https://sputniknews.in/20230717/cash-strapped-pakistan-outsources-islamabad-airport-in-bid-to-boost-forex-reserves-report--3033896.html
Cash-Strapped Pakistan Outsources Islamabad Airport In Bid To Boost Forex Reserves: Report
Cash-Strapped Pakistan Outsources Islamabad Airport In Bid To Boost Forex Reserves: Report
Sputnik India
Forex reserves are foreign currency assets held by the central banks of countries used for importing essential fuel. On June 2, the total foreign exchange... 17.07.2023, Sputnik India
2023-07-17T14:21+0530
2023-07-17T14:21+0530
2023-07-17T14:21+0530
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Pakistani Finance Minister Ishaq Dar has reportedly said that Islamabad International Airport (IIA) will outsource its operations to private players by August 12, and that date coincides with the last day of the incumbent Shehbaz Sharif-led federal government.According to the Pakistani media outlet, Dawn, amid depleting forex reserves, the government has been pushing to outsource the operations of major airports, including Islamabad International Airport (IIA), Karachi and Lahore.Pakistan was on the brink of defaulting on its debts and had barely enough foreign currencies to pay for a month of imports. The nation's finance chief has convened numerous meetings of a committee formed to attact foreign operators for outsourcing.Last week, the Pakistan Civil Aviation Authority (PCAA) told the National Assembly's Standing Committee on Aviation that the government started a process to outsource the management and operations of the country’s three prominent airports.The country’s decision to outsource the airport comes as it faces a shortage of foreign exchange reserves. In February, forex reserves slipped below $3 billion for the first time in nine years (since 2014).Last week, Pakistan received a tranche of $2 billion from Saudi Arabia.Meanwhile, the International Monetary Fund (IMF) board has also approved a $3 billion bailout for the cash-strapped country. The South Asian nation will receive about $1.2 billion, while the rest will be given in installments over nine months. This is the 20th loan from the IMF since 1958.
https://sputniknews.in/20230713/political-uncertainty-intensifies-in-pakistan-as-end-of-governments-mandate-approaches-2990765.html
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Cash-Strapped Pakistan Outsources Islamabad Airport In Bid To Boost Forex Reserves: Report
Deexa Khanduri
Sputnik correspondent
Forex reserves are foreign currency assets held by the central banks of countries used for importing essential fuel. On June 2, the total foreign exchange reserve of the Pakistani central bank fell to around $3.9 billion, the State Bank of Pakistan (SBP) revealed.
Pakistani Finance Minister
Ishaq Dar has reportedly said that
Islamabad International Airport (IIA) will
outsource its operations to private players by August 12, and that date coincides with the last day of the incumbent
Shehbaz Sharif-led federal government.
According to the Pakistani media outlet, Dawn, amid depleting forex reserves, the government has been pushing to outsource the operations of major airports, including Islamabad International Airport (IIA), Karachi and Lahore.
Pakistan was on the
brink of defaulting on its debts and had barely enough foreign currencies to pay for a month of imports. The nation's finance chief has convened numerous meetings of a committee formed to attact foreign operators for outsourcing.
Last week, the Pakistan Civil Aviation Authority (PCAA) told the National Assembly's Standing Committee on Aviation that the government started a process to outsource the management and operations of the country’s three prominent airports.
"Outsourcing doesn’t mean selling; only the operation and management controls were outsourced," the PCAA explained.
The country’s decision to outsource the airport comes as it faces a shortage of foreign exchange reserves. In February, forex reserves slipped below $3 billion for the first time in nine years (since 2014).
Last week, Pakistan
received a tranche of $2 billion from
Saudi Arabia.Meanwhile, the International Monetary Fund (IMF) board has also approved a $3 billion bailout for the cash-strapped country. The South Asian nation will receive about $1.2 billion, while the rest will be given in installments over nine months. This is the 20th loan from the IMF since 1958.
