KARACHI: Saudi Arabia agreed to roll over a $3 billion deposit held with Pakistan’s central bank for another year, providing a boost to the cash-strapped South Asian nation’s foreign exchange reserves amid ongoing economic pressures.
Economy
Pakistan eases border restrictions to allow humanitarian aid into Afghanistan
ISLAMABAD: After nearly two months of a near-total halt in cross-border cargo movement, Pakistan has begun clearing humanitarian consignments destined for Afghanistan, officials said, marking the first controlled reopening of transit trade since routine operations were suspended in October.
Pakistan plans live broadcast of PIA privatisation bidding on Dec. 23
ISLAMABAD: Pakistan will hold bidding for the privatisation of the national airline on Dec. 23, with the process to be broadcast live on media outlets, Prime Minister Shehbaz Sharif said, marking the government’s most aggressive push in decades to offload the debt-laden carrier.
Lawmakers slam govt after IMF flags deep governance flaws
ISLAMABAD: Lawmakers sharply rebuked the government on Wednesday for what they described as systemic failures in combating corruption, citing a scathing new assessment from the International Monetary Fund that laid bare weaknesses across state institutions, from the judiciary to tax authorities.
Oil industry rebuffs regulator’s tight deadline for costly Rs60 billion digital mandate
ISLAMABAD: The oil companies are pushing back against a government mandate to digitally integrate more than 32,000 fuel storage tanks, depots and petrol pumps within six to 12 months, citing prohibitive costs of as much as Rs60 billion and a lack of any plan to recover the expense.
Pakistan business confidence jumps to multi-year high despite tax, inflation risks
KARACHI: Pakistan’s business sentiment has surged to its highest level in years, with confidence jumping 11 percentage points to 22%, even as executives flagged persistent hurdles like taxation, inflation and corruption that threaten to derail growth.
Pakistan starts new NFC round with wide gulf between federal, provincial priorities
ISLAMABAD: The government has convened the inaugural meeting of the 11th National Finance Commission on Thursday, kicking off what are expected to be contentious negotiations over the division of federal tax revenues between the central government and the provinces amid mounting fiscal pressures.
Trade gap widens 33 percent in November on export drop
ISLAMABAD: Trade deficit widened sharply to $2.86 billion in November, jumping 33% from a year earlier, as exports tumbled and imports climbed, according to data released Tuesday by the Pakistan Bureau of Statistics.
PC board adds three SOEs to privatisation List, drops two in asset overhaul
ISLAMABAD: The Privatisation Commission board recommended adding three state-owned enterprises to its divestment program while removing two others, as the government pushes ahead with efforts to streamline public assets and bolster fiscal health.
Surge in private sector credit masks persistent investment drought
ISLAMABAD: Credit to the private sector has surged to a three-year high in the first five months of the current fiscal year, crossing Rs1 trillion for the first time in that period, according to data released by the State Bank of Pakistan.