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 …
ISLAMABAD: The World Bank on Wednesday announced that its board of directors had approved the long-awaited $350 million loan ‘2nd Resilient Institutions for Sustainable Economy (RISE-II) Operation’ to Pakistan to support key macroeconomic reforms in energy, taxation and business environment. The financing “aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth”, the Washington-based multilateral lender …
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday approved an additional across-the-board charge of Rs1.15 per unit for electricity consumers throughout the country, including K-Electric, and also concluded the process of imposing another Rs1.72 per unit on K-E consumers for the next three months — January to March 2024. Effectively, K-Electric consumers would have to pay a cumulative …
KARACHI: The Pakistan Stock Exchange (PSX) wrapped up the trading week on a historic note as the benchmark KSE-100 index soared to an unprecedented all-time high above 66,000 points. This record-setting close was fueled by the visit of Caretaker Prime Minister Anwaarul Haq Kakar, who marked the launch of a Rs30 billion Ijara Sukuk. The index witnessed an impressive increase …
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday notified an additional fuel cost adjustment (FCA) of Rs3.08 per unit for consumers of ex-Wapda distribution companies (Discos) with a net financial impact of about Rs28.5 billion for electricity consumed in October. According to Nepra’s notification, the adjustment will apply to all the consumer categories except Electric Vehicle Charging Stations …
ISLAMABAD: The Asian Development Bank (ADB) on Wednesday approved three projects totaling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development. The projects approved this week, will focus on improving domestic resource mobilization; rehabilitating schools damaged by the devastating August 2022 floods; and enhancing agricultural productivity to improve food security, ADB said in …
ISLAMABAD: The Federal Board of Revenue (FBR) has frozen all of Pakistan International Airlines’ (PIA) bank accounts due to non-payment of federal excise duty. This action has exacerbated the problems faced by the national flag carrier, which has been struggling with serious financial crises for several years. According to FBR officials, PIA’s liabilities exceed Rs55 billion in federal excise duty …
KARACHI: The State Bank of Pakistan (SBP) on Wednesday announced that Saudi Arabia had extended the term for a deposit of $3 billion to Pakistan for one more year. “The Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term for the deposit of $3bn, maturing on December 5, for another year,” the …