By Staff Reporter
KARACHI The State Bank of Pakistan (SBP) on Thursday raised its benchmark interest rate by 300 basis points to 25-year high of 20 percent to tame runaway inflation and also to win back a stalled $1.2 billion loan tranche from the International Monetary Fund.
By Staff Reporter
KARACHI: The rupee plunged over eight percent against the dollar on Thursday, posting a new all-time low of Rs290.18, after the central bank apparently allowed a freefall in the currency to adjust its real market value – a precondition to unlock a vital bailout from the International Monetary Fund (IMF).
By Monitoring Desk
Bondholders are bracing for a potential default by Pakistan as the beleaguered nation faces billions of dollars in debt repayments that it will struggle to make good on without a bailout from the IMF or rollovers from bilateral creditors.
By Staff Reporter
KARACHI: Inflation in February hit the highest in 50 years on runaway food, beverage and transportation prices, official data showed on Wednesday, highlighting the challenge for the central bank as the country reels under its worst financial crisis in over 75 years of history.
By Naveed Naqvi
ISLAMABAD: The Supreme Court of Pakistan on Wednesday ruled that elections for the provincial assemblies in Punjab and Khyber Pakhtunkhwa must be held within 90 days as mandated by the Constitution.
Mired in myriad troubles rooted in mismanagement, corruption, and union unrest, the ailing industrial colossus remains unamenable to a turnaround under public sector management. By Naveed Naqvi.
The authorities are dealing finishing touches to a comprehensive plan to staunch electricity theft, which cost Pakistan almost USD 1.5 billion this year alone. By Naveed Naqvi.
By Staff Reporter
KARACHI: A group of armed militants attacked Karachi police headquarters on Friday, as paramilitary troops and police rushed to stave off the attack in the city’s high security zone amid an uptick in terror targets across the country.
Treasury and opposition members made hard-hitting speeches against the inflationary measures included in the supplementary finance bill, but the committee eventually embraced the draft law, requisite to unlock financing from the International Monetary Fund (IMF). By Naveed Naqvi.
By Staff Reporter
ISLAMABAD: The government on Wednesday tabled a money bill in parliament to raise Rs170 billion in taxes by June this year as part of conditions by the International Monetary Fund (IMF) to revive a stalled $6.5 billion loan program.
