KARACHI: Fitch Ratings assigned a B- rating to Pakistan’s proposed US dollar-denominated bond on Tuesday, placing the sovereign debt sale firmly in speculative-grade territory as the country works to shore up its external finances.
Economy
Pakistan August inflation jumps to 11.1 percent, complicating next rate move
ISLAMABAD: Consumer prices in Pakistan climbed more than economists had projected in August, complicating the central bank’s next policy move as tensions in the Middle East raise the risk of further cost pressure ahead.
Pakistan rushes to buy spot LNG cargo as gas shortage triggers blackouts
ISLAMABAD: Pakistan is seeking an emergency spot cargo of liquefied natural gas for delivery in the first week of September, as a shortfall in the fuel needed to run the country’s power plants leaves millions of households facing extended blackouts.
Pakistan says 40 million hold crypto accounts, third-biggest market
ISLAMABAD: Pakistan has become the world’s third-largest cryptocurrency market, with roughly 40 million residents now holding accounts linked to digital assets, according to the head of the country’s newly formed virtual-asset regulator.
FBR beats two-month revenue target despite August shortfall
ISLAMABAD: The tax authority collected 901 billion rupees in August, missing its target by 29 billion rupees and leaving the pace of revenue growth well short of the roughly 17% annual increase required to meet a target tied to the country’s International Monetary Fund loan program.
Inflation seen near 11 percent in August as floods, credit slump threaten growth
ISLAMABAD: Inflation is projected to hold in a range of 10% to 11% in August, as global commodity and energy costs continue to pressure consumer prices even as the country contends with a slump in foreign investment and a deepening contraction in private-sector lending, the Finance Division said.
Petrol up, diesel down as Mideast war keeps pump prices on knife edge
ISLAMABAD: The government raised the retail price of petrol by 77 paisa a litre while cutting high-speed diesel by Rs1.03, the Petroleum Division said on Monday, the latest in a run of daily adjustments that have become the norm since the outbreak of the Iran war roiled global crude markets in late February.
Hague court rejects India’s suspension of Indus water treaty, orders halt on Kashmir dam project
ISLAMABAD: An international arbitration court ruled on Monday that India cannot unilaterally suspend a six-decade-old treaty governing the sharing of water from the Indus River system, delivering a sharp rebuke to New Delhi and ordering it to curtail construction on a hydroelectric project in the disputed Kashmir region.
Pakistan, Saudi Arabia set $3 billion target for agricultural trade
ISLAMABAD: Pakistan and Saudi Arabia agreed to nearly double Pakistan’s agricultural and food exports to the kingdom, targeting $3 billion within two years as the countries deepen commercial ties beyond their traditional defence and security partnership.
CDWP recommends 20 percent cut to Gwadar water pipeline cost, refers project to ECNEC
ISLAMABAD: Pakistan’s central planning authority recommended cutting the estimated cost of a long-delayed pipeline project supplying water from Mirani Dam to the port city of Gwadar by roughly 20%, as part of a broader package of infrastructure and education projects worth 60.26 billion rupees cleared or advanced on Sunday.