Ishaq Dar is doing good! This is the strongest area of Nawaz Govt that gives confidence to the Prime Minister. Read Below – All comments welcome! especially if you are a finance person, your comments are most welcome on the performance so far –
The country was facing a balance of payments crisis last year and had only enough cash for one month’s worth of imports before the International Monetary Fund approved a package of $6.7 billion in September.
Since then, Finance Minister Ishaq Dar has helped boost the country’s cash reserves.
In February, Saudi Arabia gave Pakistan a gift of $1.5 billion. In April, Islamabad raised $2 billion raised in a Eurobond offering and $1.1 billion from an auction of 3G and 4G telecommunications licenses.
But money remains tight. The IMF loan is largely being spent on repaying a previous one from the Fund.
Pakistan needs about $1 billion a month to pay for its imports, and energy demand will peak during the sweltering summer months to come.
The first tranche of World Bank money will be spent on refinancing short-term, high-interest loans that the government has taken.