By Staff Reporter
KARACHI: July inflation accelerated to its highest in 14-year on runaway food prices, stoked by a battered rupee, raising prospects of more rate hike by central bank later this month, official data showed on Monday.
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“Pakistan will solve temporary economic crisis with IMF help”
By Staff Reporter
KARACHI: Pakistan’s economic problems are only temporary, and the government is committed to forcefully managing especially its ballooning debt with assistance from the International Monetary Fund (IMF), finance ministry said, expressing its confidence that measures were moving the country in the right direction.
Finance minister Miftah Ismail addressing a press conference in Islamabad on July 31, 2022. PID Photo
Govt withdraws fixed tax on traders after protests
By Staff Reporter
ISLAMABAD: Pakistan, struggling with weak finance, withdrew a fixed tax of Rs3000 on small traders with electricity consumption of less than 150 units per month after countrywide protests from businesses that have been ill-prepared for the change.
Pakistan reduces petrol prices; raises diesel rate
By Staff Reporter
ISLAMABAD: The government on Sunday night announced a decrease in petrol price to pass on a decline in global prices to inflation-hit consumers.
PSO scrambles to avoid first major default of Pakistan economic crisis
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.
Army chief Bajwa seeks US help in early release of $1.17bn IMF tranche
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.
Nepra approves increase in electricity tariff
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.
ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- PID photo
Pakistan ends ban on non-essential luxury goods imports
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.
S&P cuts Pakistan’s outlook to negative
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.
SBP’s forex reserves fall to levels equal to 35 days of imports
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.