By Staff Reporter
ISLAMABAD: Pakistan borrowed $22.5 billion in the last fiscal year to plug the current account deficit and to pay back maturing debts.
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Remittances jump record 6.1 percent in 2021, help cushion rupee
By Staff Reporter
KARACHI: Money sent home by Pakistanis living abroad rose 6.1 percent in the last fiscal year of 2021-22 to $31.2 billion, the central bank said on Monday, setting a new annual record and cushioning the weakening rupee.
Govt cuts rising fuel prices by a sliver
By Staff Reporter
ISLAMABAD: The government on Thursday cut fuel prices to give relief to inflation-hit consumers as global oil prices fall, the prime minister said.
IMF and Pakistan reach staff-level agreement on $1.77 billion loan
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the seventh and eight reviews of the Fund’s $ billion bailout programme that will allow for a disbursement of $1.177 billion, the IMF said on Wednesday.
Govt plans fuel price cut to win political reprieve
By Staff Reporter
KARACHI Pakistan’s fragile coalition government is all set to cut fuel prices, a move likely to ensure, for now, much needed political popularity at the cost of vital economic reforms.
Pakistan central bank is ahead of the curve, acting Governor says
Monitoring Desk
KARACHI: State Bank of Pakistan Acting Governor Murtaza Syed discussed monetary policy and the outlook for the economy. The central bank on Thursday raised borrowing costs more than expected to quell Asia’s second-fastest inflation and meet conditions for a loan from the International Monetary Fund. Syed speaks on “Bloomberg Markets: Asia.” (Courtesy: Bloomberg)
Weekly inflation slows, but annual rate jump keeps pressure on govt
By Staff Reporter
ISLAMABAD: Weekly SPI inflation eased to 1.32 percent from 3.63 percent, but a rise in prices from a year earlier on higher food and energy costs adds to the miseries facing common Pakistanis.
Composite image by Independent Pakistan
Should Pakistan replace SBP with a currency board?
By Ahmer Kureishi
June, the final month of the last fiscal year saw wholesale inflation in Pakistan rise to a historic high of 38.9 percent per annum, giving rise to fears that the flood of consumer price inflation is about to turn into a tsunami. Already at this point, the consumer price index was at 21.32 percent per annum.
Development: Ecnec passes Rs395.8 billion projects
By Staff Reporter
ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved various infrastructure projects costing Rs395.8 billion, including the Hyderabad-Sukkur Motorway, a statement said on Wednesday.
Risking Bailout: Cabinet drags feet on phased power tariff hike
By Staff Reporter
ISLAMABAD: The Federal Cabinet is yet to give a go-ahead to phasing in a power tariff hike of Rs7.92/unit as committed with the IMF, which might have consequences for the bailout pogramme, it is learnt.