By Staff Reporter
ISLAMABAD: The economy is showing signs of recovery as the finance ministry on Tuesday forecast a drop in inflation to 17.5 percent in May, following a series of strict administrative measures aimed at stabilizing the prices.
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Petrol price cut by Rs5.45, diesel drops by Rs8.42/liter
By Staff Reporter
ISLAMABAD: The government has slashed petroleum product prices by up to 2.97 percent for the first half of May, capitalizing on a fall in global oil premium rates, officials said on Tuesday.
FBR to cut mobile phone access for 500,000 tax evaders
By Staff Reporter
ISLAMABAD: Pakistan will block mobile phone connections of over 500,000 individuals who failed to file their income tax returns for Tax Year 2023, the country’s tax authority said on Tuesday.
SBP receives final tranche of $1.1 billion IMF loan
By Staff Reporter
KARACHI: The central bank said on Tuesday that it has received the final tranche of a $1.1 billion loan from the International Monetary Fund (IMF), concluding a critical $3 billion loan program that has helped Pakistan avert a sovereign default.
SBP keeps tight grip on rates to tame inflation
KARACHI: The State Bank of Pakistan left its interest rate at an all-time high of 22 percent for the seventh straight policy meeting on Monday, citing inflation risk amid geopolitical tension and macroeconomic stabilization measures.
Antitrust authority greenlights Aramco’s 40pc stake acquisition in Gas & Oil Pakistan
By Staff Reporter
ISLAMABAD: Saudi Aramco, the world’s largest oil producer, has entered Pakistan’s fuels retail market with approval from the country’s monopoly watchdog on its acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd.
IMF approves final $1.1 billion tranche of $3billion bailout for Pakistan
By Staff Reporter
ISLAMABAD: Pakistan secured a $1.1 billion lifeline from the International Monetary Fund (IMF) on Monday, as the global lender approved the final tranche of a $3 billion bailout package designed to shore up the country’s dried-up finances and avert a sovereign default.
Iran and Pakistan agree to speed up free trade deal despite US warning
By Staff Reporter
ISLAMABAD: Iran and Pakistan have agreed to “expeditiously finalise” a free trade agreement (FTA) aimed at boosting economic cooperation between the two nations, despite a warning from the United States about the risks of doing business with Tehran.
Current account surplus soars to 9-year high
By Staff Reporter
KARACHI: Pakistan’s current account surplus surged to its highest level since 2015, providing a rare bright spot for the struggling economy as it seeks a new bailout from the International Monetary Fund.
IMF board to review Pakistan’s final $1.1 billion loan tranche on April 29
By Staff Reporter
ISLAMABAD: The International Monetary Fund’s (IMF) Executive Board will meet on April 29 to finalise its last review of Pakistan’s $3 billion Stand-By Arrangement (SBA), despite the country’s absence from the Fund’s public calendar.