ISLAMABAD: Additional measures will be needed to bring Pakistan’s budget for the year 2022-23 in line with the key objectives of its International Monetary Fund programme, the lender’s resident representative in Islamabad said.
“Our preliminary estimate is that additional measures will be needed to strengthen the budget and bring it in line with key programme objectives,” Esther Perez Ruiz told Reuters.
Pakistan unveiled a 9.5 trillion budget for the next fiscal on Friday aimed at tight fiscal consolidation in a bid to convince the IMF to restart much-needed bailout payments.
NEW YORK: Oil prices rose on Monday in a session of volatile trade, as tight global supplies outweighed worries that demand would be pressured by a flare-up in Covid-19 cases in Beijing and more interest rate hikes.
Brent crude rose 68 cents to $122.69 a barrel at 12:13 p.m. EDT (1613 GMT). US West Texas Intermediate crude rose 61 cents to $121.28 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.
Oil supplies are tight, with Opec and allies unable to fully deliver on pledged output increases because of a lack of capacity in many producers, sanctions on Russia, and unrest in Libya that has slashed output.
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