Gas prices soar in Pakistan as the government complies with IMF’s condition for reducing circular debt. The move will impact millions of people and businesses across the country, especially the non-protected domestic consumers who will face a 173 percent increase.
Economy
Pakistan stands pat on rate, eyes IMF support and lower inflation
SBP keeps rates at 22 percent, sees inflation falling in October and beyond. MPC says tight policy stance to continue, ahead of IMF visit this week.
PIA cancels hundreds of flights as fuel crisis deepens
By Staff Reporter
KARACHI: Pakistan International Airlines Corp. canceled more than 300 flights in two weeks as it ran low on fuel amid a payment row with the state-owned oil company.
Minister warns gas crisis, urges shift to LPG
By Staff Reporter
KARACHI: Pakistan’s caretaker government on Thursday urged millions of households to switch to liquefied petroleum gas (LPG) as an alternative to pipe gas, which it said would be scarce and expensive in the next two years.
Pakistan halts steel mills sale after Chinese pullout
By Staff Reporter
KARACHI: Pakistan has scrapped plans to privatize its loss-making steel mills, the largest industrial complex in the country, after the only remaining bidder, a Chinese firm, withdrew its interest amid a global steel slump.
Gas prices surge, subsidies shrink ahead of IMF loan review
By Staff Reporter
ISLAMABAD: The government on Monday approved a steep hike in natural gas prices and fixed monthly charges for consumers, as it faces pressure from the International Monetary Fund (IMF) to reduce subsidies and reverse the mounting circular debt in the energy sector.
SBP eases forex rules for IT sector, freelancers
By Staff Reporter
KARACHI: The central bank on Monday raised the limit of foreign currency that information technology (IT) exporters can retain in their accounts to 50 percent from 35 percent, aiming to boost the country’s IT and IT-enabled services exports.
Pakistan’s economy shows early signs of recovery after IMF bailout, SBP says
By Staff Reporter
KARACHI: Pakistan’s economy, which contracted last year amid a balance of payment crisis, has started to show early signs of improvement as an International Monetary Fund (IMF) loan program offered some relief, the central bank said on Monday.
No fuel, no fly: PIA struggles to operate as PSO halts supply over unpaid dues
By Staff Reporter
KARACHI: The loss-making national carrier Pakistan International Airlines canceled more than 85 percent of its scheduled flights on Sunday, citing a severe shortage of fuel that has crippled its operations for the past week.
Current account gap narrows to near-zero in Sept
KARACHI: The current account deficit shrank to almost zero in September, as a steep fall in imports and a slight increase in remittances offset weak exports.