By Staff Reporter
ISLAMABAD: Pakistan economic outlook has been downgraded by the International Monetary Fund (IMF), as it has revised the country’s GDP growth projection for the current financial year from 2 percent to a meager 0.5 percent.
Economy
Remittances hit seven-month high of $2.5 billion in March
By Staff Reporter
KARACHI: Pakistanis living abroad sent home a record $2.5 billion in remittances in March, marking a seven-month high, data from the State Bank of Pakistan showed on Monday.
Pakistan’s road to IMF passes through UAE
As things stand, securing a USD 1 billion financing commitment from the UAE is the last stumbling block in the way of the revival of Pakistan’s IMF bailout. By Muhammad Ali.
IMF bailout program review on track, says Finance Minister Dar
By Staff Reporter
ISLAMABAD: The long-awaited ninth review of the $7 billion International Monetary Fund (IMF) bailout program is proceeding smoothly, Finance Minister Ishaq Dar on said on Saturday, a day after cancelling his scheduled trip to Washington for the spring meetings of the IMF and World Bank.
Mohmand Dam project receives $240mn funding from Saudi Arabia
By Staff Reporter
ISLAMABAD: The Saudi Fund for Development (SFD) signed a $240 million loan agreement with Pakistan on Friday to support the multipurpose Mohmand Dam Project.
Gallup Survey: Business confidence dips as owners face increasing challenges
By Staff Reporter
KARACHI: Business owners in Pakistan are becoming increasingly pessimistic about the prospects and conditions of their businesses, according to the latest Gallup Pakistan Survey released on Friday.
Dar cancels IMF’s Washington meeting amid political unrest in Islamabad
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar has canceled his planned visit to Washington, where he was scheduled to meet with the International Monetary Fund (IMF) on an installed bailout programme, to keep his presence in politically tense Islamabad.
Finance committee seeks details of $3bn zero interest loan recipients
By Staff Reporter
ISLAMABAD: The National Assembly’s Standing Committee on Finance directed the State Bank of Pakistan (SBP) on Thursday to provide details, including the names and amount, of the 600 individuals who were granted a $3 billion loan at zero interest rate.
World Bank says Pakistan’s GST system falls short by 50pc
By Staff Reporter
ISLAMABAD: The World Bank (WB) has identified a significant gap of around 50 percent in General Sales Tax (GST) on traders in real VAT mode in Pakistan, which could be closed by eliminating exemptions on the registration threshold of Rs 50 million.
Economist Atif Mian warns of Pakistan’s economic catastrophe, blames politicians, generals, and judiciary
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.