By Staff Reporter
ISLAMABAD: Pakistan has signed a framework agreement with Azerbaijan for liquefied natural gas (LNG) procurement on flexible terms, as part of its efforts to diversify its energy sources and meet its growing demand.
Economy
US says Pakistan needs to work with IMF for economic fix
By Staff Reporter
ISLAMABAD: The U.S. urged Pakistan to continue working with the International Monetary Fund to address its economic challenges, saying there is no easy solution to its fiscal woes.
Sharif government raises power prices by 27 percent
By Staff Reporter
ISLAMABAD: Pakistan’s electricity consumers will face the highest power bills in the country’s history from next month after the outgoing government of Prime Minister Shehbaz Sharif approved another massive hike in the base tariff on Saturday.
Power costs plunge 35 percent as coal and hydel output rise
By Staff Reporter
KARACHI: Pakistan’s electricity generation costs fell to the lowest level in a year as cheaper coal and increased hydropower output offset lower demand amid high tariff and economic slowdown.
Dar says no new taxes on agriculture, construction sectors
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar said the government won’t impose any new taxes on the agriculture and construction industries, dismissing media reports that suggested otherwise.
Pakistan’s foreign borrowing falls 37 percent in fiscal 2023
By Staff Reporter
ISLAMABAD: Pakistan’s external borrowing fell 37 percent to $10.8 billion in the fiscal year 2022/23, the lowest level in four years, as a stalled IMF programme reduced access to foreign loans from commercial banks and friendly countries, official data showed on Friday.
Pakistan urges Russia to restore Black Sea grain deal
By Staff Reporter
ISLAMABAD: Pakistan said on Thursday it would work to restore a vital Black Sea grain deal that Russia scrapped last week, warning that the move threatened global food security and hurt developing countries.
Fuel retailers plan shut down over profit margins
By Staff Reporter
KARACHI: Fuel retailers plan to shut down their pumps across the country from Saturday, demanding a higher profit margin from the government.
Pakistan to sell Karachi Port Terminal to Abu Dhabi Ports
By Staff Reporter
ISLAMABAD: Pakistan plans to sell the bulk and general cargo terminal at Karachi Port’s East Wharf to Abu Dhabi Ports, the second such deal in less than a year, as the cash-strapped nation seeks to raise funds and improve its infrastructure.
Pakistan must keep raising policy rate to fight inflation, IMF says
By Staff Reporter
ISLAMABAD: The International Monetary Fund has urged Pakistan to continue its monetary tightening cycle to rein in inflation and support the exchange rate, after approving a new $3 billion loan for the country last week.