The South Asian nation fighting to stay solvent and avoid a debt default has unveiled $764-million of cost-cutting measures needed to help revive a $6.5-billion. The government will follow up with further austerity measures in the next budget in July, Prime Minister Shehbaz Sharif said on Wednesday.
The world’s fifth most populous country has descended dangerously close to a debt default in recent months. The $350-billion economy, with just $3- billion of foreign-exchange reserves by one estimate, also faces a dollar squeeze that tests its external stability. Supply disruptions caused by flooding, food shortages and steps the government took to meet IMF’s preconditions for the rescue may push inflation above 30% for the first time on record, according to Bloomberg Economics.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Only in South Africa do the VIPs,(they think they are), not care about the very people who voted for a better life. Disgusting & shameless.
PresidencyZA CyrilRamaphosa
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Asian stocks retreat with US, European futures: markets wrapA gauge of Asian stocks dropped along with US and European equity futures as investors weighed the prospect of central banks tightening policy more than previously expected to tame inflation.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Wealthy professionals are driving UK’s early retirement crisisAn exodus of rich professionals from jobs is driving Britain’s crisis of low participation in the labour market, according to new research that lays bare the challenge of plugging widespread worker shortages.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Macron vows to boost French startups to avert funding slowdownFrench President Emmanuel Macron has vowed to boost investment in the nation’s startups in an effort to counter some of the slowdown in venture funding affecting other tech hubs.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Russian oil flows to China hit highest levels since Ukraine invasionRussian exports of discounted crude and fuel oil to China have jumped to record levels as the re-opening of the world’s biggest energy importer gathers pace after the dismantling of Covid Zero. Oil for ammunition
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Coinbase Risks Losing Revenue Sources as Regulators CircleA deeper look beyond the anticipated fourth-quarter results of Coinbase Global Inc. helps to explain the recent ratcheting up of tensions between Chief Executive Officer Brian Armstrong and US regulators.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Lagarde Defends Data-Led Path Beyond ECB’s Next Half-Point HikeEuropean Central Bank President Christine Lagarde affirmed plans to lift interest rates by another half-point next month, saying officials remain determined to return inflation to the 2% goal. She's funny. Weird-funny. Tragicomically-funny. Affirming yourself is nice work if you can get it.
Source: dailymaverick - 🏆 3. / 84 Read more »