By Staff Reporter
ISLAMABAD: Pakistan International Airlines (PIA) has leased its Roosevelt Hotel in New York City to the New York City Administration for three years for $220 million, a minister said Sunday.
top-economy
Pakistan targets 3.5 percent economic growth in FY24
By Staff Reporter
ISLAMABAD: Pakistan’s economic outlook for the next year appears promising, with a growth target of 3.5 percent set amidst expectations of political stability, improvements in the external account, and a steadfast macroeconomic environment.
Ogra approves gas price hike of up to 45pc for SNGPL, SSGCL
By Staff Reporter
ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) on Friday approved gas price hikes of 40 percent and 45 percent for consumers of Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL), respectively, for the fiscal year 2023-24.
Pakistan approves barter trade mechanism with Afghanistan, Iran, Russia
By Staff Reporter
ISLAMABAD: Pakistan has approved a barter trade mechanism with Afghanistan, Iran and Russia to boost trade and help the country’s struggling economy, the commerce ministry said on Friday.
Pakistan says no ‘Plan B’ if IMF deal fails
By Staff Reporter
ISLAMABAD: Pakistan has no backup plan if the International Monetary Fund (IMF) does not resume its $6.5 billion loan program, which has been on hold since September last year due to differences in next fiscal year’s external financing needs of the country, a minister said on Thursday.
SBP eases dollar purchases for card payments
By Staff Reporter
KARACHI: The central bank said on Wednesday it would allow banks to buy dollars from the interbank market to settle card-based cross-border transactions with international payment schemes, a move that could ease pressure on the open currency market.
Petrol price drops by Rs8/liter as Pakistan battles record inflation
By Staff Reporter
ISLAMABAD: Pakistan cut petrol prices by Rs8 per liter on Wednesday, its second reduction in two weeks, to ease inflation that hit a 59-year high in April after an IMF-backed hike in fuel and energy tariffs.
Pakistan rejects IMF’s ‘interference’ in domestic politics
By Staff Reporter
ISLAMABAD: State Minister for Finance Dr. Aisha Ghaus Pasha on Wednesday rejected a statement by a senior International Monetary Fund (IMF) official as “interference” in domestic politics after he spoke about the necessity of maintaining the “rule of law” in the country.
Inflation defies efforts of monetary tightening
By Staff Reporter
ISLAMABAD: Inflation is poised to maintain its upward trajectory, defying efforts of monetary tightening, primarily driven by the depreciation of the rupee and a range of challenges arising from the unpredictable external and domestic economic landscape, the finance ministry said on Tuesday.
IMF asks Pakistan to eliminate dual exchange rate for bailout progress
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) is working closely with Pakistan to address its currency market situation and resolve other critical issues ahead of the resumption of its $6.7 billion bailout program, which is set to conclude in June.