A premier Cabinet panel has opted domestic production over imports to meet the estimated 300 MT Kharif shortfall of urea. By Muhammad Ali.
Photo courtesy of sngpl.com.pk
Economy
Cotton phutty price set at PKR 8,500 per maund
The move is aimed at luring farmers back to their once favourite cash crop after a crash in domestic production over the last few years, necessitating costly imports. By Muhammad Ali.
Industrial output down 7.9 percent in 7 months
Although there are a few bright spots here and there, the economic downturn is taking a grim toll on the country’s industry. By Muhammad Ali.
Pakistan rushing PKR 50 billion in sovereign guarantees to keep petroleum giant afloat
The state-owned oil marketing monolith is in the middle of yet another recursion of its resident liquidity crunch, and while it is too big to fail, the government cannot spare enough cash this time. Cue PKR 50 billion in sovereign guarantees to back commercial borrowing. By Muhammad Ali.
Top parliamentary panel pushes for more competitive IT infrastructure
The National Assembly’s powerful standing committee has shown strong reservations over mobile and internet service issues across the country, demanding to allow more players into the market. By Naveed Naqvi.
IMF, not HRW West’s point on Pakistan
Pakistan’s Paris Club lenders are beholden to the Fund – as are the DFIs like World Bank, ADB, and IDB. So why is the Fund dillydallying over its bailout for Pakistan, virtually holding up all sources of financing? By Muhammad Ali.
Dar says Pakistan ‘very close’ to signing IMF agreement
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar said on Thursday the country was very close to signing a staff level agreement with the International Monetary Fund though Islamabad is still resolving differences with Fund to resume its $6.5 billion loan program..
Pakistan seals another $1.3bn loan rollover from all-weather ally China
By Staff Reporter
ISLAMABAD: Pakistan will get another $1.3 billion from all-weather ally China to shore up its fast-depleting forex reserves, Finance Minister Ishaq Dar said on Friday, days after the country received $700 million from Beijing.
SBP raises policy rate by 300 bps to 25-year high of 20pc
By Staff Reporter
KARACHI The State Bank of Pakistan (SBP) on Thursday raised its benchmark interest rate by 300 basis points to 25-year high of 20 percent to tame runaway inflation and also to win back a stalled $1.2 billion loan tranche from the International Monetary Fund.
Rupee plunges over 8pc against the dollar to hit record low
By Staff Reporter
KARACHI: The rupee plunged over eight percent against the dollar on Thursday, posting a new all-time low of Rs290.18, after the central bank apparently allowed a freefall in the currency to adjust its real market value – a precondition to unlock a vital bailout from the International Monetary Fund (IMF).