By Staff Reporter
ISLAMABAD: The caretaker government is seeking to improve the performance of 85 state-owned enterprises (SOEs) that have the potential to pay dividends or become profitable, as it prepares for a possible privatisation drive to dispose of dozens of losing-making entities.
The IMF bailout is a double-edged sword for Pakistan. It saved the country from default, but it also imposed harsh conditions. The country faces a dilemma: how to comply with the Fund without alienating the public, who suffer from inflation and energy prices. The govt must balance fiscal discipline with public welfare. IMF chief recommends taxing the rich and shielding the poor.
ADB lowers Pakistan’s growth forecast to 1.9pc from 2pc, citing erratic rainfall and global price shocks. Inflation projected to rise to 25pc, the highest in Asia. The country’s economic recovery hinges on the IMF-supported adjustment program.
The new massive increase in petrol and diesel prices will set off a tsunami of inflation, testing the masses already grunting under the historic burden of hardship. By Muhammad Ali.
By Staff Reporter
ISLAMABAD: The main Pakistan-Afghanistan border crossing, a key trade and travel route between the two countries, reopened on Friday after a nine-day closure following a clash between their border forces, officials said.
By Staff Reporter
ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar instructed his newly appointed Privatization Minister Fawad Hassan Fawad to fast-track the sale of the state-owned Pakistan International Airlines Corp. (PIA), which is facing a severe cash crunch and has grounded some of its planes.
By Staff Reporter
KARACHI: The State Bank of Pakistan kept its benchmark interest rate unchanged at 22 percent on Thursday, defying market expectations of a hike to curb inflation and support the rupee, which has plunged to record lows in recent months.
PIA is on the verge of collapse as it struggles to pay its bills and maintain its fleet. It has asked for a bailout from the government, which is itself in an economic crisis. The caretaker government has pushed for privatization, but will it happen before it’s too late?
PM Kakar announced fast-track visa processing for potential investors under the Open Pakistan Policy as officials said they hoped to close mega investment deals with multiple Gulf countries within a month. By Muhammad Ali.
By Staff Reporter
ISLAMABAD: Pakistan is seeking about $2 billion in aid from the World Bank to boost its economic recovery and support its reform efforts, especially in the energy sector.
