ADB announces $7.1bn financial package for Pakistan Â
-- Vice-president says the bank is re-engaging in education, health and social safety net through income support programme
ISLAMABAD:Â The Asian Development Bank (ADB)...
Pakistan confronted by difficult economic situation: IMF
IMF called for more exchange rate flexibility, monetary policy tightening, further fiscal adjustment linked to medium-term consolidation strategy and strengthening the performance of key public enterprises clubbed with further rises in power and gas tariffs
Pakistan demands advance payment for projects from KSA
The Arab country may invest in the oil city and Special Economic Zones (SEZs) of CPEC for which the Chinese government has no objection,
Saudi Arabia agrees to invest in new oil refinery in Pakistan’s Gwadar
Details of the refinery's costs and scope are to be worked out later, says minister
Fauji Foods appoints advisers for counseling on acquisition offer
In the end of July, Inner Mongolia Yili Industrial Group Co had submitted an investment intention letter to acquire a 51 percent stake in Fauji Foods
IMF recommends 15 percent rupee devaluation, rise in interest rate to address economic challenges
According to sources, the IMF felt the 8.5 percent interest rate was insufficient and should raise it to 11 percent to ward off inflationary pressure and reduce the current account deficit (CAD)
Govt reimposes restrictions on non-filers as NA approves amended finance bill
Non-filers will be unable to purchase vehicles, properties worth over Rs4m until they pay their returns
Rupee under pressure amid regional currency turmoil Â
Experts say currency is likely to remain under depreciatory pressures with weaker external finances
Pakistan seeks to build oil refinery near Gwadar port: minister
Local media have reported that Islamabad is hoping for a deferred-payment deal for Saudi oil to help shore up foreign reserves and possibly even a bridge loan of around $2 billion
HNL contemplating right shares issue of Rs140 million for Hum Mart
In late February, HNL had announced the incorporation of HM as its wholly-owned subsidiary and enter the online grocery business in Pakistan
Govt rebuffs Saudi offer to acquire LNG power plants under sovereign deal
According to sources, Saudi Arabia asked Pakistan to give free land, complete security and utility facilities for establishing an oil refinery having 100,000 barrel per day (BPD) capacity at Gwadar
Kumho set to enter Pakistan’s tyre market
Century plans to build a tyre plant in Pakistan and starting with a million tyres per year it aims to increase the plant’s annual production capacity to five million in the long-term
IMF urges govt to raise more revenues and focus on structural reforms
Sources disclosed the IMF team saw the reliance on provincial cash surpluses worth Rs286 billion other additional subsidy elements not included in the updated budgetary forecasts may cause slippages
Pakistan cuts Chinese ‘Silk Road’ rail project by $2bn
The ML-1 is the spine of the country’s dilapidated rail network, as well as the biggest source of revenue
Is the policy to keep petrol prices unchanged sustainable?
The govt responded to this conundrum by correspondingly decreasing the applicable sales tax rates on high-speed diesel from the current 22 percent to 17.5 percent for high-speed diesel (HSD), for petrol from 9.5 percent to 4.5 percent and kerosene oil from 6 percent to 1.5 percent