By Staff Reporter
ISLAMABAD: The government announced on Tuesday a new strategy to boost the country’s economy, which has been battered by high inflation, interest rates and dwindling foreign exchange reserves.
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Pakistan posts current account surplus of $255 million in May as trade gap narrows
By Staff Reporter
KARACHI: Pakistan posted a current account surplus of $255 million in May, compared with a deficit of $1.5 billion in the same month last year, the central bank said on Monday, as a sharp fall in imports and a rise in exports helped improve the country’s external balance.
Pakistan’s IMF hopes dashed as board ignores bailout review
By Staff Reporter
KARACHI: Pakistan is not on the agenda of the International Monetary Fund’s Executive Board for the rest of June, indicating no breakthrough on the ninth review under a $6.7 billion stalled bailout program that expires this month.
Pakistan’s default odds rise as IMF sours on bailout: Bloomberg
By Staff Reporter
KARACHI: The International Monetary Fund (IMF) is unlikely to deliver the stalled tranche to Pakistan before its bailout program ends at the end of June, increasing the risk of default, according to Bloomberg’s Pakistan Insight report.
Pakistan mourns shipwreck victims, PM Sharif orders probe
By Staff Reporter
ISLAMABAD: Pakistan is observing a day of mourning on Monday for hundreds of people, mostly Pakistanis, who died when a boat carrying migrants capsized off the coast of Greece last week.
Pakistan arrests human trafficker linked to Greece shipwreck
By Staff Reporter
KARACHI: Pakistan has arrested a human trafficker who was involved in a boat accident that killed seven Pakistani migrants off the coast of Greece, the Federal Investigation Agency (FIA) said on Saturday.
No special deal for Pakistan as it buys Russian oil in Chinese yuan
By Staff Reporter
ISLAMABAD: Pakistan has bought Russian crude oil for the first time, paying in Chinese yuan, but did not receive any special discount on the price, Russian and Pakistani officials said on Friday.
Pakistan gets $1 billion loan from China
By Staff Reporter
KARACHI: Pakistan received $1 billion from China on Friday as a refinancing of a loan that it paid off earlier this week, easing the country’s debt burden as it faces a looming expiry of an IMF bailout programme.
Pakistan says it is flexible on budget spending after IMF criticism
By Staff Reporter
ISLAMABAD: Pakistan’s finance ministry on Friday defended the tax exemptions in the budget for next year, saying they are “triggers” for economic growth and that the country is “not dogmatic” about its spending plans, though it also shows a willingness to make adjustments after the International Monetary Fund (IMF) expressed its concerns.
Cyclone Biparjoy hits India, Pakistan coasts
By Staff Reporter
KARACHI: Cyclone Biparjoy pounded the coasts of India and Pakistan with howling winds and heavy rain on Thursday evening, forcing more than 175,000 people to flee their homes and cutting power in some areas.