By Staff Reporter
ISLAMABAD: A biggest jump in food prices pushed Pakistan’s inflation a 48-year high in January in a new blow for households grappling with a cost-of-living crisis in the cash-strapped country.
Commodities
Barrick Gold makes $3 million payment to Balochistan
By Staff Reporter
ISLAMABAD: Barrick Gold Corporation, developing the world’s largest site of copper and gold deposits in southwest Balochistan province said on Tuesday it had paid $3 million to the provincial government after agreeing to a timetable to disburse the committed funds to the province last month.
ENI declares force majeure on February LNG cargo for Pakistan
By Staff Reporter
ISLAMABAD: Eni said the delivery of a liquefied natural gas (LNG) cargo to Pakistan LNG Limited that was scheduled for February has been disrupted due to an event of force majeure.
SBP withdraws conditions for essential goods import
By Staff Reporter
KARACHI: The State Bank of Pakistan on Monday removed the requirement of obtaining approval before importing essential goods to facilitate traders.
Current account shrinks in first-half on weak imports
By Staff Reporter
KARACHI: Pakistan’s current account (C/A) deficit narrowed sharply in the first half of the current fiscal year amid dollar shortages in the country to fund imports of goods, central bank data showed on Wednesday.
Barrick Gold targets 2028 for first production from Reko Diq project
By Staff Reporter
ISLAMABAD: Toronto-based Barrick Gold Corp, the world’s biggest gold producer, is targeting 2028 for first commercial production from the Reko Diq copper-gold mine in Pakistan’s Balochistan province.
ECC approves export of 250,000 tonnes of sugar
By Staff Reporter
ISLAMABAD: The government on Tuesday allowed another 150,000 tonnes of sugar export, bringing the total to 250,000 tonnes so far this year, as it seeks to generate foreign exchange for its dried coffers.
Stubbornly high fuel, food prices harden inflation in December
By Staff Reporter
ISLAMABAD: Consumer prices unexpectedly rose in December and underlying inflation accelerated amid rising costs for fuel and food, indicating that the central bank will keep borrowing cost elevated in its next monetary review.
No respite for battered Pakistan economy
By Staff Reporter
ISLAMABAD: Pakistan’s economic alarm bells are still ringing loudly with fear of a global recession, spiraling local inflation, shrinking growth and alarmingly low foreign currency, reserves stoking investor concerns over a possible economic emergency, missed targets with the International Monetary Fund (IMF) and political unrest.
“No other option” except implementing IMF deal, PM Sharif
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said his government has no option but to implement harsh measures under the ongoing International Monetary Fund (IMF) bailout programme.