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.
Macro
Pakistan presents revised financing plan to IMF to tackle $5-6bn external deficit
By Staff Reporter
ISLAMABAD: Pakistan has presented a revised external financing strategy to address the $5 to $6 billion deficit by the conclusion of June 2023 and has urged the International Monetary Fund (IMF) to promptly reach a staff-level consensus on a long-delayed bailout program, The News reported on Wednesday
Industrial output faces prolonged contraction with double-digit dip in February
By Staff Reporter
ISLAMABAD: Pakistan’s Large-scale manufacturing (LSM) sector is facing an extended period of contraction, with a decline of 11.59 percent in February 2023 as compared to the same period last year, Pakistan Bureau of Statistics (PBS) data showed.
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.
SBP governor expresses cautious optimism about economy amid IMF program resumption
By Staff Reporter
KARACHI: Pakistan’s central bank governor on Friday expressed cautious optimism about the economy in crisis, saying the uncertainty surrounding external financing was improving with an expected resumption of the International Monetary Fund (IMF) program, while the runaway inflation is likely to remain at its peak for the next few months.
Low tax revenue collection holds back Pakistan’s economic growth, says World Bank
By Staff Reporter
ISLAMABAD: The World Bank on Thursday said Pakistan’s recurrent budget shortfall is caused by its low fiscal revenue as the country’s total revenue collection averaged 12.8 percent of GDP over the past decade, significantly lower than the South Asian average of 19.6 percent.
Pakistan nears tranche agreement as IMF director expresses confidence
By Staff Reporter
ISLAMABAD: Jihad Azour, the International Monetary Fund’s (IMF) Middle East and Central Asia Director, expressed confidence on Wednesday that Pakistan would soon sign a staff-level agreement with the international lender following board approval.
IMF cuts Pakistan’s FY23 GDP growth projection to 0.5 percent
By Staff Reporter
ISLAMABAD: Pakistan economic outlook has been downgraded by the International Monetary Fund (IMF), as it has revised the country’s GDP growth projection for the current financial year from 2 percent to a meager 0.5 percent.
Remittances hit seven-month high of $2.5 billion in March
By Staff Reporter
KARACHI: Pakistanis living abroad sent home a record $2.5 billion in remittances in March, marking a seven-month high, data from the State Bank of Pakistan showed on Monday.
Pakistan’s road to IMF passes through UAE
As things stand, securing a USD 1 billion financing commitment from the UAE is the last stumbling block in the way of the revival of Pakistan’s IMF bailout. By Muhammad Ali.