By Staff Reporter
KARACHI: Pakistan’s economy is spiraling out of control, from crisis to catastrophe, and now the system is becoming unhinged, warns renowned economist Atif Mian.
Economy
Pakistan awaits $1bn from UAE, nears IMF deal with Saudi Arabia deposit confirmed
By Staff Reporter
ISLAMABAD: Pakistan is anticipating an additional $1 billion deposit from the United Arab Emirates (UAE) as it moves towards a staff-level agreement (SLA) with the International Monetary Fund (IMF), following confirmation of $2 billion in additional deposits from the Kingdom of Saudi Arabia, according to local media reports on Wednesday.
Public debt surges by 27.1pc YoY to Rs54.353 trillion
By Staff Reporter
KARACHI: Pakistan’s public debt has increased by 27.1 percent year-on-year to reach Rs54.353 trillion at the end of February 2023, according to data released by the central bank on Wednesday.
World Bank recommends overhaul of cigarette taxation in Pakistan to boost revenues
By Staff Reporter
ISLAMABAD: The World Bank (WB) has recommended the government to abolish the exiting two-tier system and introduce a single-tier levy on the premium excise duty rate for maximizing revenues from the cigarette industry.
World Bank cuts Pakistan’s GDP forecast to 0.2pc
By Staff Reporter
ISLAMABAD: The World Bank sharply lowered Pakistan’s growth forecast for the current fiscal year of 2022/23, saying the country’s economic growth prospects have weakened due to tighter financial conditions and limited fiscal space.
SBP delivers small rate increase of 100bps to fight sky-high inflation
By Staff Reporter
KARACHI: The central bank of Pakistan raised its key interest rate by 100 basis points to 21 percent on Tuesday to contain inflation, which remains at red-hot levels.
ADB says Pakistan economic recovery rests on resuming robust reforms
By Staff Reporter
ISLAMABAD: Pakistan’s economic growth is expected to slow significantly in the current fiscal year, ending June 30, 2023, in the wake of last year’s devastating floods, ballooning inflation, a current account deficit, and an ongoing foreign exchange crisis, the Asian Development Bank (ADB) said on Tuesday.
Economic fallout of Pakistan’s political, judicial crises
By Staff Reporter
ISLAMABAD: Pakistan is facing an economic crisis amidst a deepening judicial crisis and increasing political uncertainty. The scheduled verdict for holding elections in Punjab and KP provinces today has all eyes on the top court of Pakistan, the issue of Pakistan’s ailing economy remains the least interesting topic among those who really matter in the country.
March exports tumble for sixth month as global demand cools
By Staff Reporter
ISLAMABAD: Exports fell in March year-on-year for the sixth month in a row, hit by a cooling global economy and a persistent slump in industrial activities in the country, data showed on Monday.
Inflation soars in March to record high of 35.37pc
By Staff Reporter
ISLAMABAD: Inflation in Pakistan jumped in March to its highest in almost six decades, driven by skyrocketing food and fuel prices, statistics bureau data showed on Saturday, putting pressure on the central bank to hike rate aggressively at a meeting due next week and to keep tightening policy in the months ahead.