By Staff Reporter
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) said it hasn’t recommended any increase in gas tariffs for the current fiscal year, refuting media reports that a 41 percent hike was in the works.
top-economy
Economy bounces back from dollar crunch, says finance minister
By Staff Reporter
KARACHI: The economy is on track to grow by 2-2.5 percent this fiscal year, rebounding from a dollar scarcity-induced contraction, as it benefits from an IMF-backed reform program and improved agricultural output, the finance minister said.
Pakistan receives $705 million IMF tranche, $2 billion UAE rollover
By Staff Reporter
KARACHI: Pakistan received a $705.6 million tranche from the International Monetary Fund (IMF) and a $2 billion rollover of deposits from the United Arab Emirates (UAE) on Wednesday, boosting its foreign exchange reserves that have been under pressure due to debt repayments and low inflows.
Current account surplus in December reverses six-month deficit streak
By Staff Reporter
KARACHI: Pakistan posted a current account surplus of $397 million in December, reversing five months of deficits, as exports rose and imports fell, the central bank said on Wednesday.
Petrol price cut by Rs8, diesel unchanged
By Staff Reporter
KARACHI: The caretaker government lowered the price of petrol by Rs8 per liter for the next two weeks, as the country grapples with a severe gas shortage that has disrupted power supplies and industries.
Pakistan’s growth prospects dim as World Bank flags policy, political challenges
By Staff Reporter
ISLAMABAD: Pakistan’s economy will grow at a sluggish pace of 1.7 percent in the current fiscal year, as tight monetary and fiscal policies and political uncertainty weigh on domestic demand, the World Bank said in a report on Wednesday.
Currency reforms boost remittances to $2.4bn in Dec
By Staff Reporter
KARACHI: Pakistan received $2.4 billion in remittances from its overseas workers in December, up 13.4 percent from a year earlier, as a stable currency and improved economic outlook encouraged more inflows through official channels, the central bank data showed on Wednesday.
Pakistan seeks oil and cash aid from Gulf allies ahead of IMF review, election
By Staff Reporter
ISLAMABAD: Pakistan is in talks with Saudi Arabia and the United Arab Emirates to secure additional oil and financial assistance to shore up its foreign exchange reserves ahead of a crucial IMF review and prepare for a general election next month.
Pakistan’s Rs2bn fund to rescue startups in crisis
By Staff Reporter
ISLAMABAD: The interim government launched a Rs2 billion fund on Tuesday to support startups in the country, which saw a sharp drop in investment last year due to high interest rates.
Inflation rises in December, but core pressures ease
By Staff Reporter
ISLAMABAD: The inflation edged higher in December, keeping up a year-long streak of soaring prices, but a retreat in core pressures could open the door for the central bank to loosen its grip on rates in the next policy meeting.