By Staff Reporter
ISLAMABAD: Pakistan’s external financing dropped 78 percent to $714.74 million in the first two months of the fiscal year, down from $3.206 billion a year earlier, as the nation struggles to stabilize its economy.
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IMF board unlocks $7 billion lifeline for Pakistan
KARACHI: The International Monetary Fund’s Executive Board on Wednesday approved a $7 billion loan package for Pakistan, providing a vital lifeline to the nation’s struggling economy.
ADB sees Pakistan growth accelerating to 2.8 percent on reforms
By Staff Reporter
ISLAMABAD: Pakistan’s economy grew 2.4 percent in the last fiscal year and is expected to expand 2.8 percent in the current financial year, the Asian Development Bank (ADB) said on Wednesday, but warned sustained growth hinges on continued economic reforms.
Aurangzeb sees IMF nod on $7 billion loan in Wednesday’s board meeting
By Staff Reporter
KARACHI: Finance Minister Muhammad Aurangzeb on Tuesday expressed optimism about the International Monetary Fund’s (IMF) approval of a $7 billion, 37-month program, ahead of the IMF board meeting on Wednesday.
Debt-laden PIA up for auction on Oct 1
By Staff Reporter
ISLAMABAD: The government said on Friday it will auction off the country’s national carrier, Pakistan International Airlines (PIA), on Oct. 1, as part of a broader push to privatize state-owned enterprises and shore up public finances.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the meeting of the Economic Coordination Committee (ECC) at the Finance Division in Islamabad on September 20, 2024.
FM Aurangzeb says govt won’t borrow unless on own terms
By Staff Reporter
ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Friday that the government’s rejection of all bids for treasury bills aimed to convey its ability to borrow on its own terms, as he urged banks to focus on lending to the private sector.
Power generation falls for second month on weak demand
By Staff Reporter
KARACHI: Power generation tumbled 17 percent in August from a year earlier, marking the second consecutive monthly decline, as high electricity charges and sluggish industrial activity curbed demand.
Current account reverts to surplus in August after three-month gap
By Staff Reporter
KARACHI: Pakistan’s current account balance swung back into surplus in August, posting a $75 million gain, reversing a $152 million deficit in the same month last year, central bank data showed on Wednesday.
ADB approves $320 million loan for KPK road project
By Staff Reporter
ISLAMABAD: The Asian Development Bank approved a $320 million loan to upgrade rural roads in Pakistan’s Khyber Pakhtunkhwa province, enhancing connectivity and economic growth, a statement said on Friday.
Pakistan wins IMF board meeting for $7 billion loan on Sept. 25
By Staff Reporter
KARACHI: Pakistan has moved a step closer to securing a $7 billion bailout package from the International Monetary Fund, with the lender’s executive board set to meet on September 25 to discuss the loan.