By Staff Reporter
KARACHI: Pakistanis living abroad sent home a record $2.5 billion in remittances in March, marking a seven-month high, data from the State Bank of Pakistan showed on Monday.
top-economy
IMF bailout program review on track, says Finance Minister Dar
By Staff Reporter
ISLAMABAD: The long-awaited ninth review of the $7 billion International Monetary Fund (IMF) bailout program is proceeding smoothly, Finance Minister Ishaq Dar on said on Saturday, a day after cancelling his scheduled trip to Washington for the spring meetings of the IMF and World Bank.
Dar cancels IMF’s Washington meeting amid political unrest in Islamabad
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar has canceled his planned visit to Washington, where he was scheduled to meet with the International Monetary Fund (IMF) on an installed bailout programme, to keep his presence in politically tense Islamabad.
World Bank says Pakistan’s GST system falls short by 50pc
By Staff Reporter
ISLAMABAD: The World Bank (WB) has identified a significant gap of around 50 percent in General Sales Tax (GST) on traders in real VAT mode in Pakistan, which could be closed by eliminating exemptions on the registration threshold of Rs 50 million.
Economist Atif Mian warns of Pakistan’s economic catastrophe, blames politicians, generals, and judiciary
By Staff Reporter
KARACHI: Pakistan’s economy is spiraling out of control, from crisis to catastrophe, and now the system is becoming unhinged, warns renowned economist Atif Mian.
Pakistan awaits $1bn from UAE, nears IMF deal with Saudi Arabia deposit confirmed
By Staff Reporter
ISLAMABAD: Pakistan is anticipating an additional $1 billion deposit from the United Arab Emirates (UAE) as it moves towards a staff-level agreement (SLA) with the International Monetary Fund (IMF), following confirmation of $2 billion in additional deposits from the Kingdom of Saudi Arabia, according to local media reports on Wednesday.
Public debt surges by 27.1pc YoY to Rs54.353 trillion
By Staff Reporter
KARACHI: Pakistan’s public debt has increased by 27.1 percent year-on-year to reach Rs54.353 trillion at the end of February 2023, according to data released by the central bank on Wednesday.
World Bank cuts Pakistan’s GDP forecast to 0.2pc
By Staff Reporter
ISLAMABAD: The World Bank sharply lowered Pakistan’s growth forecast for the current fiscal year of 2022/23, saying the country’s economic growth prospects have weakened due to tighter financial conditions and limited fiscal space.
SBP delivers small rate increase of 100bps to fight sky-high inflation
By Staff Reporter
KARACHI: The central bank of Pakistan raised its key interest rate by 100 basis points to 21 percent on Tuesday to contain inflation, which remains at red-hot levels.
March exports tumble for sixth month as global demand cools
By Staff Reporter
ISLAMABAD: Exports fell in March year-on-year for the sixth month in a row, hit by a cooling global economy and a persistent slump in industrial activities in the country, data showed on Monday.