Inflationary and external sector risks – along with “political unrest” – are contributing to an uncertain economic outlook, says the July Monthly Economic Update &
Macro
Govt plans increasing petroleum levy to unlock IMF funds
By Staff Reporter
ISLAMABAD: Pakistan is on track with the conditions of an IMF bailout programme and the country has completed all prior actions needed for disbursement of next chunk of aid in August, finance minister said on Wednesday.
Current account deficit reaches $17.4 billion in FY22
By Staff Reporter
KARACHI: The current account deficit surged to a 4-year high of $17.4 billion in the fiscal year of 2021-22 on soaring cost of energy imports, central bank’s data showed.
Pakistan gets foreign loans of $22.5 billion in last fiscal
By Staff Reporter
ISLAMABAD: Pakistan borrowed $22.5 billion in the last fiscal year to plug the current account deficit and to pay back maturing debts.
Pakistan less vulnerable to external shocks, “no need for panic” : SBP
By Staff Reporter
KARACHI: The central bank is seeking to reassure the countrymen that Pakistan is not among the most vulnerable countries in the world, “so its citizens do not need to panic”, even though rupee witnessed its biggest weekly plunge since 1998.
Elite capture a major ill of Pakistan’s economy, says Atif Mian
By Ahmer Kureishi
ISLAMABAD: Stop gap measures aside, Pakistan cannot puts its economy in order without first plugging runaway elite capture, says Pakistani-American economist Atif Rehman Mian, the first person of Pakistani origin to rank among the top 25 young economists of the world.
Pakistan must raise $4bn in financing before IMF bailout revival
By Mohammad Ali
ISLAMABAD: Pakistan has until August 11 to raise USD 4 billion in financing from other sources before the executive board of the International Monetary Fund (IMF) can consider revival of a stalled multibillion-dollar bailout program for the country, Independent Pakistan can report.
Political situation factors big in credit ratings
By Staff Reporter
ISLAMABAD: While the economic repercussions of Pakistan’s developing political situation are yet to materialise, recent reports from two of the world’s top credit rating agencies show how the country’s internal politics figures in their calculus.
Punjab gets $200m to make farming climate-smart
By Aoun Hussain
ISLAMABAD: The World Bank has approved a USD 200 million loan to help transform the agriculture sector of Pakistan’s food basket Punjab province.
Govt cuts rising fuel prices by a sliver
By Staff Reporter
ISLAMABAD: The government on Thursday cut fuel prices to give relief to inflation-hit consumers as global oil prices fall, the prime minister said.