By Staff Reporter
ISLAMABAD: Pakistan has secured International Monetary Fund (IMF) approval for a modest Re1 per unit cut in electricity prices, but the meager relief hinges on a contentious levy on industrial gas users—a condition now mired in legal disputes.
By Staff Reporter
KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $540 million or 4.84 percent in a single week, reaching a six-month low of $10.61 billion as of March 21, data released on Thursday showed, driven primarily by external debt repayments.
By Staff Reporter
ISLAMABAD – Pakistan on Thursday rejected a U. congressional bill targeting the army chief, General Asim Munir, with sanctions, calling it one lawmaker’s move that jars with the warming ties between the two nations.
By Staff Reporter
ISLAMABAD: Gunmen killed at least five passengers and wounded one from eastern Punjab province after stopping buses on a highway in the restive southwestern province of Balochistan, government officials said on Thursday.
By Staff Reporter
ISLAMABAD: The federal cabinet on Wednesday mandated a thorough review of controversial changes to the country’s solar net metering policy, responding to widespread criticism from consumers, traders, and even senior government figures.
By Staff Reporter
ISLAMABAD: Pakistan’s economy expanded 1.73 percent in the second quarter of the fiscal year 2024-25, driven by solid growth in agriculture and services, despite a slight contraction in the industrial sector, the National Accounts Committee (NAC) said on Wednesday.
By Staff Reporter
ISLAMABAD: A bipartisan group of US lawmakers proposed legislation aimed at imposing sanctions on Pakistan’s military leaders, including Army Chief General Asim Munir, over alleged human rights abuses and the detention of former Prime Minister Imran Khan.
Pakistan has reached a staff-level agreement with the IMF, unlocking $1 billion under the Extended Fund Facility (EFF) and providing $1.3 billion under the Resilience and Sustainability Facility (RSF). The agreement, subject to IMF Executive Board approval, supports Pakistan’s efforts in building resilience to natural disasters and promoting climate adaptation, while also praising the country’s progress in restoring macroeconomic stability.
The UK Department for Transport confirmed on Tuesday, that Pakistan International Airlines (PIA) will remain on its air safety list, thwarting hopes of an imminent return to British skies following a ban imposed in July 2020 over a fake pilot license scandal. Despite recent optimism after a British Air Safety Committee meeting and PIA’s resumption of flights to Europe in January, the department emphasized a “rigorous procedure” for lifting restrictions, with the UK Civil Aviation Authority still engaging Pakistani officials.
The headline inflation is expected to remain steady within a 1-1.5 percent range in March, according to the Finance Division’s Monthly Economic Update and Outlook. However, the ministry warned that inflation could edge up to 2-3 percent in April due to potential volatility in food and energy prices. The country’s inflation has been on a declining trend since peaking at 38 percent in May 2023, and the government’s efforts to tighten spending and boost revenue have led to a primary surplus and a narrowed fiscal deficit.
