By Staff Reporter
KARACHI: Pakistan’s oil sales experienced a sharp decline, with a 46 percent year-on-year drop to 1.171 million tons in April. The country’s total sales during the July-April period of FY23 also suffered a significant setback, decreasing by 24 percent to 13.970 million tons.
By Staff Reporter
ISLAMABAD: Pakistan’s trade deficit has shown a significant reduction of 39.62 percent, amounting to $23.713 billion, during the initial ten months of the current fiscal year.
By Staff Reporter
ISLAMABAD: The government on Sunday announced that the price of petrol will remain unchanged at Rs282 per litre for the next two weeks, while the price of high-speed diesel has been reduced by Rs5 per litre to Rs288.
By Staff Reporter
ISLAMABAD: Pakistan’s Finance Ministry has projected that inflation in April could reach an unprecedented range of 36 percent to 38 percent year-on-year due to a surge in food and energy prices, as well as the effects of a weakened currency.
By Staff Reporter
KARACHI: The Economist Intelligence Unit (EIU) has stated that Pakistan is expected to default on its external debt obligations by early 2024 due to limited foreign-exchange reserves to service its external debt and the end of its IMF loan by the third quarter of 2023
By Staff Reporter
ISLAMABAD: Pakistan’s economy is expected to remain weak throughout 2023 due to stricter financial conditions and a lack of fiscal flexibility, the government said on Wednesday.
By Staff Reporter
ISLAMABAD: Pakistan’s efforts to secure additional financing have been met with delays in striking a staff-level agreement with the International Monetary Fund (IMF), with authorities now blaming the Fund for using “dillydallying tactics”.
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) has allowed banks to allocate dollars to a broader range of clients, including foreign airlines, potentially making hard currency available to international companies seeking to repatriate earnings after months of delays, senior bankers said on Friday.
By Staff Reporter
ISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, with one cargo to dock at Karachi port in May.
By Staff Reporter
ISLAMABAD: Pakistan’s ability to secure foreign loans has decreased by 40 percent in the first nine months (July-March) period of the current fiscal year, as it only managed to secure a total of $7.7 billion compared to $12.7 billion in the same period last year, official figures showed on Wednesday.
