PIA is on the verge of collapse as it struggles to pay its bills and maintain its fleet. It has asked for a bailout from the government, which is itself in an economic crisis. The caretaker government has pushed for privatization, but will it happen before it’s too late?
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President Alvi suggests Nov. 6 election date, but it may not be up to him
A constitutional crisis is looming over the country’s general election date, as President Alvi and the election commission disagree on who has the power to decide it. The president has suggested Nov. 6 as the date, citing a provision that requires him to appoint a date within 90 days of dissolving the parliament. However, the election commission claims that it is in charge of setting the date and running the polls, and that it requires more time to redraw the constituencies, based on a new census. The president’s letter has caused confusion and increased the uncertainty over the country’s democratic transition.
Pakistan seeks $2billion in World Bank aid for economic recovery
By Staff Reporter
ISLAMABAD: Pakistan is seeking about $2 billion in aid from the World Bank to boost its economic recovery and support its reform efforts, especially in the energy sector.
Debt crisis, IMF pressure force caretakers to raise gas prices
By Staff Reporter
ISLAMABAD: Caretaker government said on Friday it will increase gas prices for all consumers, a move that could add to the economic hardship of millions of people and stoke inflation that’s already near 30 percent.
Pakistan looks to delay repayment of foreign deposits to ease reserve pressure
By Staff Reporter
ISLAMABAD: Pakistan’s interim government is seeking to extend the maturity of deposits from other countries that are due to expire soon, as it tries to manage its dwindling foreign exchange reserves and revive the economy.
Inflation rate drops for third month, defying price hikes
By Staff Reporter ISLAMABAD: Pakistan’s inflation rate fell for the third straight month in August, reaching its lowest level since January, official data showed on
Rupee collapse spurs record fuel price hike
By Staff Reporter
ISLAMABAD: The caretaker government raised the prices of petrol and diesel by up to 6.3 percent on Thursday, citing a surge in global oil prices and a weak rupee that pushed the cost of fuel beyond 300 rupees per litre for the first time in history.
PM Kakar seeks IMF nod for power bill relief amid protests
By Staff Reporter
ISLAMABAD: Interim Prime Minister Anwaarul Haq Kakar said Thursday his government was working on options to tackle the issue of inflated power bills without deviating from its agreements with multilateral institutions, amid widespread protests and public anger over the soaring electricity tariffs.
Suicide bomber kills nine soldiers in Bannu district
By Staff Reporter
ISLAMABAD: A suicide bomber on a motorcycle blew himself up near a military convoy in the northwestern Bannu district on Thursday, killing nine soldiers and wounding five others, the army said.
Minister Ahktar says IMF deal leaves Pakistan with no room to ease electricity bills
By Staff Reporter
ISLAMABAD: Interim Finance Minister Shamshad Akhtar warned on Wednesday that the country’s economic situation was worse than expected and the caretaker government had no room to provide subsidies as it faced rising inflation and public anger over soaring electricity bills.