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
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
Pakistan, IMF set to hold third round of talks today
The IMF team is visiting to review the macroeconomic situation of Pakistan and is led by its Washington-based Mission Chief, Harald Finger which constitutes of officials from the funds’ Lending Policy Division
Saudi delegation reaches Islamabad, may sign four MoUs
Riyadh is exploring the possibility of setting up an oil refinery at Gwadar and investing in LNG-based power projects in Punjab and a copper and gold project in Balochistan’s Reko Diq
Fearing debt trap, Pakistan rethinks Chinese ‘Silk Road’ projects
The ML-1 rail line is the spine of the country’s dilapidated rail network, which has in recent years been edging towards collapse as passenger numbers plunge, train lines close and the vital freight business nosedives
SBP raises key interest rate by 100 basis points to 8.5 percent
The central bank has downgraded GDP growth to 5.0 percent for FY19 from 5.5 percent previously
Imran Khan’s bid to crowdfund $14 billion for Pakistan dam
The government’s plan is to build two facilities: the Mohmand dam in the country’s northwest, widely seen as feasible, and the much larger, troubled Diamer-Basha project in the north, first mooted in the early 2000s