By Staff Reporter
ISLAMABAD: A fault in two submarine cables will continue to disrupt Pakistan’s internet services until early October, the country’s telecom regulator said on Wednesday.
Economy
Moody’s lifts Pakistan’s rating to Caa2, outlook positive
By Staff Reporter
KARACHI: Moody’s Investors Service has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3, as improved macroeconomic conditions and better government liquidity and external positions reduce the country’s default risk.
Traders shut down markets across Pakistan in tax protest
By Staff Reporter
ISLAMABAD: Traders staged a nationwide strike on Wednesday, shutting down markets and businesses in 42 cities, as they pushed back against the government’s new tax regime, which they say will hike levies and exacerbate economic hardship.
Foreign aid receipts plummet 85 percent in July
By Staff Reporter
ISLAMABAD: Pakistan’s foreign assistance receipts slumped 85 percent to $436.4 million in July, a meager start to the fiscal year, as the country awaits approval of a $7 billion bailout package from the International Monetary Fund’s (IMF) executive board.
Cabinet trims bureaucracy, merges 82 institutions into 40
By Staff Reporter
ISLAMABAD: The federal cabinet approved a major overhaul of the country’s governance structure on Tuesday, merging 82 government institutions into 40 to improve efficiency, reduce bureaucracy and align with international standards.
Pakistan seeks $4 billion from Middle East banks to plug funding gap
By Monitoring Desk
ISLAMABAD: Pakistan is seeking up to $4 billion from Middle Eastern commercial banks by next fiscal year to bridge external financing gaps, central bank Governor Jameel Ahmad said.
Amnesty urges Pakistan to lift veil on internet restrictions
By Staff Reporter
ISLAMABAD: Amnesty International has expressed alarm over ongoing internet disruptions in Pakistan, citing a lack of transparency surrounding their cause and the potential for human rights violations.
Pakistan gets positive signals from key allies on $7 billion IMF loan
By Staff Reporter
ISLAMABAD: Pakistan has received encouraging signals from China, Saudi Arabia, and the United Arab Emirates regarding their potential support for the country’s $7 billion International Monetary Fund (IMF) loan package, Finance Minister Muhammad Aurangzeb said on Friday, a crucial step towards unlocking the funding at the lender’s next month’s board meeting.
Govt to close utility stores, cutting subsidies for millions of poor
By Staff Reporter
ISLAMABAD: The government will close its network of utility stores, which provide subsidized essential goods to millions of low-income families, as part of a drive to reduce expenses and promote competition, an official said on Friday.
ECC allows 100,000 tonnes sugar export
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved the export of a further 100,000 tonnes of sugar on Thursday, with certain conditions, to help clear surplus stocks and support the domestic industry.