News in Brief
IMF deal on track for Pakistan
AFP – Pakistan announced financial support Friday from the United Arab Emirates and China totalling $1.3 billion, giving the ailing economy a shot in the arm as it seeks to meet conditions for the resumption of an International Monetary Fund bailout.
Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan’s forex reserves – which at their current level of $4.04 billion can barely pay for four weeks of imports.
China on Friday released $300 million to Pakistan – the last tranche of a $1.3 billion rollover loan, Dar said.
“UAE authorities have confirmed to IMF for their bilateral support of US$ one billion to Pakistan,” Dar tweeted.
Russian oil exports up
AFP – Russian oil exports jumped to their highest level in almost three years in March despite Western sanctions, the International Energy Agency said Friday.
The IEA said in its monthly oil market report that total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, the highest level since April 2020.
US retail sales post drop
REUTERS – U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles, suggesting that the economy was losing steam at the end of the first quarter because of higher interest rates.
Retail sales dropped 1.0% last month, the Commerce Department said on Friday. Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Economists polled by Reuters had forecast sales slipping 0.4%.