By Staff Reporter
KARACHI: The Asian Development Bank (ADB) has approved three projects worth $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development, the bank said on Wednesday.
Economy
Pakistan clears funding hurdle for Feb 8 vote
By Staff Reporter
ISLAMABAD: The finance ministry said it released Rs17.4 billion to the country’s election commission, removing a hurdle for the national vote scheduled for Feb. 8 amid security challenges.
Power companies overcharged customers by up to 100pc, regulator says
By Staff Reporter
ISLAMABAD: Pakistan’s electricity regulator has accused the country’s power distribution companies of overcharging customers by as much as 100 percent, in a report that exposed widespread malpractices and over-billing in the power sector.
Pakistan faces delay in accessing $700 million tranche amid busy IMF board schedule
By Staff Reporter
ISLAMABAD: Pakistan is waiting for the International Monetary Fund (IMF) to approve the first review of its $3 billion Standby Arrangement (SBA) and release the second tranche of $700 million, but the IMF’s executive board is unlikely to take up the case until mid-December.
Pakistan awards six exploration blocks, four get no bids
By Staff Reporter
ISLAMABAD: The government awarded six onshore oil and gas exploration blocks to local and foreign companies on Friday, but four other blocks received no bids despite an extension of the deadline, the Petroleum Division said.
Exports rise for third month, trade gap narrows
By Staff Reporter
ISLAMABAD: Exports rose for a third straight month in November, signaling a recovery in external demand while the trade deficit also narrowed as imports fell more than exports, official data showed on Friday.
Gas prices push inflation to 29.2pc in November
By Staff Reporter
ISLAMABAD: The consumer price inflation rate jumped to 29.2 percent in November, as a steep hike in gas prices fuelled the housing and utility costs, official data showed on Friday.
PC picks JLL to advise on Roosevelt Hotel sale
By Staff Reporter
ISLAMABAD: Pakistan has hired a consortium led by Jones Lang LaSalle Americas Inc. (JLL) as the financial adviser for the sale and joint venture development of the Roosevelt Hotel in New York, USA, the Privatisation Commission Board said on Friday.
Photo by John Guccione www.advergroup.com: https://www.pexels.com/photo/100-us-dollar-banknotes-3483098/
Rollover of USD 3bn Saudi deposit arrives
The rollover is crucial to Pakistan’s beleaguered economy hungry for hard currency reserves. The Kingdom is one of Pakistan’s traditional friends that have stood by the country through thick and thin. By Muhammad Ali.
Image courtesy of pbs.gov.pk
Pakistan reports first quarter growth of 2.13 percent
Going by the first quarter numbers, Pakistan’s economy may be on track to score a modest recovery, although it is too soon to say just yet if the trend will hold through the fiscal year and beyond. By Muhammad Ali.