By Staff Reporter
ISLAMABAD: The government direly needs Rs165.2 billion for servicing foreign loans during the outgoing fiscal year as the rupee has slumped to record low against the dollar.
Economy
Markets smile, households groan over soaring energy prices
By Staff Reporter
ISLAMABAD: The markets may have responded rather well to the government’s recent moves to put a stalled International Monetary Fund (IMF) bailout back on track, but households are staggering under the enormous burden of inflation brought on by successive hikes in energy prices.
Political stability goes before economic stabilisation
By Staff Reporter
A day after Moody’s downgraded Pakistan’s outlook from stable to negative citing “political and social risk”, British weekly the Economist has provided an apt translation for the obscure jargon: “Imran Khan is jeopardising Pakistan’s attempts to fix its economy”.
$23bn in FY23: Big swell in foreign debt servicing
By Staff Reporter
ISLAMABAD: The cost of total foreign debt servicing is seen snowballing to $23 billion for the budget 2022-23 as repayment of commercial loans has now assumed a major chunk of an outstanding amount of $6 billion out of total obligations.
SBP foreign currency reserves fall below $10 billion levels
By Staff Reporter
KARACHI: The State Bank of Pakistan’s (SBP) foreign currency reserves have dropped to levels worth just six weeks of imports, latest figures showed on Thursday.
Rs30/ltr: IMF deal closer as oil subsidy slashed further
By Staff Reporter
ISLAMABAD: Pakistan on Wednesday came closer to an IMF deal after it reversed the subsidy on petroleum products by another Rs30/litre for the second time in the last seven days, adding fuel to the inflationary fires.
Trade deficit widens to record $43.33 billion
By Staff Reporter
ISLAMABAD: Trade deficit has widened to a record $43.33 billion in July-May on high oil import bill, which may further worsen the current account balance and devalue the rupee.
Moody’s downgrades Pakistan’s outlook to ‘negative’ from ‘stable’
By Staff Reporter
KARACHI: Rating agency Moody’s Investors Service downgraded Pakistan outlook to negative from stable on Thursday, citing higher fiscal risks due to a delay in the revival of International Monetary Fund’s bailout programme
Inflation soars in May
By Staff Reporter
ISLAMABAD: Consumer inflation jumped to over 2-year high of 13.76 percent in May fuelled by rising energy and food rates as high prices of imported fuels compounds the impact of the rupee’s plunge this year, , official data showed.
Economic risk: Saudi Arabia, Dubai won’t lend without IMF deal: FM
By Staff Reporter
KARACHI: Pakistan’s finance minister said countries that have typically been generous in lending to the crisis-hit nation are proceeding more cautiously now.