InfoAnda - IMF loan approval underpins Pakistani rupee recovery

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Republican wins U.S. Senate race in Massachusetts | 20 January 2010
Obama, Hollande agree on much - but not Afghanistan | | 19 May 2012
EU court says countries can ban online gambling | | 4 June 2010

"60 Minutes" unveils special edition DVD on Obama | 10 January 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : IMF loan approval underpins Pakistani rupee recovery

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: IMF loan approval underpins Pakistani rupee recovery Reuters - 51 minutes ago By Sahar Ahmed KARACHI, Nov 25 - The Pakistani rupee extended gains in early trade on Tuesday after the International Monetary Fund approved a $7.6 billion loan to avert a balance of payments crisis and the government defaulting on its international debt obligations. Pakistan will immediately have access to $3.1 billion under the 23-month facility, with the rest phased in subject to quarterly review, the fund said. The package means Pakistan will be able to cover an international sovereign bond maturing in February. "The rupee is strengthening as the IMF is going to immediately release $3.1 billion for us," said a currency dealer in Karachi. The rupee <PKR=> was quoted trading at 78.55/65 to the dollar at 9:54 a.m. , compared with Monday's close of 78.90/79. The currency has recovered 7.4 percent from an all time low of 84.40 struck on Oct. 17, as the markets anticipated an IMF rescue, and the central bank continued to dip into reserves to help meet import requirements. But the rupee is still down 21.58 percent since the beginning of the year, while central bank reserves dwindled to the equivalent of just nine weeks of imports. The IMF said "the State Bank of Pakistan will pursue a flexible exchange rate policy, with intervention in the foreign exchange market geared toward achieving the programme's reserve targets and smoothing excessive exchange rate volatility." The sharp fall in oil prices to below $54 a barrel has also helped Pakistan, and its currency. The rupee could face pressure in the medium term if the current account deficit is not reduced, but the slump in oil prices will go a long way to help, analysts said. Pakistan's current account deficit virtually doubled in the first four months of the 2008/09 fiscal year to $5.9 billion, compared with $3 billion the same period a year ago. The import bill dipped to $3.46 billion in October from $3.8 billion in September due to lower prices for oil and commodities. Aside from curbing the current account deficit, the IMF also said that Pakistan would aggressively trim its fiscal deficit, halt central bank finance of government spending. Specifically, the fiscal deficit will be trimmed to 4.2 percent of gross domestic product in 2008/2009 and 3.3 percent in 2009/2010, compared with 7.4 percent in the fiscal year to June 2008. The IMF also said the central bank may further tighten monetary policy in order to control inflation, currently running at 25 percent. The Fund has targeted a reduction in inflation to 6 percent by mid-2010. The State Bank of Pakistan raised interest rates by 200 basis points to 15 percent earlier this month. Analysts are expecting another hike of 200 basis points in the next monetary policy review due in January. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Crisis pushes young Chinese graduates towards the public sectorAFP - 9 minutes ago Kingfisher fare cut after ATF gets declared goods tagReuters - 45 minutes ago Australia's Qantas cuts capacity, profit forecastAP - 46 minutes ago Indian cash rates inch lower as funds comfortableReuters - 49 minutes ago IMF loan approval underpins Pakistani rupee recoveryReuters - 51 minutes ago Most Popular – Business Viewed Massive 300-billion dollar rescue for Citigroup Obama plans second stimulus package of up to 700 bln dlrs: report Michael Jackson strikes 'amicable' deal with Arab sheikh Standard Chartered to raise $2.66 billion in rights issue Over 200 narwhal trapped in Canadian ice View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Monday, 24 November 2008
Stricken German public bank KfW expects further losses
SKorea, China set up military hotlines
Get your hands on Fahrenheit. Save their faces.
Aska Yang sues manager for defamation and wants to annul the contract
CPI up 6.4% on higher housing costs and food prices
Investors see value in battered Asian property
Top UN delegation visiting Afghanistan
Dee Hsu and Kevin Tsai quit from hosting "A Million Star"
Joe Ma Tak-Chung's career goes downhill as he refuses to have meals with TVB management?
Malay royal questions ban on yoga for Muslims
Malaysia labor activist acquitted after long fight
China state media blast new Guns N' Roses album
UN urged to impose naval blockade against Somali pirates
Thai economy slows sharply in third quarter
Bank of Korea to supply up to 3.4 bln dlrs for bond fund
NKorea serious about restricting border traffic
Financial crisis steers APEC back to basics
China Life interested in AIG's Asia assets
Reports: Chinese appliance tycoon in share probe
Top UN delegation visiting Afghanistan
Asia-Pacific leaders sound upbeat note on crisis
Baghdad blasts kill 19 as parliament mulls US troops pact
UN Security Council team in Afghanistan
Red Army Faction member to be released: German court
Somali pirates want $15 million for Saudi ship: Islamist | International |
Powerful quake strikes Russia's far east
New Citigroup rescue as Obama names eco team
Standard Chartered to raise $2.66 billion in rights issue
Brown to borrow heavily to kickstart UK economy | International |
Israel lets limited aid into Hamas-run Gaza Strip | International |
Zimbabwe may soon collapse, say Annan, Carter | International |
Asia breathes easier after US rescues Citigroup
Shah Rukh Khan's Malaysian 'knighthood' on December 6: official
China, Taiwan ruling parties to talk next month | International |
Pakistani rupee firms on IMF help; stocks flat
Microchips for AIDS patients in eastern Indonesia
China president in Greece for $1 billion port deal
UK—based education provider Cognita awarded state land site
Hundreds wait at Verizon stores for BlackBerry Storm | Technology |
AVA clears another 3 categories of China milk products for sale
Hong Kong declines despite Citi bailout
Cellphone market gloom spreads to Samsung | Technology |
Singapore PM to earn almost 2 million dlrs -- after pay cut
SKorean court clears officials over Lone Star sale
Sri Lankan rebels say they killed 43 soldiers
China addresses stimulus doubts with proposal list
Citigroup's Phibro barred by Platts-sources
Singapore PM takes a pay cut to $1.99 million
China stocks down as rate cut rumors fizzle
Thailand ready for ASEAN summit despite new protests: officials
Kazakhstan to cut spending amid lower oil price
Canadian paedophile gets six more years: Thai court
Vietnam's trade deficit widens in first 11 months
Philippine economy seen growing 3.8-4.6 pct in third quarter
No Doubt regrouping for tour and album | Entertainment |
Winehouse husband loses appeal over jail sentence
Bollywood star to receive Malaysian honorary title
E2i to triple staff strength for implementation of SPUR
Man caught for breaking into 3 stalls at Block 85 Redhill Lane
North Korea rejects UN human rights resolution
Pakistan says militants pushed back from Peshawar
Up to 19% pay cut for top civil servants; lower year—end bonus
NKorea serious about restricting border traffic
Local eatery owner charged with making false declarations
Japanese Christians beatified in large ceremony
Microchips for AIDS patients in eastern Indonesia
APEC leaders say credit crisis can be overcome by mid—2010
Sheik's lawyer: Settlement with Jackson is secret
Protesters at Thai Parliament for 'final showdown'
Freed Indian sailors recall hijack terror
Top UN delegation visiting Afghanistan
Here she comes, Miss America, to feed NYC homeless
3 Singaporeans to be sentenced for contempt of court
Bar that launched 'The Boss' to close for repairs
China president in Greece for $1 billion port deal
Sri Lanka says 147 killed in north
Top Indian official arrives for talks in Nepal
Unions say smaller bonuses enough to help civil servants cope with year—end expenses
Japan: Suspect in official's death gives motive
Pakistan says militants pushed back from Peshawar
Encore in Las Vegas to have Sinatra restaurant
Rapper MC Breed dies at friend's home at age 37
Springsteen offering free downloads of new single
Major Bangladesh party accepts delay in elections
Conductor Richard Hickox dies of heart attack
Madonna tells AP work good distraction from split
Dr Balakrishnan to attend congress against sexual exploitation of kids
Sri Lanka government, rebels claim battle success
Madonna tells AP work good distraction from split
Time spent watching TV continues growing
Ng Eng Hen observes bilateral Agni Warrior exercise in India
Hollywood lawyer gets 3 years in wiretap case
Thai court convicts Canadian in child abuse case
US online actors move into post-election mode
Freed Indian sailors recall hijack terror
Winfrey asks court to dismiss defamation lawsuit
Screenwriter for Hitchcock's "Rear Window" dies
Indian TV employees resume work after strike
Boy George goes on trial for false imprisonment
Briton sells Beatles' White Album for 24,500 euros
Kevin Spacey lauded for reviving London's Old Vic
Kevin Spacey lauded for reviving London's Old Vic
China's Xinhua publishes criticism of Dalai Lama
Mamet's 'American Buffalo' closes on Broadway
McCartney plays fireman to snuff out 40th of Beatles' White album
Pakistan says militants pushed back from Peshawar
NYC murder trial opens for actor Brancato
My Chemical Romance singer to be a dad
North Korea to halt tours to historic city
China maintains hold on Tibet and tests Dalai Lama
Trace Adkins weathers ups and downs to deliver `X'
Axon shareholders accept HCL Technologies offer
Foreign press in Israel fight Gaza entry ban
Lutheran bishop for Malaysia killed in Guatemala
Fox's Hannity losing liberal half
Negotiations to put Beatles on iTunes stalled
Facebook welcomes court ruling against Canadian spammer
Austin tries to keep title of 'live music capital'
NKorea reports another public appearance by Kim
Bombs kill at least 20 in Iraq ahead of pact vote
Gazans using tattered notes because of cash crunch
Russian warships approach Venezuela under US gaze
Solid quarter for HP on strong laptop sales
US taps online youth groups to fight crime, terrorism
Endeavour astronauts start fourth, final spacewalk
Germany to free Baader-Meinhof fighter
UN: Afghan children being recruited as fighters
Facebook, Twitter in talks but no deal: report
European stocks soar on Citigroup rescue, govt stimulus plans
U.N. envoy urges Congo leader to talk to rebel chief | International |
Israel, settlers reach outpost compromise
Britain launches economic stimulus worth 20 billion pounds
Israel allows supplies into Gaza
Obama to unveil Treasury chief
Afghan president sees dim ray of hope for peace | International |
Michael Jackson strikes 'amicable' deal with Arab sheikh
NATO calls for more troops as Afghan insurgency heats up
IAEA chief, West clash over nuclear aid for Syria | International |
US home sales slip another 3.1%
Report: Iran dismantles Israel-linked spy network
Ban says Kosovo, Serbia agree to cooperate with EU | International |
Solid quarter for HP on strong laptop sales
Thai protesters vow to notch up intensity
Bush, Olmert have last meeting before ending terms
Apple sued over tech that helps iPhone surf Web | Technology |
Tokyo stocks up 5.3 percent in early trade
Korea Exchange halts programme buying
Syria rejects US claims it is aiding terrorists
Silver Lake eyes Asia tech investments | Technology |
S.Korean won up 3 pct as risk appetite revives
Seoul shares open higher; banks, techs rise
S.Korea's Lee proposes easing bank rules -report
IMF board backs $7.6 bln stand-by for Pakistan
Luhrmann offers Australia as an escape from fear | Entertainment |
NZ benchmark stock index opens 2.2 percent higher
New Zealand to cut growth forecasts
Twilight weekend box office nudged lower | Entertainment |
Protesters at Thai Parliament for 'final showdown'
Britney Spears' Circus act caught on Web | Entertainment |
Jordan, China sign nuclear protocol
McCartney laments snags in Beatles' iTunes talks | Entertainment |
Hollywood lawyer gets 3 years in wiretap case
Twilight sequel gets greenlight | Entertainment |
Boy George in court for false imprisonment trial | Entertainment |
Celebrity blogs let stars speak for themselves | Entertainment |
CW close to renewing Top Model | Entertainment |
Ex-Philly TV anchor gets house arrest for hacking
'Twilight' era dawns with $69.6 million opener
Matthew Risch is Broadway's new 'Pal Joey'
Bollywood takes dig at Bush in low-budget spoof
Review: `Four Christmases' is zero fun
CW revamps Sunday lineup with `Jericho,' movies
SingTel sued by Taiwan firm over trademark
'Dancing' fans edge closer to season finale
Banker released on bail in Taiwan: prosecutors
Singapore's STI up 3 pct, banks lead gains
NKorea: Kim Jong Il visits machine, soap factories
Thai protesters besiege PM's temporary office: police
Review: Penn mesmerizes in Van Sant's `Milk'
Roadside bomb wounds 4 Philippine marines
Hopes fade for missing crew of Taiwan fishing boat
Tibet movement takes a stop-gap remedy for dissent
Wing glitch forces Northwest jumbo back to Manila
Global Weather-Celsius
World Bank: China growth to slow, cuts forecast
Mysterious portrait is of Lucrezia Borgia: Australian gallery
RPT-GLOBAL MARKETS-Asia shares gain on Citi rescue; risks remain
PM Lee assures S’poreans they’re not alone in coping with downturn
Temasek pay cuts: Will its associates follow suit?
Singapore Airlines says not cutting salaries for now
Thai protests enter second day with PM office siege
SKorea activists say to continue anti-Pyongyang leaflets
Thai government refuses to disclose its location
Afghanistan's stunning lakes thirst for tourism
South Korea readies for pullout from factories in North | International |
Three killed in St Petersburg blast: reports
Opposition gains ground in Venezuela elections | International |
Britain fights recession with huge stimulus package
Polish WWII leader to be exhumed in murder probe
Somali pirates hijack Yemeni ship: maritime group | International |
Greenlanders go to the polls in referendum on self-rule
Bin Laden's ex-driver to be sent to Yemen: report | International |
Kuwait cabinet walks out of parliament in crisis | International |
Bush, Olmert bid farewell but say Mideast talks will continue
Zimbabwe rivals in new talks to end deadlock | International |
US-based Muslim charity convicted of funding terrorism
Japanese knifeman planned more attacks: officials
Influence wanes for followers of Iraq's Sadr | International |
Obama vows swift action as he unveils economic team
Crisis pushes young Chinese graduates towards the public sector
Indian film festival scraps documentary after protests
Bin Laden's former driver to leave Guantanamo for Yemen: report
IMF loan approval underpins Pakistani rupee recovery
More lay—offs seen in Q1 2009, but contract work opportunities to rise
Shall we not say crisis, Kazakhs wonder | International |
Taiwan sells 20-yr bonds at 2.15 pct yield -c.bank
China's worst subway accident death toll rises to 17 | International |
India, Nepal officials discuss flood, cooperation
S.Korea won up 0.7 pct; gives up most early gains
ASEAN & MERCOSUR officials meet to discuss how to enhance co—operation
Indonesia slashes growth forecast
Seoul shares pare gain, turn negative; autos fall
Police: 10 arrested in Afghan school girl attack
Korea Hot Stocks- Hana Financial up after overseas borrowing
Warming China-Taiwan ties prompt hot air balloon trip: state media
Myanmar suffers steep drop in foreign tourists
Philippine stock index jumps 6 percent
NZ billboard thief gets his own ad campaign
S.Korea T-bond futures fall on won's retreat
CORRECTED
Hollywood studios turn hopeful eye toward holiday | Entertainment |
CBS declares ratings victory for November | Entertainment |
Mars creators praise U.S. version of series | Entertainment |
Schrader takes Extreme action in India | Entertainment |
Britain dominates International Emmys | Entertainment |
Super Bowl indecency case still in play | Entertainment |
Britain wins 7 International Emmys
Tamil Tiger chief to issue rallying call as fiefdom crumbles
China Falun Gong follower receives 3-year sentence
Asian Wall Street Journal fined S$25,000 for contempt of court
IMF approves Pakistan loan package
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01