By Staff Reporter
ISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, with one cargo to dock at Karachi port in May.
Economy
Pakistan struggles to secure foreign loans, records 40pc fall in July-March period
By Staff Reporter
ISLAMABAD: Pakistan’s ability to secure foreign loans has decreased by 40 percent in the first nine months (July-March) period of the current fiscal year, as it only managed to secure a total of $7.7 billion compared to $12.7 billion in the same period last year, official figures showed on Wednesday.
Pakistan records current account surplus in March on import curbs
By Staff Reporter
KARACHI: Pakistan saw its first current account surplus in two and a half years in March, as government restrictions on imports helped boost the country’s balance of payments, State Bank of Pakistan (SBP) data showed on Wednesday.
Pakistan presents revised financing plan to IMF to tackle $5-6bn external deficit
By Staff Reporter
ISLAMABAD: Pakistan has presented a revised external financing strategy to address the $5 to $6 billion deficit by the conclusion of June 2023 and has urged the International Monetary Fund (IMF) to promptly reach a staff-level consensus on a long-delayed bailout program, The News reported on Wednesday
Industrial output faces prolonged contraction with double-digit dip in February
By Staff Reporter
ISLAMABAD: Pakistan’s Large-scale manufacturing (LSM) sector is facing an extended period of contraction, with a decline of 11.59 percent in February 2023 as compared to the same period last year, Pakistan Bureau of Statistics (PBS) data showed.
Pakistan lifts petrol price by Rs10 per litre
By Staff Reporter
ISLAMABAD: Pakistan has hiked the price of petrol by Rs10 per litre to Rs282 for the ensuing 15 days because of the plummeting value of the country’s currency, the finance minister said on Saturday.
SBP governor expresses cautious optimism about economy amid IMF program resumption
By Staff Reporter
KARACHI: Pakistan’s central bank governor on Friday expressed cautious optimism about the economy in crisis, saying the uncertainty surrounding external financing was improving with an expected resumption of the International Monetary Fund (IMF) program, while the runaway inflation is likely to remain at its peak for the next few months.
Low tax revenue collection holds back Pakistan’s economic growth, says World Bank
By Staff Reporter
ISLAMABAD: The World Bank on Thursday said Pakistan’s recurrent budget shortfall is caused by its low fiscal revenue as the country’s total revenue collection averaged 12.8 percent of GDP over the past decade, significantly lower than the South Asian average of 19.6 percent.
IMF Georgieva: Pakistan not in default; seeks global help to fill financing gap
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) Chief, Kristalina Georgieva, said on Thursday that Pakistan has not yet reached the level of default and that the Fund is seeking confirmation from international partners to meet the country’s financing gap requirements.
ECC green-lights interest-free loan scheme for E-bikes and E-rickshaws
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved on Thursday a loan scheme designed to offer E-Bikes/E-Rickshaws at a zero percent markup, with a repayment period of three years.