ISLAMABAD: The Power Division imposed longer electricity outages than it had promised just a day earlier after a sudden drop in hydropower generation widened the supply gap, triggering complaints from households and businesses across the country and forcing the government to issue a public apology on Wednesday.
Economy
Saudi Arabia bolsters Pakistan reserves with $3 billion top-up, extends $5 billion facility by three years
ISLAMABAD: Saudi Arabia has committed an additional $3 billion in deposits to Pakistan and extended the term of its existing $5 billion facility by three years, Finance Minister Muhammad Aurangzeb said Wednesday, providing timely relief as Islamabad prepares to repay a $3.5 billion loan to the United Arab Emirates.
A Return to the Table in Islamabad
Pakistan’s capital has become an improbable pivot point in a war that was never supposed to last this long. Less than a week after the first face-to-face negotiations between the United States and Iran in more than 40 years collapsed in Islamabad, President Trump is signalling that a second round could begin “over the next two days.” He has even urged a New York Post reporter to stay put in Pakistan because “something could be happening.” Vice President JD Vance, who led the American side in last weekend’s 21-hour marathon, has described the Iranian negotiators as eager for a deal despite the deep mistrust. Pakistani officials, from Prime Minister Shehbaz Sharif to the powerful army chief Field Marshal Asim Munir, are racing to make it happen—Sharif leaves Wednesday for Saudi Arabia, Qatar and Turkey to line up regional backing before the fragile two-week ceasefire expires next week.
IMF cuts Pakistan growth forecast to 3.5 percent as Middle East war clouds global outlook
KARACHI: The International Monetary Fund lowered its economic growth projection for Pakistan to 3.5% for fiscal 2027 from a previous forecast of 4.1%, citing risks from the Middle East conflict, while raising its inflation outlook for the South Asian nation to 8.4% — the highest among major international forecasters.
Pakistan to enforce 2.25 hours of daily peak-hour power cuts to avert sharp electricity tariff rise
ISLAMABAD: The government will impose scheduled electricity outages of about 2.25 hours a day during peak evening hours across most of the country, a move designed to curb the use of expensive imported fuels and prevent electricity tariffs from surging amid disruptions to liquefied natural gas supplies triggered by the Middle East conflict.
Pakistan weighs eurobonds, commercial loans to replace $3.5 billion UAE facility amid Middle East shock
ISLAMABAD: Pakistan is preparing to return a $3.5 billion loan from the United Arab Emirates this month and is actively exploring eurobonds, Islamic sukuk, commercial borrowing and loans from other governments to replenish its foreign reserves and avoid any slippage on its International Monetary Fund program targets, Finance Minister Muhammad Aurangzeb said.
Fuel price spike pushes Pakistan’s April inflation forecast to highest in nearly two years
KARACHI: Pakistan’s consumer-price inflation is projected to accelerate sharply to between 11% and 11.5% year-on-year in April, the steepest monthly reading in almost two years, as a surge in fuel costs triggered by escalating tensions in the Middle East feeds through to domestic prices.
Pakistan in talks with Saudi Arabia and China to repay $3 billion UAE loan – report
ISLAMABAD: Pakistan is negotiating with Saudi Arabia and China to secure funding for the repayment of roughly $3 billion owed to the United Arab Emirates, Bloomberg reported on Monday.
Fitch affirms Pakistan’s B- rating with stable outlook, citing IMF anchor and FX cushion amid energy shocks
KARACHI: Fitch Ratings affirmed Pakistan’s long-term foreign-currency issuer default rating at B- with a stable outlook, pointing to progress on fiscal consolidation and macroeconomic stability that has tracked the International Monetary Fund program and bolstered the country’s funding capacity.
UPDATED: FM Aurangzeb kicks off Spring meetings with World Bank, IFC push for reforms and private capital
ISLAMABAD: Finance Minister Muhammad Aurangzeb began his program at the World Bank-IMF Spring Meetings on Monday with a pair of high-level discussions focused on deepening international support for Pakistan’s economic agenda amid fresh external pressures from the Middle East conflict.