By Staff Reporter
ISLAMABAD: The government on Friday announced plans to build a new refinery to meet the country’s energy needs.
Economy
ECC approves double-digit price hike for general and essential medicines
By Staff Reporter
ISLAMABAD: The government on Friday approved an increase in retail prices for both general and essential medicines, with the latter rising by up to 14 percent and the former by as much as 20 percent.
New taxation measures on tobacco could backfire for govt’s revenue goals
By News Desk
If the government’s move to institute new taxation measures through a minibudget was aimed at raising more revenue to plug the yawning budget deficit, it may well prove counterproductive – at least as far as it concerns the tobacco sector.
Pakistan expected to default on external debt obligations by early 2024, says EIU
By Staff Reporter
KARACHI: The Economist Intelligence Unit (EIU) has stated that Pakistan is expected to default on its external debt obligations by early 2024 due to limited foreign-exchange reserves to service its external debt and the end of its IMF loan by the third quarter of 2023
ECC okays PKR 500 million more for BISP child nutrition program
The Nashonuma direct cash transfer intervention looks to improve uptake of health and nutrition services among the poorest of the poor. By Muhammad Ali.
Pakistan slashes GDP growth forecast for FY2023 to 0.8 percent
By Staff Reporter
ISLAMABAD: Pakistan’s economy is expected to remain weak throughout 2023 due to stricter financial conditions and a lack of fiscal flexibility, the government said on Wednesday.
IMF’s ‘dillydallying tactics’ frustrate Pakistan’s efforts to conclude loan programme
By Staff Reporter
ISLAMABAD: Pakistan’s efforts to secure additional financing have been met with delays in striking a staff-level agreement with the International Monetary Fund (IMF), with authorities now blaming the Fund for using “dillydallying tactics”.
Pakistan major recipient of ADB financing in 2022
Receiving commitments totalling to USD 5.58 billion, Pakistan accounted for just under a fifth of the ADB’s total loan and grant commitments over the year 2022. By Muhammad Ali.
Pakistan allows foreign airlines to access hard currency to repatriate earnings
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) has allowed banks to allocate dollars to a broader range of clients, including foreign airlines, potentially making hard currency available to international companies seeking to repatriate earnings after months of delays, senior bankers said on Friday.
Pakistan places first order for discounted Russian crude oil
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.