاق ڈار کا اصرار ہے کہ آئی ایم ایف حکومت کو حکم نہیں دے سکتا اور وہ ان کی مدد کے بغیر "کوئی
مسئلہ نہیں" کا انتظام کریں گے۔ برآمدات 31 بلین ڈالر اور ترسیلات زر 30 بلین ڈالر، اور آمدنی اور اخراجات میں 19 بلین ڈالر کے فرق کے ساتھ، کیا پاکستان کا چین پاکستان اقتصادی راہداری (CPEC) پر انحصار اپنی اقتصادی ترقی کو محفوظ بنانے کے لیے کافی ہے؟ ایک پروفیسر مقامی صنعت کو سپورٹ
کرنے اور مہنگائی کو کنٹرول کرنے کے طریقے کے طور پر کرنسی کی قدر میں کمی اور لگژری درآمدات پر پابندی لگانے کا مشورہ دیتے ہیں۔ آپ کے خیال میں پاکستان کی مشکلات کا شکار معیشت کے لیے بہترین اقدام کیا ہے؟
مزید پڑھیں اس لنک پر: tribune.com.pk/story/2393006/…
#پاکستان #IMF #CPEC
Read 4 tweets
Investify Pakistan Profile picture
Dec 27
The Pakistani government has decided to use all legal means to recover PKR 447 billion in unpaid Gas Infrastructure Development Cess (GIDC) from commercial and industrial entities.

Read 🧵 below 👇
The Supreme Court of Pakistan ordered the recovery of all GIDC accrued by 2020-21 and suspended future GIDC until all outstanding amounts were recovered. However, 3,194 petitions in various high courts are hindering the recovery of PKR 420 billion.
The government may also lose the power to collect GIDC if it fails to carry out development projects, such as pipelines from Turkmenistan, Iran, or from Karachi to Lahore, depending on the international and political environment.
Read 6 tweets
Investify Pakistan Profile picture
Dec 27
Just two budget items: 1) Interest on debt and 2) Defence, consumed the majority of Pakistan's budget during the first five months of this fiscal year, even more than the total net income of the federal government. 😮
See 🧵 below👇
This has led to a severe curtailment of other expenses and an alarming increase of 83% in the interest cost on the Rs50 trillion federal government debt stock.
The risks of sovereign defaults are very high in the absence of an International Monetary Fund (IMF) umbrella and no major cash handouts by bilateral creditors.
Read 7 tweets

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