Staff Reporter
ISLAMABAD: The government plans to rehire Credit Suisse as financial advisor to sell its stakes in two RLNG power plants.
Economy
Public debt balloons to record Rs50.5 trillion in July
By Staff Reporter
KARACHI: Public finances deteriorated sharply in July, putting them on track for their worst year on record, the central bank’s latest data showed on Tuesday.
WHO warns humanitarian situation to worsen in flood-ravaged Pakistan
By Staff Reporter
KARACHI: The United Nations has warned that the humanitarian situation in Pakistan was expected to get worse, as international aid is surging to flood-ravaged country while authorities are desperately trying to stop the biggest lake from bursting its banks after all previous attempts to lower water levels failed.
Finance Ministry cuts FY23 economic growth forecasts on flood damage
By Staff Reporter
ISLAMABAD: The government has sharply cut its economic forecast for the current fiscal year and signals its readiness to ease further if damage from the ongoing catastrophic floods proves more devastating.
IMF says Pakistan’s growth headed down as inflation surge to endure
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) said it will take over a year for inflation in Pakistan to fall to the central bank’s 5-7 percent target, adding that downside risks from high inflation were materializing and could push the country’s economy to ‘decelerate to 3.5 percent in FY23.’
August trade deficit shrinks 18.5pct m/m to $3.5bln
By Staff Reporter
ISLAMABAD: Trade deficit shrunk by 18.5 percent year-on-year to $3.5 billion in August, government data showed on Friday.
Weekly inflation soars as flood swamps food supply chains
By Staff Reporter
KARACHI: Weekly inflation jumped to a record 45.5 percent year-on-year as deadly floods have devastated a wide swath of farmlands, rupturing food supply lines across the country.
Finance Minister Ismail says Pakistan’s food security threatened by deadly flooding
By Staff Reporter
KARACHI: Finance minister Miftah Islmail said large swathes of crops have been destroyed or extensively damaged by deadly floods across Pakistan, leading to further challenges to food security in the impoverished nation of over 220 million.
PM Sharif announces relief for power users
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday exempted electricity consumers utilising 300 units from Fuel Price Adjustment (FPA) charges in August.
Inflation hits 47-year high, peak still to come
By Staff Reporter
ISLAMABAD: Soaring food prices pushed August inflation to a 47-year high of 27.3 percent and its peak could still be months away, official data showed on Thursday, underlining the severity of the cost-of-living crunch in struggling economy.