By Staff Reporter
KARACHI: Pakistan’s central bank has lowered its key policy rate by 200 basis points to 17.5%, the third consecutive reduction since June, as inflation cools and growth prospects brighten.
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Pakistan sees IMF deal within reach as financing talks advance
By Staff Reporter
ISLAMABAD: The government is in advanced talks to secure external financing assurances, a crucial step towards finalizing a $7 billion loan from the International Monetary Fund (IMF), said Finance Minister Muhammad Aurangzeb on Tuesday.
Single-digit inflation returns after almost 3 years, August rate drops to 9.6pc
By Staff Reporter
ISLAMABAD: Consumer price inflation rose 9.6 percent in August from a year earlier, the slowest pace in 34 months, as the central bank prepares to cut interest rates for the third time this year.
August inflation seen at 9.5 percent-10.5 percent
By Staff Reporter
ISLAMABAD: The consumer price inflation is poised to decline to 9.5 percent-10.5 percent in August, down from 11.1 percent in July, as the country’s economic indicators stabilize, the Finance Division said in its monthly economic update.
Elite land grab imperils economic growth: economist
By Staff Reporter
ISLAMABAD: Pakistan’s powerful elite, including military and bureaucracy, are exploiting a corrupt system of land ownership, damaging the economy and distorting investment incentives, a prominent economist said on Thursday.
ECC tweaks remittance incentive schemes to boost reserves
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved revisions to two schemes on Thursday, aimed at incentivizing banks and exchange companies to increase remittance inflows and boost the country’s foreign exchange reserves.
Pakistan’s interest payments crowd out development spending : ex-central banker
By Staff Reporter
ISLAMABAD: Developing countries, including Pakistan, are “gambling for resurrection” by prioritizing debt servicing over development spending, threatening social stability and climate resilience, an ex-central banker warned.
Moody’s lifts Pakistan’s rating to Caa2, outlook positive
By Staff Reporter
KARACHI: Moody’s Investors Service has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3, as improved macroeconomic conditions and better government liquidity and external positions reduce the country’s default risk.
Traders shut down markets across Pakistan in tax protest
By Staff Reporter
ISLAMABAD: Traders staged a nationwide strike on Wednesday, shutting down markets and businesses in 42 cities, as they pushed back against the government’s new tax regime, which they say will hike levies and exacerbate economic hardship.
Foreign aid receipts plummet 85 percent in July
By Staff Reporter
ISLAMABAD: Pakistan’s foreign assistance receipts slumped 85 percent to $436.4 million in July, a meager start to the fiscal year, as the country awaits approval of a $7 billion bailout package from the International Monetary Fund’s (IMF) executive board.