Business & Economy - Pakistan - Business Recorder

Energy

Pakistan defers LNG contract with Qatar for a year, petroleum minister says

Development comes amid decline in country's power usage

Updated 04 Dec, 2024 10:37pm

Business & Economy

‘Moving in the right direction’: Aurangzeb highlights economic progress

Federal Minister for Finance and Revenue Muhammad Aurangzeb Wednesday reaffirmed that Pakistan’s macroeconomic...

Updated 04 Dec, 2024 10:49pm

Business & Economy

‘No hiccups’: finance ministry reaffirms commitment to IMF programme, refutes speculation

Statement comes after report that Pakistan was facing some issues with IMF programme over meeting some conditions

Updated 04 Dec, 2024 10:05pm

Business & Economy

Finance ministry expects another policy rate cut as inflation comes down

Monetary Policy Committee meeting of the State Bank of Pakistan is scheduled to take place on Monday, December 16

Updated 02 Dec, 2024 10:12pm

Business & Economy

Lowest since May 2018: inflation in Pakistan clocks in at 4.9% in November 2024

Reading also below official expectations

Updated 02 Dec, 2024 10:30pm

Business & Economy

PM credits investor confidence in govt policies as KSE-100 hits 100,000

Prime Minister Shehbaz Sharif on Thursday hailed the unprecedented performance of Pakistan’s stock market, as the...

Updated 28 Nov, 2024 10:42pm

Business & Economy

Pakistan inflation to ease further in November 2024, says Ministry of Finance

In its ‘Monthly Economic Update and Outlook’, the ministry says fiscal consolidation and contained inflation will provide impetus to economic activities in the coming months

Updated 27 Nov, 2024 10:42pm

Business & Economy

World Bank offers assistance to streamline Pakistan’s budget-making process

The World Bank has offered Pakistani authorities technical assistance to enhance the budget-making process and adopt...

Updated 26 Nov, 2024 10:23pm

Business & Economy

Pakistan, Belarus sign 8 MoUs to boost trade, cooperation

Two sides agree to establish working groups for energy, industrial collaboration, Ministry of Commerce says

Updated 25 Nov, 2024 10:38pm

Business & Economy

PTI protests causing daily loss of Rs190bn, says Aurangzeb

Federal Minister for Finance Muhammad Aurangzeb has said the ongoing protests by the opposition Pakistan...

Updated 25 Nov, 2024 09:57pm

Business & Economy

PM Shehbaz briefed on IMF talks, reviews economic situation

The Ministry of Finance briefed Prime Minister Shehbaz Sharif regarding the ongoing talks with the International...

Updated 18 Nov, 2024 11:07pm

Business & Economy

Jul-Oct FDI clocks in at $904.3mn, up 32% YoY

Net Foreign Direct Investment (FDI) in Pakistan grew 32.3% during the first four months of the ongoing fiscal year...

Updated 18 Nov, 2024 11:20pm

Business & Economy

Pakistan discusses $7bn bailout reform agenda with IMF in unusual talks

Reforms in taxation, energy sector, privatisation of loss-making SOEs and public finance came under discussion, finance minister says

Updated 17 Nov, 2024 11:18pm

Stocks

In its ‘strategy report’, AHL says KSE-100 to hit 120,000 by December 2025

Brokerage house Arif Habib Limited (AHL) expects the KSE-100 Index – largely seen as a benchmark for stock market...

Published 16 Nov, 2024 11:13am

Business & Economy

IMF calls for reduced govt intervention, energy reforms in Pakistan’s economy

Washington-based lender's mission led by Nathan Porter states conclusion of a staff visit to Pakistan from November 12 to 15, 2024

Updated 16 Nov, 2024 04:30pm

Business & Economy

1QFY25: With IMF in Islamabad, Punjab revises budget figures, now posts Rs40bn surplus

Finance ministry says with concurrence of the IMF, it has updated revised figures on its website, showing a surplus for Pakistan's most populous province

Updated 15 Nov, 2024 10:56pm

Business & Economy

CCoP reiterates ‘resolve to divest’ PIA shares, but adds G2G mode

Says will pursue its divestment through privatisation or government-to-government mode

Updated 15 Nov, 2024 10:29pm

Business & Economy

IMF delegation meets Aurangzeb: Finance Divison

Senior officials, including FBR chairman and SBP governor, also present at meeting

Updated 12 Nov, 2024 10:48pm

Business & Economy

Ministry assures Maersk of ‘full support’ as Pakistan seeks $2bn investment from Danish company

Agreement with Maersk expected this week, Maritime Affairs minister Qaiser Ahmed Sheikh says

Updated 11 Nov, 2024 10:03pm

Business & Economy

Abu Dhabi Ports, Pakistan sign 4 MoUs

PM witnesses signing related to Ministries of Maritime Affairs, Aviation, Railways and Federal Board of Revenue with Abu Dhabi (AD) Ports Group

Updated 08 Nov, 2024 10:39pm

Forex

Pakistan’s remittance inflow at $3.05bn in October 2024, up 24% year-on-year

Amount also 7% higher when compared with $2.86 billion in September 2024

Updated 08 Nov, 2024 10:02pm

Stocks

MSCI adds 8 Pakistani companies to Small Cap, removes TRG Pakistan from Frontier Markets Indexes

Morgan Stanley Capital International (MSCI) Inc., a leading provider of critical decision support tools and...

Updated 07 Nov, 2024 09:49pm

Business & Economy

Aurangzeb targets Pakistan’s credit rating improvement amid positive indicators

ECC will regularly monitor the prices of pulses and chicken, says Aurangzeb

Updated 06 Nov, 2024 06:56pm

Business & Economy

Pakistan desires to strengthen ties with Iran: PM Shehbaz

Prime Minister Shehbaz Sharif on Tuesday said Pakistan desires to further strengthen its brotherly relationship with...

Published 05 Nov, 2024 10:51pm

Business & Economy

Pakistan’s bilateral partners to continue rollovers during IMF programme: SBP governor

ISLAMABAD: The State Bank of Pakistan (SBP) Governor Jameel Ahmad told analysts on Monday that bilateral partner...

Updated 04 Nov, 2024 08:41pm

Business & Economy

Higher than market consensus: SBP reduces key policy rate by 250bps, takes it to 15%

Most analysts had expected cut of 200bps

Updated 04 Nov, 2024 09:53pm

Business & Economy

PM Shehbaz says promotion of foreign investment govt’s top priority

Premier's remarks come as he meets a delegation of influential business personalities from UK

Updated 03 Nov, 2024 10:10pm

Business & Economy

Pakistan’s trade deficit contracts 31% YoY to $1.5bn in October 2024

In 4MFY25, trade deficit narrows 5.59% to $6.97 billion

Updated 01 Nov, 2024 10:06pm

Business & Economy

Inflation in Pakistan clocks in at 7.2% in October 2024

Reading slightly higher than market and official expectations that put figure in range of 6-7%

Updated 01 Nov, 2024 10:57pm

Business & Economy

Govt posts a rare budget surplus of Rs1.7tn in Q1FY25

Only Punjab recorded a budget deficit among provinces

Updated 31 Oct, 2024 09:34pm

Business & Economy

Finance ministry sees Pakistan’s headline inflation at 6-7% in October 2024

CPI to decelerate further in November to 5.5-6.5%, says finance ministry

Updated 30 Oct, 2024 10:43pm

Business & Economy

Additional MoUs: Saudi Arabia, Pakistan enhance scope of partnership to $2.8bn

Saudi Arabia Minister for Investment says seven additional MoUs signed

Updated 30 Oct, 2024 09:21pm

Business & Economy

Real estate developer Blue World City cleared to bid for PIA, company chairman says

KARACHI: A Pakistani real estate development company said on Wednesday it had completed requirements to enter the...

Updated 30 Oct, 2024 10:02pm

Business & Economy

Climate and disaster resilience: ADB approves $500mn loan to support Pakistan

Lender also approves technical assistance grant of $1mn to support implementation

Updated 29 Oct, 2024 10:28pm

Stocks

Pakistan’s IPO market sees strong revival in 2024 with Rs8bn raised on PSX so far

The IPO market in Pakistan has seen a remarkable revival in 2024, as the Pakistan Stock Exchange (PSX) witnessed...

Updated 26 Oct, 2024 08:31pm

Business & Economy

Aurangzeb optimistic about swift finalisation of ADB’s Country Partnership Framework

Finance minister engages with key partners at IMF- World Bank meetings

Updated 26 Oct, 2024 08:32pm

Business & Economy

Pakistan aims to privatise flag carrier PIA in November: finance minister

Aurangzeb says ensuring macroeconomic stability, doing proper due diligence of interested parties behind five-month delay in privatisation process

Updated 24 Oct, 2024 11:48pm

Business & Economy

Aurangzeb explores climate financing, trade deals with global institutions

Finance Minister Muhammad Aurangzeb engaged with global financial institutions, including Standard Chartered Bank...

Updated 24 Oct, 2024 11:19pm

Business & Economy

Pakistan to explore international capital markets in due course, says Aurangzeb

Finance minister briefs CitiBank delegation on government reforms

Updated 23 Oct, 2024 11:24pm

Energy

Power generation in Pakistan falls in September amid rising costs, shift to renewables

Power generation in Pakistan stood at 12,487 GWh (17,343 MW) in September 2024, a decline of over 6% YoY compared to...

Updated 23 Oct, 2024 10:49pm

Business & Economy

Stay the course on reforms, IMF urges Pakistan

Remarks come as Pakistan delegation meets Middle East and Central Asia Department (MCD) Director Jihad Azour on sidelines of IMF, World Bank annual meetings in Washington

Updated 22 Oct, 2024 10:53pm

Business & Economy

Pakistan’s accelerated access to capital markets: Alvarez & Marsal team outlines steps

Alvarez & Marsal team has outlined steps for Pakistan to chart an accelerated path to international capital...

Updated 22 Oct, 2024 11:29pm

Business & Economy

Pakistan records $119mn current account surplus in September 2024

Development comes on back of massive increase in remittance inflows
This is the second successive month in which Pakistan's current account has posted surplus

Updated 21 Oct, 2024 11:32pm

Cotton & Textile

Pakistan’s cotton import bill set to hit $1.9bn as local production plummets

In a concerning development for Pakistan, the country’s cotton import bill is projected to reach $1.9 billion in the...

Updated 19 Oct, 2024 09:47pm

Business & Economy

Pakistan’s inflation likely to stay in single digit in October, rate cut anticipated

Consumer Price Index for October expected to clock in at 6.5-7.0%, according to a brokerage report

Updated 18 Oct, 2024 10:25pm

Business & Economy

SBP predicts 2.5-3.5% growth for FY25, warns of structural challenges

Inefficiencies in energy sector resulted in accumulation of circular debt, says central bank in annual report

Updated 17 Oct, 2024 10:51pm

Business & Economy

Aurangzeb discusses economic reforms, climate resilience with US envoy

Finance Minister Muhammad Aurangzeb told US Ambassador Donald Blome on Thursday that the government’s macroeconomic...

Updated 17 Oct, 2024 10:19pm

South Asia

SCO joint communique: member states say important to counter protectionist policies, sanctions

23rd Meeting of Council of Heads of Government of Member States of Shanghai Cooperation Organisation concludes in Islamabad

Updated 16 Oct, 2024 11:22pm

Business & Economy

Pakistan, China resolve to deepen strategic cooperation

Pakistan and China on Tuesday reaffirmed their commitment to further deepen strategic cooperation across key areas,...

Updated 15 Oct, 2024 11:32pm

Business & Economy

PM Shehbaz assures Premier Li of ‘unwavering commitment’ to safety of Chinese nationals in Pakistan

Both sides agree to continue high-level contacts, which include strengthening cooperation in all bilateral areas, PMO says

Published 14 Oct, 2024 11:48pm

Business & Economy

Pakistan, China agree to further enhance bilateral cooperation in multiple sectors

Two sides sign 13 accords to strengthen multiple cooperation
Inaugurate Gwadar International Airport

Updated 14 Oct, 2024 11:54pm

Business & Economy

ADB appoints Xiaoqin Fan as new country director for Pakistan

The Asian Development Bank (ADB) appointed Xiaoqin (Emma) Fan as its new country director for Pakistan on Monday....

Updated 14 Oct, 2024 09:56pm

Business & Economy

Pakistan all set to host 23rd SCO meeting in Islamabad: Deputy PM Dar

Two-day summit will commence on October 15

Published 13 Oct, 2024 11:21pm

Business & Economy

‘Living standards’: Pakistan lagging behind regional peers, says IMF

The International Monetary Fund (IMF) said Pakistan has “moved further and further behind” its regional peers in...

Updated 11 Oct, 2024 09:21pm

Business & Economy

IMF flags risks to Pakistan’s repayment capacity

In staff report, lender says risks, notably from high public debt and gross financing needs, low gross reserves and sociopolitical factors, could jeopardise policy implementation and erode repayment capacity and debt sustainability

Updated 11 Oct, 2024 10:31pm

Business & Economy

Pakistan, Saudi Arabia sign MoUs valuing $2.2bn in multiple sectors

PM Shehbaz vows agreements to be fully materialised without delay or red tape-ism

Published 10 Oct, 2024 11:08pm

Business & Economy

‘War on tax fraud’: Pakistan faces revenue gap of Rs3.4tr due to tax evasion & fraud, says finance ministry

Finance & Revenue Division cites FBR study pertaining to iron & steel, beverages, batteries, textile, and cement sectors

Updated 10 Oct, 2024 09:18pm

Business & Economy

World Bank projects Pakistan’s GDP growth at 2.8% in FY25

The World Bank expects economic activity in Pakistan to continue recovering with real GDP growth estimated at 2.8%...

Updated 10 Oct, 2024 09:55pm

Business & Economy

Saudi Arabia, Pakistan to sign Barrick deal in few weeks, says Al Faleh

Eager to start number of mining initiatives but hope to close Reko Diq project with Pakistan's SOEs and Barrick Gold in the coming weeks, says Saudi Arabia Minister for Investment

Updated 10 Oct, 2024 11:59pm

Business & Economy

High-level Saudi business delegation arrives in Pakistan on three-day visit

PM Shehbaz had earlier stated that he expected agreements worth $2 billion to be signed

Updated 10 Oct, 2024 01:06am

Business & Economy

Pakistan’s remittance inflow stands at $2.85bn in September 2024, up 29% year-on-year

Amount marginally lower than in August 2024
During 3MFY25, remittances up nearly 39% YoY to $8.8 billion as compared to $6.3 billion in 3MFY24

Updated 09 Oct, 2024 10:51pm

Business & Economy

Chinese engineers killed in Karachi terror attack were involved in debt talks with govt: Aurangzeb

Finance minister says these 'brothers of Pakistan' wanted to create 'win-win situation' in terms of reducing power tariffs in the country
Pakistan’s economy incurs losses to the tune of Rs190 billion per day due to strike and strife, Aurangzeb says

Updated 08 Oct, 2024 08:27pm

Business & Economy

Pakistan will not lose focus on reforms, Aurangzeb tells foreign investors

Federal Minister for Finance Muhammad Aurangzeb assured international investors that the government will not let go...

Updated 08 Oct, 2024 10:23pm

Business & Economy

Pakistan to sign agreements worth $2bn with Saudis, PM Shehbaz Sharif says

The Saudi delegation is expected to visit Pakistan before Shanghai Cooperation Organisation meeting

Updated 08 Oct, 2024 10:23pm

Business & Economy

Pitching Pakistan’s economy: brokerage house AHL says country not witnessing exodus of foreign investment

Brokerage house Arif Habib Limited (AHL) has emphatically said that Pakistan is not witnessing an exodus of foreign...

Updated 05 Oct, 2024 10:27pm

Business & Economy

Aurangzeb calls for ‘leveraging’ economic gains to ensure permanent stability

Finance Minister Mohammed Aurangzeb called for “leveraging” Pakistan’s improving economic position to achieve...

Updated 02 Oct, 2024 10:15pm

Business & Economy

Pakistan’s trade deficit widens marginally to $5.4bn in 3MFY25

Gap comes on account of higher imports that stand at $13.31bn, while exports clock in at $7.88bn in three months

Updated 02 Oct, 2024 10:17pm

Business & Economy

T-Bill buyback to boost lending to private sector: SBP governor

State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday said the government’s move to buy back Market...

Updated 02 Oct, 2024 10:14pm

Business & Economy

Lowest reading since Jan 2021: inflation in Pakistan clocks in at 6.9% in September 2024

Reading also lower than market expectations that put figure in range of 7.5-8%

Updated 01 Oct, 2024 07:47pm

Business & Economy

Pakistan’s GDP grows 3.07% in April-June, 2.52% in FY24

National Accounts Committee says growth in agriculture, industry and services stands at 6.76%, -3.59% and 3.69%, respectively, in fourth quarter of 2023-24

Updated 30 Sep, 2024 10:53pm

Business & Economy

Aurangzeb says ‘DNA’ of Pakistan’s economy needs fundamental reform for IMF deal to be last one

Finance Minister says govt will keep going back to the same sectors for taxes unless it reforms system

Updated 29 Sep, 2024 09:55pm

Business & Economy

Pakistan’s economy to grow at 3.2%, face 9.2% inflation, projects IMF

The International Monetary Fund (IMF) has projected Pakistan’s GDP growth at 3.2% during FY25, compared to 2.4%...

Updated 28 Sep, 2024 10:46pm

Business & Economy

Key priorities highlighted by IMF for Pakistan’s $7bn Extended Fund Facility

In a key development, the International Monetary Fund (IMF) Executive Board approved Pakistan’s 37-month Extended...

Published 28 Sep, 2024 05:25pm

Business & Economy

IMF urges Pakistan to ‘move away’ from state-led growth model, calls for structural reforms

Officials note that given ambitious growth projections, there is no room for policy slippages without undermining debt sustainability

Updated 28 Sep, 2024 07:32pm

Business & Economy

PM Shehbaz engages World Bank, IMF leaders on Pakistan’s economic reforms

Expresses appreciation for IMF's technical assistance and capacity-building programs

Updated 27 Sep, 2024 11:33pm

Business & Economy

Despite progress, Pakistan’s vulnerabilities, structural challenges remain formidable: IMF

In its press release issued after Executive Board approval, IMF says difficult business environment, weak governance, and outsized role of the state hinder investment

Updated 26 Sep, 2024 08:51pm

Business & Economy

Pakistan’s economy on a sound path, says IMF chief after Executive Board approval

Kristalina Georgieva congratulates people of Pakistan for moving forward with home-defined, country-owned reforms

Updated 26 Sep, 2024 10:16pm

Business & Economy

IMF Executive Board approves Pakistan’s $7bn bailout package: PMO

As part of 37-month programme, IMF will immediately release an initial tranche of $1.1bn, Prime Minister's Office says

Updated 25 Sep, 2024 11:18pm

Business & Economy

IMF-backed reform agenda to accelerate Pakistan’s economic growth in FY25: ADB

In its Asian Development Outlook, Manila-based lender sees Pakistan's growth to grow by moderate 2.8% in FY25

Updated 25 Sep, 2024 10:52pm

Commodities

Explaining the price-surge: all that glitters is gold in Pakistan

The price of one-tola gold in Pakistan hit yet another all-time high on Tuesday to Rs273,000, breaking the previous...

Published 24 Sep, 2024 04:43pm

Business & Economy

Pakistan’s inflation likely to slow down further in September, fueling further rate cut speculation

The slowing inflationary trend in Pakistan is likely to continue in September, and projected to come down to almost...

Updated 21 Sep, 2024 08:07pm

Energy

Pakistan’s power generation falls sharply amid rising costs, solarisation

Power generation in Pakistan clocked in at 13,180 GWh (17,714 MW) in August 2024, a decline of over 17% YoY as...

Updated 19 Sep, 2024 10:24pm

Business & Economy

Pakistan’s current account posts surplus of $75mn in August 2024

Development comes on back of massive increase in remittance inflows

Updated 18 Sep, 2024 10:31pm

Business & Economy

ADB approves $320mn for Khyber Pakhtunkhwa road rehabilitation

The Asian Development Bank (ADB) on Friday approved a $320-million loan to support the rehabilitation of roads in...

Updated 13 Sep, 2024 10:46pm

Business & Economy

IMF executive board to discuss Pakistan programme on September 25: spokesperson

SBP governor says govt has arranged external financing commitments

Updated 12 Sep, 2024 10:53pm

Business & Economy

Privatisation of SOEs: cabinet committee approves WAPDA, NHA as essential entities

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided to categorise the Water and Power Development...

Updated 12 Sep, 2024 10:04pm

Business & Economy

Most aggressive cut since April 2020: SBP reduces key policy rate by 200bps, brings it down to 17.5%

Pace of disinflation exceeded earlier expectations, says central bank
The previous occasion SBP moved with this quantum of reduction was in April 2020

Updated 12 Sep, 2024 10:54pm

Currency

‘Wrongly interpreted’: SBP issues clarification on art competition, new banknote series

The State Bank of Pakistan (SBP) on Thursday clarified banknote designs that have won the recent art competition are...

Updated 12 Sep, 2024 08:24pm

Business & Economy

Saudi Arabia committed to Pakistan’s economic growth, says KSA envoy

Finance Division says ambassador has indicated that a Saudi business delegation could visit Pakistan in coming months to explore areas for joint ventures, collaborative investments

Updated 11 Sep, 2024 08:44pm

Business & Economy

PTA says VPNs will not be blocked in Pakistan, but urges registration

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) on Tuesday clarified that the government was not about to...

Published 10 Sep, 2024 04:14pm

Business & Economy

Pakistan’s remittance inflow stands at $2.9bn in August, up 40.5% year-on-year

On monthly basis, inflow down 2%

Updated 09 Sep, 2024 10:35pm

Business & Economy

Pakistan not on IMF agenda till Sept 18, no word on external financing yet

The International Monetary Fund (IMF) has not yet included Pakistan on the agenda of its Executive Board calendar...

Updated 09 Sep, 2024 10:36pm

Business & Economy

Amid Pakistan’s economic crisis, women take charge in the workplace

KARACHI: Amina Sohail veers through heavy traffic to pick up her next passenger -- the sight of a woman riding a...

Published 09 Sep, 2024 01:14am

Business & Economy

Electric vehicles will account for up to half of auto sales by 2030, BYD Pakistan says

BYD has plans to open an assembly plant in early 2026, but will introduce vehicles for sale later this year, after launching three models in August

Updated 06 Sep, 2024 09:17pm

Commodities

Ongoing global oil price decline to benefit Pakistan: brokerage house

The ongoing decline in global oil price “benefits Pakistan” and will help its trade balance and inflation figures,...

Updated 05 Sep, 2024 10:32pm

Business & Economy

Coke, Pepsi boycott over Gaza lifts Pakistan, other countries’ local brands

Restaurants, Karachi's private schools association and university students have all taken part in anti-Coca-Cola actions

Updated 04 Sep, 2024 11:50pm

Business & Economy

Aurangzeb engages with J.P. Morgan on investment opportunities in Pakistan

High-level huddle discusses interests of institutional investors exploring fixed-income investment opportunities in Pakistan

Updated 04 Sep, 2024 09:18pm

Business & Economy

Pakistan in ‘advanced stage’ to get external financing assurances, says Aurangzeb

Finance minister hopeful of getting IMF Executive Board approval on time

Updated 03 Sep, 2024 09:45pm

Business & Economy

Govt working on implementing IMF conditions, says PM

Pakistan has not yet been added to the IMF Executive Board calendar for September

Updated 03 Sep, 2024 08:28pm

Business & Economy

‘Economy in state of collapse’: Dr Kaiser Bengali resigns from govt’s austerity committee

Renowned economist Dr Kaiser Bengali has resigned from the Austerity Committee (High-Powered Committee for...

Updated 02 Sep, 2024 09:01pm

Business & Economy

Finance ministry expects inflation to fall further to 9.5-10.5% in August

Headline inflation figure hit 11.1% in July and brokerage houses now see the number falling to single digits

Updated 30 Aug, 2024 10:09pm

Business & Economy

Pakistan needs to overcome ‘fear of debt restructuring’: Dr Murtaza Syed

Former governor of State Bank of Pakistan (SBP) Dr Murtaza Syed on Thursday urged countries including Pakistan to...

Updated 29 Aug, 2024 10:27pm

Business & Economy

Pakistan’s internet disruption could continue till early October due to ‘submarine cable fault’

PTA says fault occurred in two cables, one of which has been repaired

Updated 28 Aug, 2024 08:48pm

Business & Economy

Pakistan, Turkiye call for more G2G, B2B partnerships

Authorities in Pakistan and Turkiye stressed on enhancing bilateral trade and investment portfolio through more...

Updated 28 Aug, 2024 07:36pm

Business & Economy

Moody’s upgrades Pakistan’s ratings to Caa2, outlook now positive

Upgrade reflects Pakistan’s improving macroeconomic conditions, says Moody's
Expects IMF to approve the EFF in the next few weeks

Updated 28 Aug, 2024 08:04pm

Business & Economy

Pakistan aims to secure $4bn from Middle Eastern banks by FY26: SBP governor

Jameel Ahmad says Pakistan is in 'advanced stages' of securing $2 billion in additional external financing required for IMF executive board approval

Updated 27 Aug, 2024 10:18pm

Business & Economy

August inflation figure expected in single digits after almost 3 years: brokerage house

Inflationary pressure is likely to subside further in Pakistan and come down to single digits from August onwards,...

Updated 22 Aug, 2024 10:40pm

Business & Economy

Buna-Raast connectivity project will make remittances more convenient, says PM Shehbaz

This is Pakistan’s first cross-border real-time payment system linkage

Updated 22 Aug, 2024 10:43pm

Energy

Pakistan’s ‘zombie power sector sucking the blood out of healthy firms’: Atif Mian

Noted economist says govt refusing to recognise the sector is bankrupt

Updated 22 Aug, 2024 03:33pm

Business & Economy

Making good progress with IMF to secure Board approval during September, says Aurangzeb

Pakistan had earlier expected Executive Board approval on $7bn Extended Fund Facility in August

Updated 21 Aug, 2024 09:56pm

Business & Economy

Last two years worse in Pakistan’s economic history: Atif Mian

Country stuck in ‘poverty trap’, needs ‘big policy change’, says noted economist

Updated 19 Aug, 2024 04:40pm

Business & Economy

Pakistan’s current account posts deficit of $162mn in July 2024

Deficit lower on a monthly basis, but 'higher than expectations due to wider trade deficit reported by SBP'

Updated 19 Aug, 2024 09:06pm

Business & Economy

Aurangzeb wants BYD to export from Pakistan as Chinese automotive giant launches in country

Finance minister says presence of major global player could enhance the country's export potential in the burgeoning electric vehicle market

Updated 17 Aug, 2024 09:46pm

Business & Economy

Authority says Pakistan’s new Special Technology Zone will boost tech exports by $350mn

In an attempt to enhance exports, Pakistan has established four Special Technology Zones (STZs) in Punjab, with the...

Updated 16 Aug, 2024 08:34pm

Business & Economy

Pakistan’s internet firewall could cost economy $300mn, association says

P@SHA says government's lack of transparency around firewall has "ignited a firestorm of distrust" among internet users and Pakistan's global IT clients who fear their proprietary data and privacy will be compromised

Updated 15 Aug, 2024 11:53pm

Business & Economy

Pakistan’s remittance inflow stands at $3bn in July, up 48% year-on-year

On monthly basis, inflow down 5%
Amount from Saudi Arabia remains highest at $761mn

Updated 09 Aug, 2024 10:18pm

Business & Economy

Pakistan, China discuss energy sector reforms

Pakistan has already requested Beijing to re-profile energy sector debt owed to China

Updated 09 Aug, 2024 10:01pm

Business & Economy

Aurangzeb says Pakistan has secured debt rollover commitments from China, Saudi Arabia and UAE

Development gives boost to economy that awaits Executive Board approval from the IMF ahead of $7-billion bailout

Updated 06 Aug, 2024 10:25pm

Business & Economy

Aurangzeb highlights trust deficit with international donors as Pakistan awaits flood aid

Finance Minister Senator Muhammad Aurangzeb admitted that there was a serious trust deficit among international...

Updated 06 Aug, 2024 11:22pm

Business & Economy

US firm presents Aurangzeb proposal to streamline regulatory system in Pakistan

Federal Minister for Finance and Revenue Muhammad Aurangzeb held a meeting with Scott Jacobs, the Managing Director...

Updated 05 Aug, 2024 06:34pm

Business & Economy

Letter written to China for debt reprofiling: PM Shehbaz

Prime Minister Shehbaz Sharif on Friday said that he has “written a letter” to the Chinese authorities for the...

Published 02 Aug, 2024 04:25pm

Business & Economy

Five Chinese firms bid to help with Pakistan’s Panda Bond issuance

ISLAMABAD: Five Chinese firms have placed bids to work on Pakistan’s issuance of Panda Bonds, the South Asian...

Published 01 Aug, 2024 05:18pm

Business & Economy

Pakistan’s headline inflation clocks in at 11.1% in July 2024, lowest since November 2021

Reading lower than official expectations that put figure in range of 12-13%

Updated 01 Aug, 2024 05:55pm

Business & Economy

Cannot defer reform agenda anymore, says Aurangzeb

Finance minister says state-owned insurance companies should also be handed over to private sector

Updated 01 Aug, 2024 09:34pm

Business & Economy

S&P Global keeps Pakistan’s rating at ‘CCC+’, citing reliance on foreign aid

Ratings agency says strong foreign fund inflows and moderate current account deficits would likely be required to restore Pakistan’s external buffers

Published 30 Jul, 2024 08:25pm

Business & Economy

Pakistan’s finance ministry forecasts July inflation at 12-13%

ISLAMABAD: Pakistan’s finance ministry expects inflation in July to range between 12% and 13%, easing further in...

Updated 30 Jul, 2024 07:17pm

Business & Economy

Govt adamant on bringing agriculture into tax net: Aurangzeb

Finance Minister says every segment has to play its part

Updated 30 Jul, 2024 10:14pm

Business & Economy

Miftah Ismail says fiscally possible to remove electricity taxes without disturbing primary surplus

Former finance minister says the reduction in revenue collection from eliminating taxes can be offset by reducing funds allocated to the Public Sector Development Programme

Published 29 Jul, 2024 09:27pm

Business & Economy

Pakistan will face no difficulty in meeting external debt obligations in FY25: SBP governor

Pakistan will not face an issue in meeting its external payment obligations in the current fiscal year (FY25), said...

Updated 29 Jul, 2024 07:33pm

Business & Economy

Fitch upgrades Pakistan rating to ‘CCC+’

Upgrade reflects greater certainty over continued availability of external funding, says credit rating agency

Updated 29 Jul, 2024 07:43pm

Business & Economy

SBP reduces key policy rate by 100bps, takes it to 19.5%

Majority analysts expected cut, it was the quantum of reduction that had them divided

Updated 29 Jul, 2024 07:42pm

Business & Economy

Foreign investors repatriate $2.2bn in FY24, a massive 569% increase YoY

Foreign investors repatriated a massive $2.215 billion on account of profit and dividend during fiscal year...

Updated 29 Jul, 2024 08:04pm

Business & Economy

China’s central bank governor meets Pakistan finance minister in Beijing

BEIJING: China’s central bank governor Pan Gongsheng on Friday met with Pakistan’s Finance Minister Muhammad...

Updated 26 Jul, 2024 09:53pm

Business & Economy

ADB approves $400mn concessional loan for Sindh Emergency Housing Reconstruction Project

Says project is key part of its multifaceted response to Pakistan’s flood crisis and forms part of the bank's commitment to provide $1.5bn in total assistance from 2023 to 2025

Updated 26 Jul, 2024 10:31pm

Business & Economy

SBP widely seen cutting key policy rate on Monday

Only one analyst out of 14 predicts rates would be held at 20.5%; the rest forecast a cut

Updated 26 Jul, 2024 10:30pm

Business & Economy

PBC apologies for mistake, now says Pakistan’s salaried class paying up to 3 times more tax than in India

After posting a detailed chart showing how Pakistan’s salaried class is paying up to 9.4 times more tax than in...

Updated 26 Jul, 2024 05:10pm

Business & Economy

Pakistan’s salaried group comes out on the streets, but after work hours

Such is Pakistan’s salaried group protesting power that it took to the streets in Karachi at 5:30pm – after work...

Published 24 Jul, 2024 12:44am

Business & Economy

After Fitch, Aurangzeb apprises Moody’s reps on IMF deal, economic reforms

Finance Minister informs ratings agency officials that multilateral institutions’ confidence growing in financing projects in Pakistan

Updated 23 Jul, 2024 10:57pm

Business & Economy

PBC questions govt’s ambitious $65bn export target

The Pakistan Business Council (PBC), the country’s largest corporate sector advocacy platform, has raised concerns...

Published 23 Jul, 2024 07:27pm

Business & Economy

Aurangzeb apprises Fitch representatives about IMF deal, reform measures for stable growth

Finance Minister informs ratings agency officials that Pakistan aims to increase revenues by 1.5% of GDP in FY 2025 and by 3% over the next three years

Updated 22 Jul, 2024 10:51pm

Business & Economy

Pakistan is looking for external financing avenues: Aurangzeb

ISLAMABAD: Pakistan will focus on meeting its external financing needs by speaking with foreign governments and...

Updated 19 Jul, 2024 08:31pm

Business & Economy

Pakistan’s current account posts deficit of $681mn in FY24

This is the lowest deficit in last 13 years
During June, current account balance stands at deficit of $329mn

Updated 19 Jul, 2024 10:44pm

Business & Economy

Pakistan’s fabric exporter temporarily shuts operations as economic woes bite

Aruj Industries Limited, a Pakistani fabric manufacturer and exporter, has announced to temporarily halt production...

Published 19 Jul, 2024 04:27pm

Elections

Pakistan ‘highly likely’ to see change in govt before 2029 elections, warns Fitch Solutions’ BMI report

However, it says PML-N will succeed in pushing through IMF-mandated reforms over coming 18 months

Updated 18 Jul, 2024 07:16pm

Currency

Pakistan’s GDP growth to hit 3.2% in FY25, says Fitch Solutions’ BMI report

Growth to come on back of agriculture boost, lower policy rate and easing inflation
Projected figure still below govt's targeted level of 3.6%

Updated 18 Jul, 2024 10:08pm

Business & Economy

New IMF programme to improve Pakistan’s funding prospects: Moody’s

Credit rating agency, however, warns govt’s ability to sustain reform implementation will be key to continually unlock financing over three-year duration

Updated 16 Jul, 2024 09:38pm

Business & Economy

Govt hikes petrol price by Rs9.99, diesel’s by Rs6.18 per litre

Petrol's new rate, applicable from July 16, stands at Rs275.6 per litre

Published 15 Jul, 2024 11:40pm

Business & Economy

PM directs to form committee to reactivate Neelum-Jhelum Hydropower Project

Prime Minister Muhammad Shehbaz Sharif on Sunday directed to form a committee on an urgent basis with respect to...

Published 14 Jul, 2024 09:11pm

Business & Economy

Taxing Pakistan’s agriculture sector: IMF push ‘a move in the right direction’

Islamabad will be required to complete a number of conditions as it moves ahead with $7-billion EFF; reforms will include bringing retail, export, and agriculture sectors properly into taxation system

Updated 13 Jul, 2024 10:15pm

Business & Economy

Key policy points/reforms stressed by IMF in new staff-level agreement

In a major development, the International Monetary Fund (IMF) reached a Staff-Level Agreement (SLA) with Pakistan...

Published 13 Jul, 2024 11:19am

Business & Economy

IMF, Pakistan reach staff-level agreement on $7bn Extended Fund Facility

The new 37-month programme is now subject to approval by the lender's Executive Board

Updated 13 Jul, 2024 10:15pm

Business & Economy

6 months of 2024: Pakistan’s startup funding falls 92%, amounts to measly $3mn

Pakistan’s startups attracted a measly $3 million in the first half of 2024, a massive 92% lower year-on-year,...

Updated 10 Jul, 2024 11:27pm

Energy

E&Ps look to invest $5bn in Pakistan’s energy sector: govt statement

Delegation meets PM Shehbaz Sharif who forms committee headed by deputy premier Ishaq Dar

Updated 06 Jul, 2024 07:53pm

Business & Economy

Dr Gohar Ejaz urges govt to provide relief to salaried class

Former caretaker minister also advocates lowering key interest rate

Updated 05 Jul, 2024 04:45pm

Business & Economy

Non-filers: FBR blocks 210,000 SIM cards to ‘encourage’ tax payment

KARACHI: Pakistan’s tax authority, the Federal Board of Revenue (FBR), said Thursday it has blocked 210,000 SIM...

Updated 04 Jul, 2024 08:50pm

Stocks

Arif Habib Limited now expects KSE-100 to hit 109,000 by June 2025

Propelled by optimism over inking a “new longer and larger” programme with the International Monetary Fund (IMF) and...

Updated 04 Jul, 2024 08:53pm

Business & Economy

Pakistan ‘addressing’ potential bidders’ concern over PIA safety ban

ISLAMABAD: Pakistan’s Privatisation Commission is addressing concerns voiced by those qualified to bid for the...

Published 03 Jul, 2024 05:15pm

Business & Economy

Pakistan has met all requirements for IMF bailout deal, finance official says

Malik says no major issues left to address as Pakistan seeks over $6bn bailout

Updated 03 Jul, 2024 04:41pm

Business & Economy

Mari Mining receives licences for exploration of minerals in Chagai

Mari Mining Company (Pvt) Limited (MMC), a wholly-owned subsidiary of Mari Petroleum Company Limited (MARI), has...

Updated 03 Jul, 2024 05:11pm

Business & Economy

Measures underway to pass on benefits of economic policies to public: Ali Pervaiz Malik

Minister of State for Finance says investors' trust is increasing while the stock market has also witnessed a historic boom

Updated 02 Jul, 2024 09:10pm

Business & Economy

Pakistan’s trade deficit contracts 12% YoY to $24.1bn in FY24

Exports increase by 10.5% to $30.7bn while imports decline 0.8% to $54.7bn
However, trade deficit increases by 15.13% to $2.39 billion in June

Updated 02 Jul, 2024 08:10pm

Business & Economy

We understand the pain, will provide relief to salaried class at first opportunity we get: Aurangzeb

Finance Minister Muhammad Aurangzeb has said that the government will provide relief to the salaried class at the...

Updated 01 Jul, 2024 07:03pm

Business & Economy

Pakistan’s headline inflation increases pace, clocks in at 12.6% in June 2024

Average CPI inflation reading in FY24 clocks in at 23.4%

Updated 01 Jul, 2024 07:03pm

Business & Economy

Govt increases petrol price by Rs7.45, takes it to Rs265.61 per litre

New prices come into effect from July 1, 2024

Published 30 Jun, 2024 11:40pm

Business & Economy

Pakistan engulfed in world’s ‘deadliest debt trap’, says former SBP governor

Dr Murtaza Syed says prudent route would be to reprofile Pakistan’s debt so that resources can be freed up to spend on development and the climate

Published 29 Jun, 2024 08:29pm

Business & Economy

Brokerage houses see inflation rate in Pakistan to go over 12% in June

Two brokerage houses said they see CPI-based inflation reading inching slightly higher, and hovering around 12-13%...

Updated 28 Jun, 2024 11:58pm

Business & Economy

Govt passes tax-laden budget ahead of talks on fresh IMF loan

Some amendments part of the final budget

Updated 28 Jun, 2024 11:57pm

Business & Economy

Budget 2024-25: a mixed bag for Pakistan’s climate change efforts

Pakistan’s Finance Minister Mohammad Aurangzeb, in his budget 2024-25 speech, said Pakistan faces dangers due to the...

Updated 27 Jun, 2024 09:59pm

Business & Economy

Pakistan’s remittances to recover and grow in 2024, 2025: World Bank

Remittance flows in Pakistan to hit $30 billion in 2025, says global body in report

Updated 27 Jun, 2024 08:13pm

Business & Economy

AJK govt presents over Rs220bn budget for FY2024-25

Development expenditure for upcoming fiscal year projected at Rs44 billion

Updated 25 Jun, 2024 10:58pm

Business & Economy

After higher taxation, a quiet ‘revolution’ is taking place within Pakistan’s salaried group

Some members of 'Salaried Class Alliance Pakistan' hold press briefing at Karachi Press Club, outlining grievances with 'unfair taxation measures'

Published 25 Jun, 2024 07:39pm

Business & Economy

PIA bidding process to take place in first week of August

The bidding process for the privatisation of Pakistan International Airlines (PIA) will be held in the first week of...

Updated 25 Jun, 2024 11:00pm

Business & Economy

Honoraria for NA, Senate staff but no change in tax rates for salaried group as Aurangzeb wraps up budget discussion

Finance minister Aurangzeb says reduced sales tax to continue to apply on Hybrid Electric Vehicles, stationary items to remain exempted

Updated 25 Jun, 2024 07:32pm

Business & Economy

Finance Bill 2024: Senate proposes whopping 128 recommendations to National Assembly

Senate Standing Committee on Finance unanimously rejects increase in tax on low-tier salaried class, Chairman Saleem Mandviwalla says

Updated 24 Jun, 2024 11:02pm

Business & Economy

Aurangzeb assures ‘favourable outcomes’ for public, business in final budget

Finance Division says recommendations being noted and will be considered in finalisation of budget

Updated 24 Jun, 2024 10:50pm

Business & Economy

Danish FLSmidth keen to explore Pakistan’s mining sector

FLSmidth, a Danish multinational technology company, has expressed interest in Pakistan’s mining sector. The...

Updated 22 Jun, 2024 11:20pm

Business & Economy

Govt to see if it can ‘protect’ Pakistan’s salaried class further, says Aurangzeb

Finance minister says additional taxes could have been imposed, but salaried class was 'protected'

Updated 22 Jun, 2024 03:42pm

Business & Economy

FY2024-25: Balochistan govt presents Rs955.6bn provincial budget

Provincial govt proposes up to 25% increase in salaries, 15% raise in pensions

Updated 21 Jun, 2024 11:34pm

Business & Economy

Pakistan’s current account posts deficit of $270mn in May 2024

Overall, during 11 months of ongoing fiscal year, current account balance stands at deficit of $464mn

Updated 21 Jun, 2024 11:00pm

Business & Economy

Post-floods resilience: World Bank approves $535mn for two projects in Pakistan

Lender says additional financing will build on on-going efforts to equip Pakistan’s social protection system with policy and delivery system foundations necessary for more effective and rapid responses to future crises

Updated 21 Jun, 2024 11:30pm

Business & Economy

‘Economic terrorism’: NA opposition leader assails govt in budget debate

Omar Ayub says economic hitman made budget for FY2024-25

Updated 20 Jun, 2024 10:07pm

Energy

Attacks by MNAs, MPAs on grid stations caused heavy financial loss: PESCO chief

The Chief Executive Officer (CEO) of Peshawar Electric Supply Company Limited (PESCO) has raised concern amid...

Updated 20 Jun, 2024 10:44pm

Business & Economy

Imposition of further taxes on salaried group to ‘accelerate brain drain’ in Pakistan: PBC

The Pakistan Business Council (PBC), the country’s largest corporate advocacy platform, has warned that the...

Updated 20 Jun, 2024 10:42pm

Business & Economy

Fitch Ratings says Pakistan’s ‘ambitious’ budget strengthens IMF deal prospects

Believes tight policy settings may depress growth more than the government expects, reduces growth forecast to 3% for FY25

Updated 19 Jun, 2024 10:06pm

Business & Economy

Govt eyes revenue boost, expenditure cut to revive economy: Aurangzeb

Finance minister says federal government will shut down parallel ministries or departments devolved to provinces

Updated 19 Jun, 2024 08:53am

Business & Economy

Pakistan’s budget to support negotiations with IMF for new programme: Moody’s

Says government spends more than half its revenue on interest payments, indicating very weak debt affordability which drives high debt sustainability risks

Updated 14 Jun, 2024 07:40pm

Business & Economy

Post-budget presser: govt wants to enhance tax-to-GDP ratio to 13% in 3 years, says Aurangzeb

Finance minister hopeful Pakistan will reach Staff-Level Agreement with International Monetary Fund (IMF) by July

Updated 13 Jun, 2024 04:40pm

Business & Economy

A constrained budget under the long shadow of IMF stipulations

ISLAMABAD: Prime Minister Shehbaz Sharif-led coalition government’s Finance Minister Muhammad Aurangzeb has unveiled...