By Staff Reporter
ISLAMABAD: The Asian Development Bank approved a $320 million loan to upgrade rural roads in Pakistan’s Khyber Pakhtunkhwa province, enhancing connectivity and economic growth, a statement said on Friday.
Economy
Pakistan wins IMF board meeting for $7 billion loan on Sept. 25
By Staff Reporter
KARACHI: Pakistan has moved a step closer to securing a $7 billion bailout package from the International Monetary Fund, with the lender’s executive board set to meet on September 25 to discuss the loan.
SBP delivers third straight rate cut, trims 200 bps as price pressures abate
By Staff Reporter
KARACHI: Pakistan’s central bank has lowered its key policy rate by 200 basis points to 17.5%, the third consecutive reduction since June, as inflation cools and growth prospects brighten.
Pakistan sees IMF deal within reach as financing talks advance
By Staff Reporter
ISLAMABAD: The government is in advanced talks to secure external financing assurances, a crucial step towards finalizing a $7 billion loan from the International Monetary Fund (IMF), said Finance Minister Muhammad Aurangzeb on Tuesday.
Single-digit inflation returns after almost 3 years, August rate drops to 9.6pc
By Staff Reporter
ISLAMABAD: Consumer price inflation rose 9.6 percent in August from a year earlier, the slowest pace in 34 months, as the central bank prepares to cut interest rates for the third time this year.
Petrol, diesel prices fall on third straight cut
By Staff Reporter
ISLAMABAD: The government on Saturday reduced petrol and diesel prices by 1.2 percent and 1.3 percent respectively, or Rs1.86 and Rs3.23 per litre, effective September 1, marking the third consecutive decrease since July 30.
August inflation seen at 9.5 percent-10.5 percent
By Staff Reporter
ISLAMABAD: The consumer price inflation is poised to decline to 9.5 percent-10.5 percent in August, down from 11.1 percent in July, as the country’s economic indicators stabilize, the Finance Division said in its monthly economic update.
Elite land grab imperils economic growth: economist
By Staff Reporter
ISLAMABAD: Pakistan’s powerful elite, including military and bureaucracy, are exploiting a corrupt system of land ownership, damaging the economy and distorting investment incentives, a prominent economist said on Thursday.
ECC tweaks remittance incentive schemes to boost reserves
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved revisions to two schemes on Thursday, aimed at incentivizing banks and exchange companies to increase remittance inflows and boost the country’s foreign exchange reserves.
Pakistan’s interest payments crowd out development spending : ex-central banker
By Staff Reporter
ISLAMABAD: Developing countries, including Pakistan, are “gambling for resurrection” by prioritizing debt servicing over development spending, threatening social stability and climate resilience, an ex-central banker warned.