By Staff Reporter
KARACHI: Pakistan’s public debt surged 32 percent to Rs58.962 trillion in the year to May, central bank data showed on Wednesday, as the government borrowed heavily to finance its fiscal deficit and cope with a weakening currency
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Meta, SBP to train 500 women entrepreneurs in Pakistan
By Staff Reporter
KARACHI: Meta, the parent company of Facebook and Instagram, and Whatsapp, has teamed up with the State Bank of Pakistan (SBP) to train and support 500 women entrepreneurs and other high value small businesses in the country, the company said on Wednesday.
Prime Minister Muhammad Shehbaz Sharif addressing a ceremony commemorating the 10th anniversary of signing of the agreement for CPEC. Islamabad on July 5, 2023.
PM Sharif confident of IMF board’s nod for $3 billion bailout next week
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday he expects the International Monetary Fund (IMF) to approve a $3 billion short-term bailout for his country on July 12, after eight months of negotiations to stave off a default.
Pakistan pays Rs142 billion to IPPs to ease circular debt
By Staff Reporter
ISLAMABAD: Pakistan paid Rs142 billion to more than 100 independent power producers to settle some overdue bills and ease the burden of the power sector’s circular debt, the energy ministry said on Wednesday.
SBP targets 5-7 percent inflation in two years
By Staff Reporter
KARACHI: Pakistan’s central bank chief said on Tuesday he was confident of bringing inflation down to a medium-term target of 5-7 percent in the next two years, despite the current high rate of 29.4 percent.
Rupee surges on IMF support
By Staff Reporter
KARACHI: The rupee surged 5.2 percent against the dollar on Tuesday, after the country clinched a $3 billion loan deal with the International Monetary Fund (IMF) over the weekend to shore up its foreign exchange reserves and repay its debts.
Pakistan slashes trade deficit by 43pc in FY23 amid import curbs
By Staff Reporter
ISLAMABAD: Pakistan’s trade deficit shrank by 43 percent to $27.55 billion in the fiscal year 2023, data from the Pakistan Bureau of Statistics (PBS) showed on Monday, as the government curbed imports to cope with low foreign exchange reserves.
Moody’s says Pakistan’s IMF deal eases liquidity risk, but challenges remain
By Staff Reporter
KARACHI: Pakistan’s agreement with the International Monetary Fund (IMF) for a $3 billion stand-by arrangement will provide some relief for its strained public finances, but the country faces significant hurdles to sustain economic stability and growth, Moody’s Investors Service said on Monday.
Pakistan’s dollar-bonds rally after IMF deal
Barclays upgraded its outlook on Pakistan’s sovereign-dollar bonds to ‘market weight’ from ‘underweight’, and recommended buying the 2025, 2026, 2027 and 2031 maturities.
Inflation falls to seven-month low of 29.4pc in June after rate hike, fuel cuts
By Staff Reporter
ISLAMABAD: Pakistan’s annual inflation rate eased to 29.40 percent in June, the lowest level in seven months, as record-high interest rates and lower fuel prices curbed consumer demand and commodity costs, official data showed on Monday.