By Staff Reporter
KARACHI: Pakistan’s public debt has risen to almost 80 percent of gross domestic product, limiting the country’s ability to recover from the inflation-induced slowdown, the Asian Development Bank said on Wednesday.
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Photo courtesy PSX
Retail investors snap up Pakistan’s debut listed sukuk at 19.52pc yield
By Staff Reporter
KARACHI: Pakistan’s first auction of a one-year listed domestic sukuk, or Islamic bond, was oversubscribed by more than 15 times on Friday, as retail investors flocked to the sharia-compliant debt instrument that offers a higher return than conventional bonds.
Pakistan economy to grow 2.1 percent in 2024, IMF aid key: Bloomberg
By Staff Reporter
KARACHI: Pakistan’s economy is poised to rebound from a contraction in the current fiscal year and expand 2.1 percent in 2024, aided by easing supply bottlenecks, lower interest rates, and continued support from the International Monetary Fund, according to a Bloomberg economist.
NEPRA raises October power tariffs by 39pc to recover fuel costs
By Staff Reporter
ISLAMABAD: The power regulator on Tuesday increased electricity tariffs by 39 percent for October 2023 to recover Rs32 billion from consumers under a monthly fuel adjustment mechanism.
Pakistan faces delay in accessing $700 million tranche amid busy IMF board schedule
By Staff Reporter
ISLAMABAD: Pakistan is waiting for the International Monetary Fund (IMF) to approve the first review of its $3 billion Standby Arrangement (SBA) and release the second tranche of $700 million, but the IMF’s executive board is unlikely to take up the case until mid-December.
Gas prices push inflation to 29.2pc in November
By Staff Reporter
ISLAMABAD: The consumer price inflation rate jumped to 29.2 percent in November, as a steep hike in gas prices fuelled the housing and utility costs, official data showed on Friday.
ADB lends Pakistan $250 million for power transmission project
By Staff Reporter
ISLAMABAD: The Asian Development Bank (ADB) on Friday approved $250 million in loans that will help deliver reliable electricity in Pakistan by expanding and improving the power transmission network in the country’s Punjab and Khyber Pakhtunkhwa provinces.
Remittances rise to seven-month high of $2.5bn in October
By Staff Reporter
KARACHI: Remittances increased to a seven-month high of $2.5 billion in October, up 12 percent from the previous month and 10 percent from a year ago, as migrant workers sent more money home through legal banking channels, central bank data showed on Friday.
Pakistan hopes to seal Saudi deal for Reko Diq mine by December
By Staff Reporter
ISLAMABAD: Pakistan’s caretaker prime minister said his government hopes to conclude a deal by December for Saudi Arabia to buy stakes in one of the world’s biggest gold and copper mining projects, as the kingdom seeks to diversify its economy and secure supplies of key metals.
FBR tax goal under IMF scrutiny over import slump, legal hurdles
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) has cast doubt on Pakistan’s ability to meet its ambitious tax collection goal for the current fiscal year, as lower imports and legal challenges pose risks to revenue growth, officials said on Friday.