ISLAMABAD: Pakistan has notched one of the sharpest drops in sovereign default risk worldwide, emerging as the second-best performer globally according to Bloomberg data on credit default swap (CDS)-implied probabilities, an adviser to the finance minister said on Sunday.
Macro
Govt cuts state share in new pension fund to 12pc to curb liabilities
ISLAMABAD: The government lowered its contribution to a new pension fund for federal workers while formalising the shift away from a traditional retirement system, aiming to curb soaring liabilities that have become a fiscal drag.
Pakistan poised to unlock over $1 billion IMF tranche despite fiscal slippages – report
ISLAMABAD: Pakistan is on track to secure more than $1 billion as the third tranche of its International Monetary Fund bailout, even with some fiscal shortfalls, as officials kick off policy-level talks with a visiting IMF review mission, Dawn newspaper reported on Saturday.
Trade gap widens 46 percent to $3.34 billion in September
ISLAMABAD: Pakistan’s trade deficit surged nearly 46 percent in September to $3.34 billion, official data released Thursday showed, driven by a sharp rise in imports and a steep drop in exports.
ECC approves Rs24 bln for security; reforms barter with Afghanistan, Iran, Russia
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved approximately Rs24 billion in supplementary grants on Thursday to fund security measures and urgent costs tied to the shuttered Roosevelt Hotel in New York, while endorsing reforms to a barter trade mechanism for commerce with Afghanistan, Iran, and Russia.
Procter & Gamble to exit Pakistan operations, shift to distributor model
KARACHI: Procter & Gamble Co. plans to shutter its manufacturing and commercial operations in Pakistan as part of a broader restructuring, joining a wave of multinationals scaling back in the South Asian nation amid economic headwinds.
Inflation jumps to 5.6 percent in September, topping ministry forecast after floods fallout
ISLAMABAD: Pakistan’s headline inflation accelerated sharply to 5.6% year-on-year in September, data from the Pakistan Bureau of Statistics showed on Wednesday, dashing the finance ministry’s hopes of a contained rise after devastating floods hammered the economy.
FM Aurangzeb says IMF talks “moving in right direction”
ISLAMABAD: Talks between Pakistan and the International Monetary Fund are moving in the “right direction”, Finance Minister Muhammad Aurangzeb said on Wednesday, as a review of the country’s $7.1 billion bailout programme got under way amid shortfalls in tax collections.
Pakistan clears $500 million Eurobond on time, signals debt discipline
ISLAMABAD: Pakistan has repaid a $500 million Eurobond on schedule, signalling fiscal discipline amid improving foreign reserves and a more sustainable debt profile, according to the government.
FBR misses quarterly goal by Rs199 billion on weak sales levies
ISLAMABADA: The tax authority fell short of its first-quarter revenue goal by Rs199 billion, battered by sluggish domestic sales taxes and lower collections from utility bills amid floods and a shift to solar power.