By Staff Reporter
ISLAMABAD: Pakistan’s overseas workforce is facing a decline in demand, particularly in the Gulf region, due to a perceived lack of skills and poor behavior, a Senate committee was told on Tuesday.
Economy
China seeks stability in Balochistan province amid protests
By Staff Reporter
KARACHI: China’s top diplomat in Pakistan called on Tuesday for unity among political parties and rights groups in the restive Balochistan province, urging them to prioritize economic development and stability.
July inflation forecast at 12-13 percent, August at 11-12 percent – finance ministry
By Staff Reporter
ISLAMABAD The finance ministry said on Tuesday that inflation is expected to range between 12.0 percent-13.0 percent in July 2024 and 11.0 percent-12.0 percent in August 2024, as the country’s economy moves towards stability.
S&P keeps Pakistan’s ‘CCC+’ rating unchanged, flagging debt risks
By Staff Reporter
KARACHI: S&P Global Ratings on Tuesday affirmed Pakistan’s long-term sovereign credit rating at ‘CCC+’ and short-term rating at ‘C’, with a stable outlook, citing the country’s reliance on sustained external support and hefty debt-servicing costs.
SBP delivers second rate cut as price pressures abate
By Staff Reporter
KARACHI: The central bank cut its benchmark interest rate by 100 basis points to 19.5 percent on Monday, the second consecutive reduction, as slowing inflation gave policymakers room to support the fragile economic growth.
Fitch upgrades Pakistan’s rating to ‘CCC+’ on IMF deal
By Staff Reporter
ISLAMABAD: Fitch Ratings has upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’, citing greater certainty over continued availability of external funding.
Pakistan, China in crucial talks to reprofile power sector debt
By Staff Reporter
ISLAMABAD: Pakistan has opened talks with China to reprofile its power sector debt, as the South Asian nation works to implement structural reforms to secure a $7 billion bailout from the International Monetary Fund (IMF), a minister said on Sunday.
Pakistan faces $20.8 billion repayment in current fiscal year
By Staff Reporter
ISLAMABAD: Pakistan is set to secure a $9 billion loan rollover from China and Saudi Arabia in the current fiscal year, officials said on Friday, as the country grapples with a hefty repayment schedule and economic headwinds.
ADB approves $400 million loan for Pakistan flood recovery
By Staff Reporter
ISLAMABAD: The Asian Development Bank (ADB) has approved a $400 million concessional loan to support the reconstruction of flood-damaged houses and community infrastructure in Pakistan’s Sindh province.
Pakistan seeks China’s help on power sector reforms, debt restructuring
By Staff Reporter
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb arrived in Beijing on Thursday to discuss power sector structural reforms suggested by the International Monetary Fund (IMF) with his Chinese counterpart, local media reported on Friday.