KARACHI: Pakistan International Airlines (PIA), the country’s state-owned carrier, reported its first pre-tax profit for the first half of a year since 2004, a milestone that bolsters Islamabad’s efforts to privatise the airline as part of a $7 billion International Monetary Fund bailout agreement.
Economy
Finance ministry rebuts debt concerns, says sustainability improved
ISLAMABAD: The finance ministry on Tuesday dismissed concerns over a nearly Rs9 trillion surge in public debt, asserting that the country’s debt trajectory is “more sustainable today than suggested by headline rupee figures.”
UN mapping flood-hit farmland in Pakistan with satellite data to guide recovery
ISLAMABAD: The United Nations’ Food and Agriculture Organization is mapping the toll of Pakistan’s monsoon floods on its vital farmlands, using high-resolution satellite imagery and localized crop datasets to pinpoint losses with unprecedented precision.
Govt hikes diesel price by Rs2.78/liter, holds petrol steady
ISLAMABAD: The government on Monday increased high-speed diesel prices by Rs2.78 a liter to Rs272.77 for the next fortnight, a move likely to stoke inflationary pressures across transport and food costs.
Zardari looks to revive ties with Shanghai Electric after abandoned K-Electric takeover
ISLAMABAD: President Asif Ali Zardari sought to revive ties with Shanghai Electric Power Co. after the Chinese company scrapped its long-stalled $1.77 billion bid for a controlling stake in K-Electric Ltd., assuring executives that any lingering issues would be addressed as he invited fresh investment in the nation’s power grid.
SBP holds rates steady at 11 percent as floods threaten crop harvest, food inflation
KARACHI: The central bank kept its benchmark interest rate unchanged at 11% for a third consecutive meeting, opting for caution as floods ravage the nation’s agricultural heartland and threaten to stoke food inflation just as the economy shows signs of stabilization.
SBP set to hold rate at 11 percent as floods stoke inflation risks
KARACHI: The central bank is set to keep its benchmark interest rate on hold at 11 percent when its Monetary Policy Committee convenes on Monday, as fresh flooding threatens to stoke inflation in a fragile economy already strained by energy costs.
Pakistan defers August power dues for businesses, forgives household bills in inundated areas
ISLAMABAD: Prime Minister Shehbaz Sharif announced on Saturday that residential electricity consumers in flood-hit areas would be exempt from paying their August bills, as the government moves to ease the financial burden on households reeling from deadly flash floods that have killed nearly 1,000 people.
FM Aurangzeb says IMF understands flood strain ahead of loan review
LAHORE: Finance Minister Muhammad Aurangzeb said the government is in close contact with the International Monetary Fund, which has shown understanding of the economic strain from devastating floods, as the lender prepares to review a $1.4 billion loan program.
Flood crisis tests IMF bailout discipline as PM Sharif halts August power bills in affected areas
ISLAMABAD: The government moved swiftly to shield flood-ravaged households from August electricity bills, a rare concession that underscores the tension between immediate disaster relief and the fiscal austerity demanded by a $7 billion International Monetary Fund bailout.