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.
Energy
Pakistan records current account surplus in March on import curbs
By Staff Reporter
KARACHI: Pakistan saw its first current account surplus in two and a half years in March, as government restrictions on imports helped boost the country’s balance of payments, State Bank of Pakistan (SBP) data showed on Wednesday.
Pakistan lifts petrol price by Rs10 per litre
By Staff Reporter
ISLAMABAD: Pakistan has hiked the price of petrol by Rs10 per litre to Rs282 for the ensuing 15 days because of the plummeting value of the country’s currency, the finance minister said on Saturday.
Mohmand Dam project receives $240mn funding from Saudi Arabia
By Staff Reporter
ISLAMABAD: The Saudi Fund for Development (SFD) signed a $240 million loan agreement with Pakistan on Friday to support the multipurpose Mohmand Dam Project.
Gallup Survey: Business confidence dips as owners face increasing challenges
By Staff Reporter
KARACHI: Business owners in Pakistan are becoming increasingly pessimistic about the prospects and conditions of their businesses, according to the latest Gallup Pakistan Survey released on Friday.
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.
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.
Inflation soars in March to record high of 35.37pc
By Staff Reporter
ISLAMABAD: Inflation in Pakistan jumped in March to its highest in almost six decades, driven by skyrocketing food and fuel prices, statistics bureau data showed on Saturday, putting pressure on the central bank to hike rate aggressively at a meeting due next week and to keep tightening policy in the months ahead.
Nepra approves Rs3.23/unit power price hike for July
By Staff Reporter
ISLAMABAD: The government is all set to impose a surcharge of Rs3.23 per unit on electricity consumers from the start of the new fiscal year on July 1, the regulator’s statement said on Friday.
Weak rupee, high energy prices to keep inflation elevated
By Staff Reporter
ISLAMABAD: Rupee devaluation and rising energy prices are likely to push up consumer prices in the near term that are already sky high, the finance ministry warned on Friday.