By Staff Reporter
ISLAMABAD Pakistan’s economy is on track to grow faster than previously forecasted by the International Monetary Fund, despite facing macroeconomic and security challenges.
top-economy
Tax wealth from land and property, World Bank tells Pakistan
By Staff Reporter
ISLAMABAD: Pakistan should increase taxation of high-income earners, especially those who derive income from agriculture and property, and withdraw regressive tax exemptions, the World Bank said.
Cnergyico buys first private shipment of discounted Russian oil
By Staff Reporter
KARACHI: A Pakistani refiner has imported the country’s first private-sector shipment of Russian crude oil, taking advantage of Moscow’s discounts on its oil exports after its invasion of Ukraine.
Pakistan pursues $11 billion in funding from China, Saudi Arabia to plug gaps
By Staff Reporter
ISLAMABAD: Pakistan is seeking around $11 billion in bilateral support from China and Saudi Arabia to fill its external and domestic financing gaps as it tries to keep its IMF program on track, an interim finance minister said on Thursday.
Pakistan back in LNG market after year-long hiatus
By Staff Reporter
ISLAMABAD: Pakistan is back in the market for liquefied natural gas (LNG) after a year-long hiatus, as it tries to secure supplies for the winter season amid a global gas crunch.
Pakistan targets 85 state enterprises for performance boost, possible sale
By Staff Reporter
ISLAMABAD: The caretaker government is seeking to improve the performance of 85 state-owned enterprises (SOEs) that have the potential to pay dividends or become profitable, as it prepares for a possible privatisation drive to dispose of dozens of losing-making entities.
Pakistan’s growth lags behind region as inflation soars, ADB says
ADB lowers Pakistan’s growth forecast to 1.9pc from 2pc, citing erratic rainfall and global price shocks. Inflation projected to rise to 25pc, the highest in Asia. The country’s economic recovery hinges on the IMF-supported adjustment program.
PM Kakar pushes for quick sale of troubled PIA
By Staff Reporter
ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar instructed his newly appointed Privatization Minister Fawad Hassan Fawad to fast-track the sale of the state-owned Pakistan International Airlines Corp. (PIA), which is facing a severe cash crunch and has grounded some of its planes.
PIA faces collapse as debt and losses swell
PIA is on the verge of collapse as it struggles to pay its bills and maintain its fleet. It has asked for a bailout from the government, which is itself in an economic crisis. The caretaker government has pushed for privatization, but will it happen before it’s too late?
Pakistan seeks $2billion in World Bank aid for economic recovery
By Staff Reporter
ISLAMABAD: Pakistan is seeking about $2 billion in aid from the World Bank to boost its economic recovery and support its reform efforts, especially in the energy sector.