By Staff Reporter
ISLAMABAD: China has allowed cash-strapped Pakistan to rollover $2 billion worth of short-term commercial loans to provide a major relief for its all-weather ally, which is reeling under major economic crisis.
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July inflation hits 14-year high as another rate hike looms
By Staff Reporter
KARACHI: July inflation accelerated to its highest in 14-year on runaway food prices, stoked by a battered rupee, raising prospects of more rate hike by central bank later this month, official data showed on Monday.
Finance minister Miftah Ismail addressing a press conference in Islamabad on July 31, 2022. PID Photo
Govt withdraws fixed tax on traders after protests
By Staff Reporter
ISLAMABAD: Pakistan, struggling with weak finance, withdrew a fixed tax of Rs3000 on small traders with electricity consumption of less than 150 units per month after countrywide protests from businesses that have been ill-prepared for the change.
PSO scrambles to avoid first major default of Pakistan economic crisis
By Staff Reporter
ISLAMABAD: State-run Pakistan State Oil (PSO) was rescued by the government on Sunday through a Rs30 billion emergency funding as the state-run oil giant, buckling under the cost of soaring oil import prices and stuck-up receivables, was racing against the clock to avoid becoming the country’s first default.
Digital composite by Independent Pakistan. Images courtesy Tola Associates website.
Measures to curb food inflation in order
Pakonomics notes the budget targets have been formulated in a politically constrained environment, but assesse Pakistan’s outlook as “unpredictable” because of political instability. By Staff
Curbs on imports lifted to keep IMF deal on track
Officials say the curbs on CBUs of automobiles, cellular mobile handsets, and home appliances will stay for now. By Muhammad Ali ISLAMABAD: There is still
S&P cuts Pakistan’s outlook to negative
By Staff Reporter
KARACHI: S&P Global Ratings cut Pakistan’s credit outlook to negative from neutral as the country’s external position weakens with higher commodity prices, the rupee’s depreciation and tighter global financial conditions.
SBP’s forex reserves fall to levels equal to 35 days of imports
By Staff Reporter
KARACHI: The State Bank of Pakistan’s held foreign exchange reserves dropped 8.1 percent to $8.575 billion in the week ended July 22, as the country struggles to manage a long-simmering debt crisis, latest data showed on Thursday.
Govt plans increasing petroleum levy to unlock IMF funds
By Staff Reporter
ISLAMABAD: Pakistan is on track with the conditions of an IMF bailout programme and the country has completed all prior actions needed for disbursement of next chunk of aid in August, finance minister said on Wednesday.
Current account deficit reaches $17.4 billion in FY22
By Staff Reporter
KARACHI: The current account deficit surged to a 4-year high of $17.4 billion in the fiscal year of 2021-22 on soaring cost of energy imports, central bank’s data showed.