KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) plummeted by a record $2.66 billion in a single week, driven by hefty external debt repayments, marking the steepest decline in more than three years.
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Heavy monsoon rains batter Punjab, killing seven and injuring dozens
ISLAMABAD: Torrential monsoon rains lashed Punjab on Thursday, claiming at least seven lives and injuring dozens as roof collapses, drownings, lightning strikes, and electrocutions wreaked havoc across the province.
US tightens social media vetting for student, exchange visitor visas
ISLAMABAD: The Trump administration has directed applicants for F, M, and J nonimmigrant visas, covering academic students, vocational students, and exchange visitors, to make their social media accounts public for vetting.
India-Pakistan rift derails SCO defence meeting as joint statement falters
ISLAMABAD: A meeting of defence ministers from the Shanghai Cooperation Organisation (SCO) collapsed into discord on Thursday, as India refused to sign a joint statement that omitted a deadly terrorist attack in occupied Kashmir.
Japanese Komatsu commits $100 million to Pakistan hub
KARACHI: Komatsu Ltd, the Japanese heavy machinery titan, will invest $100 million in a mining equipment maintenance hub in Pakistan and has clinched a $440 million deal with Barrick Gold Corp. to supply the Reko Diq mine, underscoring optimism about the country’s mining prospects, Nikkei Asia reported.
Pakistan parliament passes Rs17.57 trillion budget with deep cuts, defence hike
ISLAMABAD: Pakistan’s lower house of parliament approved a Rs17.57 trillion federal budget for the next fiscal year on Thursday, slashing spending by 7% while funneling nearly half the funds to debt servicing and boosting defense outlays by more than 20% after a sharp escalation in tensions with arch-rival India.
Authorities bust alleged Indian spy network, arrest suspects in crackdown
ISLAMABAD: Authorities say they have dismantled a spy network linked to India’s Research and Analysis Wing (RAW), arresting several suspects in a sweeping crackdown that has heightened tensions between the nuclear-armed neighbors.
PM Sharif rolls out agriculture reforms to boost economy, aid farmers
ISLAMABAD: Prime Minister Shehbaz Sharif unveiled a broad package of agricultural reforms on Wednesday, calling the sector the “backbone” of the nation’s economy and pledging to lift productivity while cutting costs for farmers.
Pakistan softens tax enforcement, approves Rs3.951 trillion budget amid recovery signals
ISLAMABAD: The government has softened its tax enforcement stance while greenlighting a Rs3.951 trillion budget, striking a delicate balance between fostering compliance and fueling economic growth.
Digital payments hit two billion, dominate 89pc of retail transactions
KARACHI: Digital payments in Pakistan reached 2 billion transactions in the third quarter of fiscal year 2025, capturing 89% of total retail payments, as the country’s shift to a cashless economy gained momentum, the State Bank of Pakistan (SBP) reported on Wednesday.