Pakistan Updates Today

Here are some top news stories from Pakistan today, Saturday, October 7th, 2023

Reconstituted the federal cabinet

Prime Minister Shehbaz Sharif has reconstituted the federal cabinet, inducting new ministers and assigning new portfolios to some. A total of 33 ministers and ministers of state have been sworn in.

Final tranche

Pakistan has received the final tranche of $1.16 billion from the IMF under the Extended Fund Facility. The disbursement brings the total received under the $6 billion package to $4.2 billion.

The Pakistan rupee

The Pakistan rupee continued its downward slide against the US dollar, closing at Rs. 236.5 to the dollar in the inter-bank market. The local currency has depreciated over 20% since the start of 2022.

Flood-related deaths

Flood-related deaths in Pakistan rose to over 1,700 with Sindh and Balochistan provinces remaining the worst hit. The UN has appealed for $816 million in emergency aid to help millions displaced.

Wheat growing

The federal government has decided to import 0.3 million tons of wheat to build up reserves and ensure availability. Local production was impacted by floods in some wheat growing areas.

Remittances 

Remittances from overseas Pakistanis rose to $2.8 billion in September, up 7% year-on-year. However, remittances declined 1.4% in the July-September quarter compared to the same period last year.

The KSE-100

The KSE-100 index gained over 300 points at the Pakistan Stock Exchange as the market rebounded after recent losses. Investor sentiment improved on news of IMF loan tranche receipt.