The hefty price cut comes as a rare repeieve to the common Pakistani, grunting under the burden of near historic economic hardship. By Muhammad Ali.
Economy
Forex reserves rise, forward book shrinks as Pakistan follows IMF plan
By Staff Reporter
KARACHI: Pakistan’s central bank said on Friday it has met an end-September deadline for a forward book target of $4.2 billion agreed with the IMF and is comfortably placed to meet others on net international reserves and net domestic assets.
Pakistan borrows $3.5 billion in July-September, up 58pc year-on-year
By Staff Reporter
ISLAMABAD: Pakistan’s external borrowing jumped 58 percent in the first quarter of the current fiscal year 2023-24, as the country sought to bolster its foreign exchange reserves and meet its debt obligations amid a challenging economic situation.
Suzuki Motor plans to take over Pak Suzuki, exit Pakistan bourse
By Staff Reporter
KARACHI: Pak Suzuki Motor Co Ltd, Pakistan’s biggest carmaker, said on Thursday it will consider a proposal by its parent company Suzuki Motor Corp to buy out its minority shareholders and de-list from the Pakistan Stock Exchange (PSX).
Pakistan’s budget gap seen wider than target – IMF
By Staff Reporter
ISLAMABAD: Pakistan’s fiscal deficit is expected to exceed the government’s target by more than one percentage point of gross domestic product in the current financial year, the International Monetary Fund (IMF) said on Wednesday.
Pakistan seeks financial adviser to privatise loss-making national airline
By Staff Reporter
ISLAMABAD: Pakistan will hire a financial adviser to draft a plan to privatise its money-losing national airline, as part of its fiscal discipline agreement with the International Monetary Fund (IMF).
Pakistan’s economy to grow faster than expected, IMF says
By Staff Reporter
ISLAMABAD Pakistan’s economy is on track to grow faster than previously forecasted by the International Monetary Fund, despite facing macroeconomic and security challenges.
Tax wealth from land and property, World Bank tells Pakistan
By Staff Reporter
ISLAMABAD: Pakistan should increase taxation of high-income earners, especially those who derive income from agriculture and property, and withdraw regressive tax exemptions, the World Bank said.
Afghan cargo stuck at Karachi Port as Pakistan imposes new trade barriers
By Staff Reporter
KARACHI: Pakistan has imposed new fees and restrictions on the transit trade with Afghanistan, blocking hundreds of containers bound for the landlocked country at Karachi port and banning the export of 212 items, including chocolates, footwear, and garments.
Economic crisis, floods push millions into poverty in Pakistan – World Bank
By Staff Reporter
ISLAMABAD: Pakistan’s poverty rate has soared to 39.4 percent in the fiscal year that ended in June, up from 34.3 percent a year earlier, as the country faces a severe economic crisis, high inflation and the aftermath of devastating floods, the World Bank said in a report on Tuesday.