KARACHI: Moody’s Investors Service has revised its outlook on Pakistan’s banking sector to stable from positive, reflecting a gradual economic recovery coupled with persistent challenges to asset quality and profitability.
Macro
World Bank’s Banga warns Pakistan faces instability without 30 million new jobs
KARACHI: Pakistan must generate as many as 30 million jobs over the next decade to harness its surging youth population as an engine of growth or face heightened risks of domestic unrest and a brain drain abroad, World Bank President Ajay Banga said.
FBR hints at instalment recovery of Rs217 billion super tax arrears
ISLAMABAD: The government has signalled willingness to recover around Rs217 billion in super tax arrears through instalments to ease pressure on businesses, as an International Monetary Fund review mission prepares to visit later this month amid assurances of no external financing shortfall, Dawn newspaper reported on Thursday.
Federal govt rebuffs Khyber Pakhtunkhwa’s bid for extra funds to aid displaced families
ISLAMABAD: The federal government has rejected a plea from the northwestern province of Khyber Pakhtunkhwa for Rs10.4 billion in additional funding to cover costs tied to resettling people displaced by security operations in Bajaur and the Tirah Valley, instructing the provincial administration instead to draw from its own coffers amid tight national finances, Dawn newspaper reported on Wednesday.
Exports recover in January but trade deficit remains high at $2.72 billion
ISLAMABAD: Pakistan’s trade deficit widened sharply in the first seven months of the fiscal year, driven by a surge in imports and a drop in exports, according to official data released on Monday, showing persistent pressures on the country’s external accounts amid economic challenges.
Inflation edges up to 5.8 percent in January, matching forecasts
ISLAMABAD: Pakistan’s consumer prices rose 5.8% from a year earlier in January, official data showed, aligning with the finance ministry’s forecast and highlighting the central bank’s caution that inflationary pressures may linger as the economy gathers pace.
Pakistan seeks to fast-track projects under $20 billion World Bank partnership
ISLAMABAD: Prime Minister Shehbaz Sharif and World Bank Group President Ajay Banga agreed on Monday to accelerate the implementation of development projects and bolster oversight mechanisms, as the cash-strapped South Asian nation pushes forward with a broad reform agenda backed by international lenders.
FBR tax haul rises 16 percent in January, boosting fiscal outlook despite shortfall
ISLAMABAD: The Federal Board of Revenue (FBR) posted a 16% rise in tax collections for January, reaching Rs1.015 trillion and beating the previous six months’ average growth rate, officials said, signalling a potential turnaround in meeting fiscal targets despite missing the monthly goal.
PM Sharif cuts industrial electricity tariff by Rs4.4 per unit, lowers export refinance rate
ISLAMABAD: Prime Minister Shehbaz Sharif announced a Rs4.4 cut in electricity tariffs per unit for the industrial sector on Friday, along with other measures aimed at easing costs for businesses and spurring exports amid efforts to sustain economic recovery.
IMF urges Pakistan to speed up reforms under $7bln bailout to bolster growth
ISLAMABAD: The International Monetary Fund urged Pakistan on Thursday to quicken the pace of structural reforms pledged under its $7 billion bailout package, saying the step would help the cash-strapped South Asian nation solidify economic growth, preserve macroeconomic stability and ramp up exports.