KARACHI: Pakistan’s total public debt swelled by a staggering Rs9.3 trillion in fiscal 2024-25, pushing the stock to Rs80.5 trillion by the end of June 2025 and adding Rs25.4 billion to the burden every single day of the year, according to official figures tabled in the National Assembly on Friday.
top-economy
Diesel, kerosene prices to rise up to Rs9.50; petrol set for Rs2 cut
KARACHI: The government will increase ex-depot prices of high-speed diesel, kerosene and light diesel oil by as much as Rs9.50 a liter from November 16, while cutting the petrol price by around Rs2, according to people familiar with the preliminary calculations.
Lotte Chemical sells 75 percent of Pakistan PTA unit for $69 million; P&G seeks Gillette delisting
KARACHI: Lotte Chemical Corp. has sold a roughly 75 percent stake in its Pakistani purified terephthalic acid (PTA) subsidiary to Dubai-based PTA Global Holding Ltd. for $68.94 million, the latest step in Seoul’s government-backed push to restructure loss-making petrochemical assets amid chronic oversupply and weak demand.
IMF board set to approve $1.2 billion disbursement for Pakistan on Dec. 8
KARACHI: The International Monetary Fund (IMF) is poised to approve an immediate $1.2 billion disbursement to Pakistan in the second week of next month, providing a fresh influx of cash to the cash-strapped South Asian economy amid efforts to tackle entrenched governance weaknesses and recover from devastating floods.
Afghanistan orders businesses to stop using Pakistan transit routes in three months
ISLAMABAD: Afghanistan’s deputy prime minister for economic affairs asked traders to ditch Pakistan as a transit route for imports and exports within three months, signaling a deepening rift between the neighbours amid escalating security tensions.
Auto sales jump 32 percent as economy stabilises, but used imports cloud outlook
KARACHI: Pakistan’s auto industry posted robust growth in October, with passenger vehicle sales jumping 32% from a year earlier amid lower interest rates and improving consumer confidence, though a surge in used-car imports is raising alarms about the sector’s long-term viability.
PIA cancels nine flights as engineers’ strike enters sixth day
KARACHI: Pakistan International Airlines, the country’s beleaguered national carrier, grappled with widespread disruptions on Sunday as a labor dispute with its engineering staff stretched into a sixth day, leading to the cancellation of nine flights and delays for 18 others.
Pakistan seeks IMF sign-off on incentives in first National Industrial Policy
ISLAMABAD: The government has submitted its first National Industrial Policy to the federal cabinet for approval, laying out a series of obstacles to industrial expansion and offering reforms aimed at rejuvenating the manufacturing sector.
ECC approves Rs 660 billion guarantees to back circular debt cleanup
ISLAMABAD: The Economic Coordination Committee of the cabinet on Friday approved a plan to settle inter-corporate circular debt, rationalise tariffs for six nuclear plants and wind down Power Holding Ltd., a shell entity set up to park legacy liabilities.
October remittances rise 12 percent year-on-year to $3.4 billion
KARACHI: Remittances from overseas workers into Pakistan rose to $3.4 billion in October, up nearly 12% from a year earlier, central bank data showed on Friday, as inflows from key markets including Saudi Arabia and the United Arab Emirates helped bolster the country’s external accounts.