By Staff Reporter
ISLAMABAD: Pakistan’s inflation hit another record high in May, making it Asia’s fastest for a second month, just days before the next fiscal budget is due to be unveiled in a country facing unprecedented economic challenges.
Economy
Pakistan says no ‘Plan B’ if IMF deal fails
By Staff Reporter
ISLAMABAD: Pakistan has no backup plan if the International Monetary Fund (IMF) does not resume its $6.5 billion loan program, which has been on hold since September last year due to differences in next fiscal year’s external financing needs of the country, a minister said on Thursday.
Black market boom: Tax hike on cigarettes backfires
By News Desk
The flood of smuggled cigarettes that hit Pakistan after the stellar tax hike brought by a minibudget a few months ago continues to surge, allowing black market forces to prey upon legitimate businesses and depriving the national kitty of previous revenue.
SBP eases dollar purchases for card payments
By Staff Reporter
KARACHI: The central bank said on Wednesday it would allow banks to buy dollars from the interbank market to settle card-based cross-border transactions with international payment schemes, a move that could ease pressure on the open currency market.
Petrol price drops by Rs8/liter as Pakistan battles record inflation
By Staff Reporter
ISLAMABAD: Pakistan cut petrol prices by Rs8 per liter on Wednesday, its second reduction in two weeks, to ease inflation that hit a 59-year high in April after an IMF-backed hike in fuel and energy tariffs.
Pakistan rejects IMF’s ‘interference’ in domestic politics
By Staff Reporter
ISLAMABAD: State Minister for Finance Dr. Aisha Ghaus Pasha on Wednesday rejected a statement by a senior International Monetary Fund (IMF) official as “interference” in domestic politics after he spoke about the necessity of maintaining the “rule of law” in the country.
Inflation defies efforts of monetary tightening
By Staff Reporter
ISLAMABAD: Inflation is poised to maintain its upward trajectory, defying efforts of monetary tightening, primarily driven by the depreciation of the rupee and a range of challenges arising from the unpredictable external and domestic economic landscape, the finance ministry said on Tuesday.
IMF asks Pakistan to eliminate dual exchange rate for bailout progress
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) is working closely with Pakistan to address its currency market situation and resolve other critical issues ahead of the resumption of its $6.7 billion bailout program, which is set to conclude in June.
IMF hopeful of reaching bailout deal with Pakistan before June deadline
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) said it continues to engage with Pakistan to pave the way for a board meeting before its $6.7 billion stalled bailout expires at the end of June.
Imports curbs to continue into the next fiscal?
While curbs on imports helped Dar declare victory by reporting current account surplus for the month of March, they threaten to bring the economy to a complete halt if continued into the next fiscal. By Muhammad Ali.