By Staff Reporter
ISLAMABAD: Pakistan has surpassed Sri Lanka to become Asia’s fastest inflationary economy, with rising food and energy costs and a weaker currency driving price gains to a record in April, government data showed on Tuesday.
Macro
Food, energy prices skyrocket, Pakistan faces record inflation levels in April
By Staff Reporter
ISLAMABAD: Pakistan’s Finance Ministry has projected that inflation in April could reach an unprecedented range of 36 percent to 38 percent year-on-year due to a surge in food and energy prices, as well as the effects of a weakened currency.
ECC approves double-digit price hike for general and essential medicines
By Staff Reporter
ISLAMABAD: The government on Friday approved an increase in retail prices for both general and essential medicines, with the latter rising by up to 14 percent and the former by as much as 20 percent.
New taxation measures on tobacco could backfire for govt’s revenue goals
By News Desk
If the government’s move to institute new taxation measures through a minibudget was aimed at raising more revenue to plug the yawning budget deficit, it may well prove counterproductive – at least as far as it concerns the tobacco sector.
Pakistan expected to default on external debt obligations by early 2024, says EIU
By Staff Reporter
KARACHI: The Economist Intelligence Unit (EIU) has stated that Pakistan is expected to default on its external debt obligations by early 2024 due to limited foreign-exchange reserves to service its external debt and the end of its IMF loan by the third quarter of 2023
Pakistan slashes GDP growth forecast for FY2023 to 0.8 percent
By Staff Reporter
ISLAMABAD: Pakistan’s economy is expected to remain weak throughout 2023 due to stricter financial conditions and a lack of fiscal flexibility, the government said on Wednesday.
IMF’s ‘dillydallying tactics’ frustrate Pakistan’s efforts to conclude loan programme
By Staff Reporter
ISLAMABAD: Pakistan’s efforts to secure additional financing have been met with delays in striking a staff-level agreement with the International Monetary Fund (IMF), with authorities now blaming the Fund for using “dillydallying tactics”.
Pakistan major recipient of ADB financing in 2022
Receiving commitments totalling to USD 5.58 billion, Pakistan accounted for just under a fifth of the ADB’s total loan and grant commitments over the year 2022. By Muhammad Ali.
Pakistan allows foreign airlines to access hard currency to repatriate earnings
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) has allowed banks to allocate dollars to a broader range of clients, including foreign airlines, potentially making hard currency available to international companies seeking to repatriate earnings after months of delays, senior bankers said on Friday.
Pakistan struggles to secure foreign loans, records 40pc fall in July-March period
By Staff Reporter
ISLAMABAD: Pakistan’s ability to secure foreign loans has decreased by 40 percent in the first nine months (July-March) period of the current fiscal year, as it only managed to secure a total of $7.7 billion compared to $12.7 billion in the same period last year, official figures showed on Wednesday.