KARACHI: The International Monetary Fund approved a $1.2 billion disbursement to Pakistan under its bailout program, providing a financial boost as the South Asian nation grapples with the aftermath of devastating floods and pushes ahead with economic reforms.
Economy
Bureaucratic spending up nearly 80 percent since 2022 despite austerity push
ISLAMABAD: Despite a stringent austerity drive and aggressive efforts to downsize the federal bureaucracy, the government spending on civil administration and pensions has continued to surge, with double-digit increases in the first quarter of the current fiscal year, according to fiscal data released by the Ministry of Finance.
Pakistan to sell surplus LNG on global markets from January to ease gas glut
LAHORE: Pakistan plans to start selling excess liquefied natural gas on international markets from Jan. 1 as it grapples with a supply glut that’s swelled circular debt in the gas sector and inflicted losses of about Rs1 trillion since 2018-19.
ADB approves $381 million in aid for Punjab to bolster agriculture, education and health
ISLAMABAD: The Asian Development Bank has approved three major development projects totaling $381 million aimed at modernising agriculture, strengthening education and improving health services in Punjab, Pakistan’s most populous province, which drives more than half of the country’s economic output.
Pakistan signals strong push on crypto regulation with Binance talks
ISLAMABAD: Pakistan’s government is ramping up efforts to regulate its burgeoning cryptocurrency market, holding high-level talks this week with executives from Binance Holdings Ltd., the world’s largest digital-asset exchange by trading volume.
IMF set to approve $1.2 billion for Pakistan as board meets Monday
KARACHI: Pakistan is poised to secure $1.2 billion in fresh loans from the International Monetary Fund, with the lender’s executive board set to review the package on Monday, potentially unlocking financing critical to the cash-strapped nation’s economic stabilisation efforts.
Pakistan mulls limited crypto amnesty as banks flag risks from $250bn trading
ISLAMABAD: Pakistan is mulling a limited amnesty for cryptocurrency traders as part of a push to regulate the burgeoning sector, amid concerns from local banks over risks tied to more than $250 billion in annual trading by users in the South Asian nation.
Pakistan plans to launch first stablecoin as part of crypto push
ISLAMABAD: Pakistan is gearing up to introduce its first stablecoin as the South Asian nation seeks to integrate virtual assets into its economy and position itself as a leader in digital finance.
OGDCL triples tight-gas study area, plans aggressive shale push
ISLAMABAD: State-owned Oil & Gas Development Co. is gearing up for a significant push into unconventional gas starting early next year, seeking to ramp up domestic output and ease the country’s heavy dependence on imported liquefied natural gas.
FM Aurangzeb opens crucial NFC talks, signals flexibility on revenue sharing
ISLAMABAD: Finance Minister Muhammad Aurangzeb pledged an open-minded approach to negotiations on sharing federal tax revenues with provinces, kicking off the first meeting of the 11th National Finance Commission amid strains from floods, security threats and IMF-mandated reforms.