ISLAMABAD: Further policy rate cuts by Pakistan’s central bank will hinge on the economic impact of recent floods and the results of an ongoing International Monetary Fund review, State Bank of Pakistan Governor Jameel Ahmad said.
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Pakistan forms committee to accelerate economic talks With Saudi Arabia
Pakistan has set up an 18-member committee to drive bilateral economic talks and negotiations with Saudi Arabia, according to a notification from the Prime Minister’s Office.
Pakistan’s sovereign default risk plunges, ranking second globally in CDS improvement
ISLAMABAD: Pakistan has notched one of the sharpest drops in sovereign default risk worldwide, emerging as the second-best performer globally according to Bloomberg data on credit default swap (CDS)-implied probabilities, an adviser to the finance minister said on Sunday.
Govt cuts state share in new pension fund to 12pc to curb liabilities
ISLAMABAD: The government lowered its contribution to a new pension fund for federal workers while formalising the shift away from a traditional retirement system, aiming to curb soaring liabilities that have become a fiscal drag.
Pakistan poised to unlock over $1 billion IMF tranche despite fiscal slippages – report
ISLAMABAD: Pakistan is on track to secure more than $1 billion as the third tranche of its International Monetary Fund bailout, even with some fiscal shortfalls, as officials kick off policy-level talks with a visiting IMF review mission, Dawn newspaper reported on Saturday.
Trade gap widens 46 percent to $3.34 billion in September
ISLAMABAD: Pakistan’s trade deficit surged nearly 46 percent in September to $3.34 billion, official data released Thursday showed, driven by a sharp rise in imports and a steep drop in exports.
ECC approves Rs24 bln for security; reforms barter with Afghanistan, Iran, Russia
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved approximately Rs24 billion in supplementary grants on Thursday to fund security measures and urgent costs tied to the shuttered Roosevelt Hotel in New York, while endorsing reforms to a barter trade mechanism for commerce with Afghanistan, Iran, and Russia.
Procter & Gamble to exit Pakistan operations, shift to distributor model
KARACHI: Procter & Gamble Co. plans to shutter its manufacturing and commercial operations in Pakistan as part of a broader restructuring, joining a wave of multinationals scaling back in the South Asian nation amid economic headwinds.
Inflation jumps to 5.6 percent in September, topping ministry forecast after floods fallout
ISLAMABAD: Pakistan’s headline inflation accelerated sharply to 5.6% year-on-year in September, data from the Pakistan Bureau of Statistics showed on Wednesday, dashing the finance ministry’s hopes of a contained rise after devastating floods hammered the economy.
FM Aurangzeb says IMF talks “moving in right direction”
ISLAMABAD: Talks between Pakistan and the International Monetary Fund are moving in the “right direction”, Finance Minister Muhammad Aurangzeb said on Wednesday, as a review of the country’s $7.1 billion bailout programme got under way amid shortfalls in tax collections.