By Staff Reporter
ISLAMABAD: Pakistan will likely secure an additional multibillion-dollar financial support package from long-time ally Saudi Arabia ‘within days’ to shore up its foreign currency reserves, the finance minister said on Wednesday.
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ECC approves export of 250,000 tonnes of sugar
By Staff Reporter
ISLAMABAD: The government on Tuesday allowed another 150,000 tonnes of sugar export, bringing the total to 250,000 tonnes so far this year, as it seeks to generate foreign exchange for its dried coffers.
Stubbornly high fuel, food prices harden inflation in December
By Staff Reporter
ISLAMABAD: Consumer prices unexpectedly rose in December and underlying inflation accelerated amid rising costs for fuel and food, indicating that the central bank will keep borrowing cost elevated in its next monetary review.
No respite for battered Pakistan economy
By Staff Reporter
ISLAMABAD: Pakistan’s economic alarm bells are still ringing loudly with fear of a global recession, spiraling local inflation, shrinking growth and alarmingly low foreign currency, reserves stoking investor concerns over a possible economic emergency, missed targets with the International Monetary Fund (IMF) and political unrest.
“No other option” except implementing IMF deal, PM Sharif
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said his government has no option but to implement harsh measures under the ongoing International Monetary Fund (IMF) bailout programme.
SBP further eases import curbs
By Staff Reporter
KARACHI: The central bank said it will lift a seven-month long import ban on certain goods, including raw materials for export industry, from January 2, 2023.
S&P downgrades Pakistan’s rating to ‘CCC+/C’
By Staff Reporter
KARACHI: Global ratings agency S&P Global on Thursday cut Pakistan’s long-term sovereign credit rating by one notch to “CCC+” from “B” to reflect a continued weakening of the country’s external, fiscal and economic metrics.
SBP says economic growth seen slowing in 2023
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) said on Wednesday the expansion of the economy is seen cooling next year, with both internal and external challenges weighing on growth.
Pakistan cuts domestic fuel prices
By Staff Reporter
ISLAMABAD: The government on Thursday cut petrol (motor gas) price to pass on a decline in global prices to inflation-hit consumers.
Pakistan signs five loan deals worth $775 million with ADB
By Staff Reporter
ISLAMABAD: Pakistan on Thursday signed five loans agreements worth $775 million for flood relief with the Asian Development Bank (ADB), the economic affairs ministry said, taking the total lending for the year to $2.7 billion with the agency.