By Staff Reporter
ISLAMABAD: Pakistan plans to raise $2 billion by issuing international bonds in the next fiscal year, as it seeks to secure over $22 billion in foreign loans amid uncertainty over its International Monetary Fund (IMF) programme.
Macro
World Bank forecasts for 2pc growth in Pakistan’s economy in FY24 fall short of govt’s target
By Staff Reporter
KARACHI: Pakistan’s economy is expected to grow by 2 percent in the next fiscal year, well below the government’s target of 3.5 percent, as the country struggles with the lasting effects of last year’s floods, high inflation and policy uncertainty, the World Bank said on Tuesday.
NEC approves 8 pm shop closure to save energy, traders oppose
By Staff Reporter
ISLAMABAD: The National Economic Council (NEC) on Tuesday approved an energy conservation plan that will require shops and commercial centers to close by 8pm starting from July 1.
International airlines face $188 million in blocked funds in Pakistan
By Staff Reporter
ISLAMABAD: The International Air Transport Association (IATA) warned on Sunday that countries such as Pakistan have witnessed a rapid surge in the level of blocked funds, posing a significant threat to airline connectivity in affected markets.
Pakistan targets 3.5 percent economic growth in FY24
By Staff Reporter
ISLAMABAD: Pakistan’s economic outlook for the next year appears promising, with a growth target of 3.5 percent set amidst expectations of political stability, improvements in the external account, and a steadfast macroeconomic environment.
Pakistan will not default, says finance minister amid IMF stalemate
By Staff Reporter
ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar said on Saturday there was no technical reason for the delay in resuming a $6.5 billion International Monetary Fund (IMF) programme that has been stalled since November, and assured the country would not default on its debt obligations.
Pakistan’s inflation fastest in Asia for second month
By Staff Reporter
ISLAMABAD: Pakistan’s inflation hit another record high in May, making it Asia’s fastest for a second month, just days before the next fiscal budget is due to be unveiled in a country facing unprecedented economic challenges.
SBP eases dollar purchases for card payments
By Staff Reporter
KARACHI: The central bank said on Wednesday it would allow banks to buy dollars from the interbank market to settle card-based cross-border transactions with international payment schemes, a move that could ease pressure on the open currency market.
Petrol price drops by Rs8/liter as Pakistan battles record inflation
By Staff Reporter
ISLAMABAD: Pakistan cut petrol prices by Rs8 per liter on Wednesday, its second reduction in two weeks, to ease inflation that hit a 59-year high in April after an IMF-backed hike in fuel and energy tariffs.
Pakistan rejects IMF’s ‘interference’ in domestic politics
By Staff Reporter
ISLAMABAD: State Minister for Finance Dr. Aisha Ghaus Pasha on Wednesday rejected a statement by a senior International Monetary Fund (IMF) official as “interference” in domestic politics after he spoke about the necessity of maintaining the “rule of law” in the country.