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Financial crisis

Govt striving to overcome financial crisis: PM

ISLAMABAD: Prime Minister Imran Khan on Friday said his government inherited a huge deficit of current and fiscal account and was endeavouring to overcome the financial crisis. Talking to a delegation of columnists in Islamabad, he said that the government decided to approach the friendly countries to deal with the situation and by the grace of Almighty Allah, it overcame the financial crunch and balance of payments issue. PM Imran said that the government would present a comprehensive programme to the nation showing…

Azerbaijan offers $100million to address Pakistan’s energy issues

ISLAMABAD: Ambassador of Azerbaijan Ali Alizada called on Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain on Friday and said that Azerbaijan is ready to provide $100million as credit to Pakistan to address its energy issues along with supplying of oil and oil products. According to a statement released by the government, during the meeting, the ambassador also showed his keen interest to strengthen cooperation in the fields of media and information with particular emphasis on formal collaboration…

World unprepared for next financial crisis: ex-IMF chief

PARIS: The world is less well equipped to manage a major financial crisis today than it was a decade ago, according to Dominique Strauss-Kahn, a former chief of the International Monetary Fund (IMF). In an interview with AFP, the now-disgraced Strauss-Kahn -- who ran the fund at the height of the 2008 financial meltdown -- also said rising populism across the world is a direct result of the crisis. Strauss-Kahn resigned as head of the IMF in 2011 after being accused of attempted rape in New York, although the charges…

PIA planning to sack 11,000 employees: sources

KARACHI: The cash-strapped Pakistan International Airlines (PIA) is planning to carry out unprecedented downsizing to steer the national airliner out of financial crisis. According to sources, the PIA management is mulling to sack around 11,000 employees out of its total strength of 18,000 staffers. The management believes that PIA requires around 6,000 to 7,000 employees to meet its needs, while around 11,000 workers were redundant and liability on the organisation, sources informed. Some 400 employees possessing fake…