Tag: $7 billion bailout

  • Senate Committee approves bill mandating three-year imprisonment for unapproved protests in Islamabad

    Senate Committee approves bill mandating three-year imprisonment for unapproved protests in Islamabad

    The Senate Standing Committee of Interior, presided by Senator Faisal Saleem Rahman, has approved a bill pertaining to rallies in Pakistan’s capital, Islamabad.

    The bill reads that protests will occur in the Islamabad-connected area of Sangjani or other specified areas where the government referred. Without permission, protest organisers and participants will be punished with three years of imprisonment.

    Pakistan Muslim League (PML-N) Senator Irfan Siddiqui debated the bill, saying it is intended to legalise protests in Islamabad and will be implemented only in the capital territory.

    He further said that containers are still on Islamabad roads, creating trouble for people. He emphasised that the government needed to allocate a designated place for protests.

    Senator Samina Mumtaz Zehri clarified that the bill’s purpose is not to target any political party.

    Senator Saifullah Abro said that according to the Pakistan constitution, every citizen has the right to peaceful protest.

  • Uncertainty surrounds Pakistan’s $7 billion IMF bailout as approval date still not confirmed

    Uncertainty surrounds Pakistan’s $7 billion IMF bailout as approval date still not confirmed

    Pakistan’s much-anticipated $7 billion bailout package has not yet been scheduled for review by the International Monetary Fund (IMF) executive board, with the agenda extending only until August 30, according to the IMF’s recently released calendar.

    In July, Pakistani authorities and the IMF reached a staff-level agreement, potentially paving the way for a 37-month Extended Fund Facility (EFF) valued at SDR 5,320 million (approximately $7 billion).

    However, this agreement hinges on the approval of the IMF Executive Board, which is contingent upon Pakistan securing necessary financing assurances from its development and bilateral partners.

    The proposed programme is designed to build on the hard-won macroeconomic stability achieved in the past year. It aims to strengthen public finances, reduce inflation, rebuild external reserves, and eliminate economic distortions to foster private sector-led growth.

    Despite five weeks having passed since the staff-level agreement, Pakistan has yet to bridge an external financing gap of up to $5 billion.

    This delay has prevented the country from signing the Letter of Intent (LoI) required to formally request the IMF executive board’s approval of the $7 billion package under the EFF programme.

    The LoI is a critical step in requesting the IMF’s endorsement of the 37-month, $7 billion EFF programme. Without this approval, Pakistan cannot proceed with the much-needed financial support.