KARACHI: Pakistan received $1.2 billion from the International Monetary Fund after the lender approved reviews of the South Asian nation’s bailout programs, providing a boost to its foreign reserves amid efforts to stabilise the economy.
Economy
ADB upgrades Pakistan growth outlook on less severe flood impact
KARACHI: The Asian Development Bank boosted its economic growth forecast for Pakistan in the current fiscal year, citing a milder-than-expected hit from flooding, stepped-up public investment and cooling inflation.
US EXIM Bank approves $1.25 billion for Reko Diq critical minerals project
ISLAMABAD: The US Export-Import Bank has approved $1.25 billion in financing to back the mining of critical minerals at Pakistan’s Reko Diq project, marking one of the largest such commitments in the South Asian nation’s resources sector and underscoring a push by Washington to secure global supply chains.
Pakistan considers cutting smartphone import taxes to ease costs for consumers
ISLAMABAD: Pakistan may lower the steep import duties on smartphones that have driven up prices for millions of users, after a lawmaker said the Federal Board of Revenue wouldn’t object to a reduction if recommended by the finance ministry’s tax policy unit.
November remittances rise 9.4 percent to $3.2 billion, UAE and EU lead gains
KARACHI: Remittances from overseas workers climbed to $3.2 billion in November, up 9.4% from a year earlier, as inflows from the United Arab Emirates and European Union countries helped offset softer numbers from Saudi Arabia, data from the central bank showed.
ECC tightens vehicle import rules, raises oil dealer margins
ISLAMABAD: The Economic Coordination Committee of the cabinet approved changes to the vehicle import rules and raised margins for oil marketing companies and petroleum dealers, as officials grapple with energy costs, trade reforms and fiscal pressures.
Pakistan slashes electricity prices by Rs15 per unit for industry, agriculture
ISLAMABAD: The government slashed electricity rates for industries and agriculture by about Rs15 per unit on excess consumption, aiming to spur production and ease operating costs amid broader pressures on energy prices.
Pakistan’s economy avoids free fall but faces slow grind ahead, IMF say
KARACHI: The International Monetary Fund said the immediate risk of a sovereign default in Pakistan has receded, yet the cash-strapped South Asian nation remains mired in a fragile stabilisation mode plagued by anemic growth, towering debt loads and scant relief for its 240 million citizens.
Pakistan to finalise IMF governance reform plan by Dec 31, finance minister says
ISLAMABAD: Finance Minister Muhammad Aurangzeb said the government will finalise an action plan by Dec. 31 to implement 15 key recommendations from the International Monetary Fund’s governance and corruption diagnostic report, as Islamabad pushes ahead with reforms amid a surge in tax collections.
ADB says over 80pc of Pakistanis lack safe drinking water; per capita supply falls to two-thirds
ISLAMABAD: More than 80% of Pakistan’s population lacks access to safe drinking water, exacerbating waterborne diseases and straining resources amid rapid population growth, climate change and poor management, the Asian Development Bank said in a report released on Monday.