By Staff Reporter
KARACHI: Pakistan has scrapped plans to privatize its loss-making steel mills, the largest industrial complex in the country, after the only remaining bidder, a Chinese firm, withdrew its interest amid a global steel slump.
Economy
Gas prices surge, subsidies shrink ahead of IMF loan review
By Staff Reporter
ISLAMABAD: The government on Monday approved a steep hike in natural gas prices and fixed monthly charges for consumers, as it faces pressure from the International Monetary Fund (IMF) to reduce subsidies and reverse the mounting circular debt in the energy sector.
SBP eases forex rules for IT sector, freelancers
By Staff Reporter
KARACHI: The central bank on Monday raised the limit of foreign currency that information technology (IT) exporters can retain in their accounts to 50 percent from 35 percent, aiming to boost the country’s IT and IT-enabled services exports.
Pakistan’s economy shows early signs of recovery after IMF bailout, SBP says
By Staff Reporter
KARACHI: Pakistan’s economy, which contracted last year amid a balance of payment crisis, has started to show early signs of improvement as an International Monetary Fund (IMF) loan program offered some relief, the central bank said on Monday.
No fuel, no fly: PIA struggles to operate as PSO halts supply over unpaid dues
By Staff Reporter
KARACHI: The loss-making national carrier Pakistan International Airlines canceled more than 85 percent of its scheduled flights on Sunday, citing a severe shortage of fuel that has crippled its operations for the past week.
Current account gap narrows to near-zero in Sept
KARACHI: The current account deficit shrank to almost zero in September, as a steep fall in imports and a slight increase in remittances offset weak exports.
Pakistan pump prices cut by PKR 40/litre
The hefty price cut comes as a rare repeieve to the common Pakistani, grunting under the burden of near historic economic hardship. By Muhammad Ali.
Forex reserves rise, forward book shrinks as Pakistan follows IMF plan
By Staff Reporter
KARACHI: Pakistan’s central bank said on Friday it has met an end-September deadline for a forward book target of $4.2 billion agreed with the IMF and is comfortably placed to meet others on net international reserves and net domestic assets.
Pakistan borrows $3.5 billion in July-September, up 58pc year-on-year
By Staff Reporter
ISLAMABAD: Pakistan’s external borrowing jumped 58 percent in the first quarter of the current fiscal year 2023-24, as the country sought to bolster its foreign exchange reserves and meet its debt obligations amid a challenging economic situation.
Suzuki Motor plans to take over Pak Suzuki, exit Pakistan bourse
By Staff Reporter
KARACHI: Pak Suzuki Motor Co Ltd, Pakistan’s biggest carmaker, said on Thursday it will consider a proposal by its parent company Suzuki Motor Corp to buy out its minority shareholders and de-list from the Pakistan Stock Exchange (PSX).