By Staff Reporter
ISLAMABAD: China has rolled over a $600 million loan to Pakistan, boosting the country’s foreign exchange reserves as it seeks to stabilise its economy under an International Monetary Fund (IMF) program.
Economy
Pakistan cracks down on illegal loan apps after man’s death
By Staff Reporter
ISLAMABAD: Pakistan’s government said on Monday it had blocked 43 loan applications and launched a public awareness campaign to protect citizens from falling victim to fraudulent loan schemes, after a man’s death sparked an investigation into the online lending industry.
Pakistan Refinery, Air Link to buy Shell Pakistan’s stake
By Staff Reporter
ISLAMABAD: Pakistan Refinery Limited (PRL) and Air Link Communication, a smartphone distributor and manufacturer, said on Monday they would jointly acquire the majority stake of Shell Pakistan Limited (SPL), as the oil giant exits the country amid a financial crisis.
Petrol price down by Rs9, diesel by Rs7
By Staff Reporter
ISLAMABAD: The government reduced the prices of gasoline and diesel for the next two weeks, citing the appreciation of the local currency and lower international oil prices.
IMF bailout comes with a price: 20 percent increase in power tariff
By Staff Reporter
ISLAMABAD: Pakistan’s electricity regulator approved a 20 percent hike in the base power tariff for the fiscal year starting July 1, as the South Asian nation implements reforms agreed with the International Monetary Fund in the recently approved $3 billion loan program.
Pakistan gets $5.6 billion in new financing after IMF loan: Bloomberg
By Staff Reporter
ISLAMABAD: Pakistan secured $5.6 billion in additional financing from bilateral and multilateral partners after getting a $3 billion loan from the International Monetary Fund (IMF), the fund’s mission chief said on Friday.
Pakistan’s new IMF loan to anchor economic stabilisation – official
By Staff Reporter
ISLAMABAD: Pakistan’s new $3 billion loan program from the International Monetary Fund (IMF) will anchor its immediate efforts to stabilize the economy and meet its balance of payments needs, a senior IMF official said.
Manufacturing sector shrinks for 11th straight month
By Staff Reporter
ISLAMABAD: Pakistan’s large-scale manufacturing (LSM) sector contracted 14.37 percent in May, its 11th consecutive monthly decline, as high costs, currency devaluation and political turmoil weighed on the industry, official data showed on Thursday.
Pakistan gets $1.2 billion IMF boost as reserves rebound
By Staff Reporter
Pakistan received $1.2 billion from the International Monetary Fund as part of a nine-month bailout program, boosting its foreign-exchange reserves and easing pressure on its currency.
Pakistan seeks more Russian oil after first discounted deal
By Staff Reporter
ISLAMABAD: Pakistan is in talks to buy a second shipment of discounted Russian crude oil, its petroleum minister said on Wednesday, as the cash-strapped nation seeks to diversify its energy sources and save on foreign exchange reserves.