By Staff Reporter
KARACHI: Pakistan’s foreign exchanges reserves plunged almost 4.6 percent or $648 billion in the first week of August on higher external debt payments and dried dollar inflows, central bank data showed on Thursday.
top-economy
Pakistan gets China’s nod on $2 billion debt rollover
By Staff Reporter
ISLAMABAD: China has allowed cash-strapped Pakistan to rollover $2 billion worth of short-term commercial loans to provide a major relief for its all-weather ally, which is reeling under major economic crisis.
July inflation hits 14-year high as another rate hike looms
By Staff Reporter
KARACHI: July inflation accelerated to its highest in 14-year on runaway food prices, stoked by a battered rupee, raising prospects of more rate hike by central bank later this month, official data showed on Monday.
Finance minister Miftah Ismail addressing a press conference in Islamabad on July 31, 2022. PID Photo
Govt withdraws fixed tax on traders after protests
By Staff Reporter
ISLAMABAD: Pakistan, struggling with weak finance, withdrew a fixed tax of Rs3000 on small traders with electricity consumption of less than 150 units per month after countrywide protests from businesses that have been ill-prepared for the change.
PSO scrambles to avoid first major default of Pakistan economic crisis
By Staff Reporter
ISLAMABAD: State-run Pakistan State Oil (PSO) was rescued by the government on Sunday through a Rs30 billion emergency funding as the state-run oil giant, buckling under the cost of soaring oil import prices and stuck-up receivables, was racing against the clock to avoid becoming the country’s first default.
ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- PID photo
Pakistan ends ban on non-essential luxury goods imports
By Staff Reporter
ISLAMABAD: The government on Thursday lifted a nearly two-month ban on the import of several non-essential luxury goods despite an alarming low levels of foreign currency reserves.
SBP’s forex reserves fall to levels equal to 35 days of imports
By Staff Reporter
KARACHI: The State Bank of Pakistan’s held foreign exchange reserves dropped 8.1 percent to $8.575 billion in the week ended July 22, as the country struggles to manage a long-simmering debt crisis, latest data showed on Thursday.
Current account deficit reaches $17.4 billion in FY22
By Staff Reporter
KARACHI: The current account deficit surged to a 4-year high of $17.4 billion in the fiscal year of 2021-22 on soaring cost of energy imports, central bank’s data showed.
Pakistan gets foreign loans of $22.5 billion in last fiscal
By Staff Reporter
ISLAMABAD: Pakistan borrowed $22.5 billion in the last fiscal year to plug the current account deficit and to pay back maturing debts.
Govt hikes electricity base prices by Rs7.91/unit to win IMF’s bailout
By Staff Reporter
ISLAMABAD: Electricity tariffs across Pakistan are expected to rise by Rs7.91 per unit in three phases to win an IMF bailout program, a regulator said on Friday.