By Staff Reporter
ISLAMABAD: Pakistan’s large-scale manufacturing (LSM) sector contracted 21.07% in April, its tenth straight month of decline, data from the Pakistan Bureau of Statistics (PBS) showed on Thursday.
Economy
IMF criticises Pakistan’s budget, casts doubt on loan program
By Staff Reporter
KARACHI: Pakistan’s government has drawn criticism from the International Monetary Fund for its budget, which the fund said was inadequate to meet the objectives of its $6.7bn loan program, raising doubts over whether the country will be able to secure the next tranche of aid by the expiry of Fund’s programme at the end of June.
ECC approves Pakistan LNG deal with Azerbaijan for spot cargoes
By Staff Reporter
KARACHI: Pakistan LNG Limited (PLL) has been allowed Economic Coordination Committee (ECC) of the cabinet to sign a framework agreement with SOCAR Trading, the international arm of Azerbaijan’s state oil company, the finance ministry said on Wednesday.
Moody’s warns of Pakistan’s failure to complete IMF bailout
By Naveed Naqvi
ISLAMABAD: Pakistan is at an increased risk of failing to complete its $6.7 billion bailout program with the International Monetary Fund (IMF), which expires at the end of June, Moody’s Investors Service said on Wednesday.
Shell Pakistan parent to sell stake in subsidiary
By Staff Reporter
KARACHI: Shell Pakistan Limited (SPL) said on Wednesday that its parent company, Shell Petroleum Company Limited (SPCo), intends to sell its shareholding in the Pakistani subsidiary, subject to a sales process and regulatory approvals.
Pakistan resumes spot LNG imports as Asian prices ease
By Staff Reporter
KARACHI: Pakistan is looking to buy spot liquefied natural gas cargoes for the first time since July 2022, as Asian prices ease from record highs and the country faces a gas shortage that has led to power outages
Remittances fall 10 percent in May as grey market thrives
By Staff Reporters
KARACHI: Remittances from overseas workers fell 10 percent year-on-year and 4 percent month-on-month to $2.1 billion in May, as a widening gap between official and unofficial exchange rates lured more inflows into the grey market, central bank data showed on Tuesday.
Government says no plans to freeze foreign currency accounts
By Staff Reporter
ISLAMABAD: The government said it has no plans to freeze foreign currency accounts as its central bank’s reserves fell to $3.9 billion, enough to cover less than a month of imports.
Pakistan pays for Russian crude in Chinese currency
By News Desk
ISLAMABAD: Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese yuan, petroleum minister said on Monday, a significant shift from its dollar-dominated export payments policy, Reuters reported on Monday.
SBP holds key rate at 21pc as inflation peaks
By Staff Reporter
KARACHI: Pakistan’s central bank on Monday held its key interest rate at a record 21 percent, as expected, suspending its monetary tightening campaign as the economy slows and inflation has peaked.