By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif approved a surprise cut in fuel prices, trimming petrol by 2.3 percent and high-speed diesel by 3.8 percent for the next fortnight, as global market costs decline.
Economy
PTCL resolves system fault, internet access restored
By Staff Reporter
ISLAMABAD: The telecoms regulator said on Wednesday internet services had been fully restored after a nationwide outage earlier in the day, caused by a fault in the main state-owned provider’s system.
Crime, poor behavior hit Pakistan’s Gulf workforce
By Staff Reporter
ISLAMABAD: Pakistan’s overseas workforce is facing a decline in demand, particularly in the Gulf region, due to a perceived lack of skills and poor behavior, a Senate committee was told on Tuesday.
China seeks stability in Balochistan province amid protests
By Staff Reporter
KARACHI: China’s top diplomat in Pakistan called on Tuesday for unity among political parties and rights groups in the restive Balochistan province, urging them to prioritize economic development and stability.
July inflation forecast at 12-13 percent, August at 11-12 percent – finance ministry
By Staff Reporter
ISLAMABAD The finance ministry said on Tuesday that inflation is expected to range between 12.0 percent-13.0 percent in July 2024 and 11.0 percent-12.0 percent in August 2024, as the country’s economy moves towards stability.
S&P keeps Pakistan’s ‘CCC+’ rating unchanged, flagging debt risks
By Staff Reporter
KARACHI: S&P Global Ratings on Tuesday affirmed Pakistan’s long-term sovereign credit rating at ‘CCC+’ and short-term rating at ‘C’, with a stable outlook, citing the country’s reliance on sustained external support and hefty debt-servicing costs.
SBP delivers second rate cut as price pressures abate
By Staff Reporter
KARACHI: The central bank cut its benchmark interest rate by 100 basis points to 19.5 percent on Monday, the second consecutive reduction, as slowing inflation gave policymakers room to support the fragile economic growth.
Fitch upgrades Pakistan’s rating to ‘CCC+’ on IMF deal
By Staff Reporter
ISLAMABAD: Fitch Ratings has upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’, citing greater certainty over continued availability of external funding.
Pakistan, China in crucial talks to reprofile power sector debt
By Staff Reporter
ISLAMABAD: Pakistan has opened talks with China to reprofile its power sector debt, as the South Asian nation works to implement structural reforms to secure a $7 billion bailout from the International Monetary Fund (IMF), a minister said on Sunday.
Pakistan faces $20.8 billion repayment in current fiscal year
By Staff Reporter
ISLAMABAD: Pakistan is set to secure a $9 billion loan rollover from China and Saudi Arabia in the current fiscal year, officials said on Friday, as the country grapples with a hefty repayment schedule and economic headwinds.