KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar stated on Saturday that the interim government’s “proactive measures” to encounter external and domestic challenges have stabilised the economy. She added that the process of transforming the economy is underway in the country, acknowledging that structural reforms in every sector takes time. While addressing members of the Federation of Pakistan Chambers of Commerce …
Inflation, measured by the Consumer Price Index (CPI), surged by 28.3 per cent year-on-year in January, according to data released from the Pakistan Bureau of Statistics (PBS) on Thursday. This is the last monthly CPI data before the general elections due on Feb 8 and comes as the country undertakes reforms linked to a $3 Billion Standby Agreement with the International …
ISLAMABAD: The caretaker government on Wednesday increased the per-litre price of petrol by Rs13.55 and that of high-speed diesel (HSD) by Rs2.75 for the next fortnight ending Feb 15, citing higher international market and import premiums. The government has also raised the price of liquefied petroleum gas (LPG) by Rs1.16 per kilogram for February. In a late-night announcement, the Ministry …
KARACHI: The State Bank of Pakistan (SBP) has invited the general public to submit designs for new currency notes as it initiates the process of replacing the existing banknotes. The announcement came a day after the SBP governor told a meeting of analysts about the decision to introduce new currency notes with advanced security features and to address the issue …
KARACHI: The International Monetary Fund (IMF) has released the much awaited $700 million tranche, shoring up the State Bank of Pakistan’s (SBP) foreign reserves. The SBP confirmed the development in a statement, adding that the tranche equivalent to $705.6 million was released on January 16 (Tuesday) “following the successful completion of the first review by the Executive Board of IMF …
DAVOS: Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday held several meetings on the sidelines of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland. The prime minister met US Presidential Special Envoy on Climate John Kerry. Both discussed the local and global impact of climate change during the meeting. The two leaders discussed the climate …
ISLAMABAD: The caretaker government on Monday decreased the price of petrol by Rs8 per litre for the next fortnight. In a notification issued today, the Finance Division said the government decided to reduce the price of petrol for the fortnight starting from January 16 as recommended by the Oil and Gas Regulatory Authority. According to the announcement, the ex-depot price …
ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar on Thursday disclosed that Pakistan is providing IT (information technology) services to over 190 countries. “We are exporting IT and IT-enabled services to more than 190 countries. Our IT industry is an integral part of the knowledge economy thereby earning repute as a leading offshore outsourcing destination through innovation, availability of talent, government …
ISLAMABAD: In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative total under the arrangement to …
KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell below $7 billion for the first time in the current fiscal year, posing challenges for the government to stabilise the exchange rate and meet debt servicing obligations. The SBP on Thursday reported a $136 million decline in reserves to $6.904bn due to debt repayments. This outflow of dollars brought …