By Staff Reporter
ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar instructed his newly appointed Privatization Minister Fawad Hassan Fawad to fast-track the sale of the state-owned Pakistan International Airlines Corp. (PIA), which is facing a severe cash crunch and has grounded some of its planes.
By Staff Reporter
KARACHI: The State Bank of Pakistan kept its benchmark interest rate unchanged at 22 percent on Thursday, defying market expectations of a hike to curb inflation and support the rupee, which has plunged to record lows in recent months.
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?
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.
PM Kakar announced fast-track visa processing for potential investors under the Open Pakistan Policy as officials said they hoped to close mega investment deals with multiple Gulf countries within a month. By Muhammad Ali.
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.
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.
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.
There remains no doubt that black market forces are playing havoc with the Pakistani rupee. The government must keep the holes plugged – and work with the IMF to correct the exchange rate mechanism. By Muhammad Ali.
The national flag carrier’s SOS request for a new cash injection to keep it afloat ahead of its scheduled privatisation has been declined, raising the spectre of the state owned enterprise shutting down before it can be privatised. By Muhammad Ali.
