Economic Crisis

Pakistan needs to repay massive external debt, faces real risk of default, says US think tank

US think tank United States Institute of Peace (USIP) has warned that the massive external debt may cause the Pakistan economy to default which will cause “disruptive effects”

Pakistan faces shortage of life-saving drugs due to weakening rupee, controversial pricing policy, say reports

Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt and dwindling foreign exchange reserves

Pakistani professionals struggle to buy basic items amid economic crisis

Pakistan is no stranger to economic crises - this is its fifth IMF bailout since 1997 - but economists say the latest measures, which include higher taxes and fuel costs, are hurting educated professionals. Many say they are cutting down on necessities to make ends meet

'Progressive': Sri Lanka's $3 billion loan agreement will protect the poorest, says IMF

Monday's announcement comes almost a year after Sri Lanka defaulted on its foreign debt amid a deadly economic and political crisis which led to the resignation of the president and prime minister

Desperate for Western aid, crisis-hit Pakistan to supply tanks to Ukraine

Pakistan has been supplying weapons, ammunition and artillery shells to Ukraine since the early days of the invasion by Russia. However, this will be the first time tanks will be supplied to Ukraine by a country other than its western allies

Cash-strapped Sri Lanka seeks 10-year moratorium on foreign debt ahead of IMF bailout

Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic crisis, running out of cash to finance even the most essential imports and causing massive social unrest

Pakistan: Amid economic crisis, Sindh faces HIV epidemic

According to data shared with the media by government officials of Pakistan's Sindh province, the Human Immunodeficiency Virus (HIV) is spreading rapidly in four districts where dozens of adults and children are testing HIV positive every week

Lebanese pound hits historic low of 100,000 to dollar, say foreign exchange dealers

The Lebanese pound, officially pegged at 15,000 to the dollar, was trading at 100,000 against the greenback, dealers said -- a dizzying plunge from 1,507 before the economic crisis hit in 2019

Egypt is selling citizenship: How economic turmoil has left the Arab nation desperate

To address its foreign currency shortages, Egypt is offering citizenship to foreign investors on certain conditions. The Arab country has been reeling from an economic crisis that pushed its annual inflation to 26.5 per cent in January. It is expected to rise further

China pledges to help bankrupt Sri Lanka

An unprecedented economic crisis has seen Sri Lanka's 22 million people suffer acute food, fuel and medicine shortages, along with extended blackouts and runaway inflation