By Staff Reporter
ISLAMABAD: State-run Pakistan State Oil (PSO) was rescued by the government on Sunday through a Rs30 billion emergency funding as the state-run oil giant, buckling under the cost of soaring oil import prices and stuck-up receivables, was racing against the clock to avoid becoming the country’s first default.
By Staff Reporter
ISLAMABAD: Army chief General Qamar Javed Bajwa has reached out to the US for an early disbursal of the $1.2 billion loan from the IMF’s bailout programme as the cash-strapped country grapples with dwindling foreign exchange reserves inching towards foreign debt obligations.
By Staff Reporter
ISLAMABAD: Power regulator Nepra on Thursday allowed fuel cost adjustments (FCA) of Rs11.37 to Karachi-based power utility K-Electric and Rs9.89/unit to electricity distribution companies Discos.
By Staff Reporter
ISLAMABAD: The government on Thursday lifted a nearly two-month ban on the import of several non-essential luxury goods despite an alarming low levels of foreign currency reserves.
By Staff Reporter
KARACHI: S&P Global Ratings cut Pakistan’s credit outlook to negative from neutral as the country’s external position weakens with higher commodity prices, the rupee’s depreciation and tighter global financial conditions.
By Staff Reporter
KARACHI: The State Bank of Pakistan’s held foreign exchange reserves dropped 8.1 percent to $8.575 billion in the week ended July 22, as the country struggles to manage a long-simmering debt crisis, latest data showed on Thursday.
By Staff Reporter
ISLAMABAD: Pakistan is on track with the conditions of an IMF bailout programme and the country has completed all prior actions needed for disbursement of next chunk of aid in August, finance minister said on Wednesday.
By Staff Reporter
KARACHI: Car assemblers in Pakistan, Toyota and Suzuki, planned plant shutdowns next month as unavailability of raw material amid government’s import restrictions hit productions, officials said.
By Staff Reporter
KARACHI: The current account deficit surged to a 4-year high of $17.4 billion in the fiscal year of 2021-22 on soaring cost of energy imports, central bank’s data showed.
By Staff Reporter
ISLAMABAD: Pakistan borrowed $22.5 billion in the last fiscal year to plug the current account deficit and to pay back maturing debts.
