By Staff Reporter
ISLAMABAD: The government on Saturday reduced petrol and diesel prices by 1.2 percent and 1.3 percent respectively, or Rs1.86 and Rs3.23 per litre, effective September 1, marking the third consecutive decrease since July 30.
Economy
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.
Pakistan internet slowdown to drag on until October – PTA
By Staff Reporter
ISLAMABAD: A fault in two submarine cables will continue to disrupt Pakistan’s internet services until early October, the country’s telecom regulator said on Wednesday.
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.
Cabinet trims bureaucracy, merges 82 institutions into 40
By Staff Reporter
ISLAMABAD: The federal cabinet approved a major overhaul of the country’s governance structure on Tuesday, merging 82 government institutions into 40 to improve efficiency, reduce bureaucracy and align with international standards.