By Staff Reporter
ISLAMABAD: The main Pakistan-Afghanistan border crossing, a key trade and travel route between the two countries, reopened on Friday after a nine-day closure following a clash between their border forces, officials said.
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PM Kakar pushes for quick sale of troubled PIA
By Staff Reporter
ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar instructed his newly appointed Privatization Minister Fawad Hassan Fawad to fast-track the sale of the state-owned Pakistan International Airlines Corp. (PIA), which is facing a severe cash crunch and has grounded some of its planes.
No rate hike as SBP sees inflation peaking in September
By Staff Reporter
KARACHI: The State Bank of Pakistan kept its benchmark interest rate unchanged at 22 percent on Thursday, defying market expectations of a hike to curb inflation and support the rupee, which has plunged to record lows in recent months.
PIA faces collapse as debt and losses swell
PIA is on the verge of collapse as it struggles to pay its bills and maintain its fleet. It has asked for a bailout from the government, which is itself in an economic crisis. The caretaker government has pushed for privatization, but will it happen before it’s too late?
President Alvi suggests Nov. 6 election date, but it may not be up to him
A constitutional crisis is looming over the country’s general election date, as President Alvi and the election commission disagree on who has the power to decide it. The president has suggested Nov. 6 as the date, citing a provision that requires him to appoint a date within 90 days of dissolving the parliament. However, the election commission claims that it is in charge of setting the date and running the polls, and that it requires more time to redraw the constituencies, based on a new census. The president’s letter has caused confusion and increased the uncertainty over the country’s democratic transition.
Photo courtesy of @RadioPakistan; SIFC logo courtesy of sifc.gov.pk
Caretakers resolve to do everything in national interest, get tough on bad guys
PM Kakar announced fast-track visa processing for potential investors under the Open Pakistan Policy as officials said they hoped to close mega investment deals with multiple Gulf countries within a month. By Muhammad Ali.
Pakistan seeks $2billion in World Bank aid for economic recovery
By Staff Reporter
ISLAMABAD: Pakistan is seeking about $2 billion in aid from the World Bank to boost its economic recovery and support its reform efforts, especially in the energy sector.
Debt crisis, IMF pressure force caretakers to raise gas prices
By Staff Reporter
ISLAMABAD: Caretaker government said on Friday it will increase gas prices for all consumers, a move that could add to the economic hardship of millions of people and stoke inflation that’s already near 30 percent.
Pakistan looks to delay repayment of foreign deposits to ease reserve pressure
By Staff Reporter
ISLAMABAD: Pakistan’s interim government is seeking to extend the maturity of deposits from other countries that are due to expire soon, as it tries to manage its dwindling foreign exchange reserves and revive the economy.
Source: @StateBank_Pak
Why the rupee’s newfound stability solves nothing
There remains no doubt that black market forces are playing havoc with the Pakistani rupee. The government must keep the holes plugged – and work with the IMF to correct the exchange rate mechanism. By Muhammad Ali.