Pakistan is seeking its largest loan package of up to US$8 billion from the International Monetary Fund (IMF) to bail itself out from a severe crisis that threatens to cripple its economy, diplomatic sources told Dawn. The sources said that the IMF could place strict conditionalities, forcing Pakistan to seek additional loans for meeting those restrictions and this could expand the loan facility to US$12bn. Pakistan began exploring the possibility of yet another loan package with the IMF while the PML-N was still in power and the exploratory talks continued under the interim government as well. The final decision, however, was announced on Monday night when Finance Minister Asad Umar confirmed that the government was going to the IMF to bail Pakistan out of its foreign currency crisis. The announcement followed the highest single-day loss in a decade in the stock market, which plunged by over 1,300 points, losing almost Rs270bn of its capitalisation. On Tuesday, the … [Read more...] about Pakistan to seek its largest loan package from IMF
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Tariffs and sanctions turmoil may overshadow EU, German growth data
Tariffs and sanctions turmoil may overshadow EU, German growth dataThe Saigon Times Daily Aerial view of containers at a loading terminal in the port of Hamburg, Germany August 1, 2018 – PHOTO: REUTERS BERLIN (REUTERS) - U.S. tariffs and sanctions policies are likely to keep investors on their toes in the coming week as European politicians and policymakers continue their summer break, while economic data from Germany and the euro zone will also be in focus. Washington’s latest sanctions on Russia have battered the rouble, and Turkey’s lira has been hammered by concern that Ankara is sliding into a full-blown economic crisis. U.S. President Donald Trump’s determination to push ahead with sanctions on Tehran that also target foreign companies doing business with Iran has opened another battle front in addition to a much broader dispute over trade tariffs. German business associations have warned that companies are increasingly suffering from … [Read more...] about Tariffs and sanctions turmoil may overshadow EU, German growth data