Business

Credit Suisse report says Pakistan’s economy is on the path of recovery

KARACHI: Swiss financial services firm Credit Suisse in its latest report has concluded that Pakistan’s fundamentals have “improved significantly” but warned of “challenges” that lie ahead. Titled "Pakistan: On the path to recovery”, the firm credited “assistance from the International Monetary Fund (IMF)”, “fiscal consolidation”, and “much needed reforms” for the improvement in country’s economic condition. “Near term, we expect equities...

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Stabilisation efforts bearing fruit: SBP Governor

KARACHI: The State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that reforms introduced to address macro-economic challenges have started to bear fruit and an improvement in external sector has become visible. He made these remarks during an interactive session with the members of Overseas Investors Chamber of Commerce and Industry (OICCI). Baqir added that macroeconomic stability...

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ADB approved to provide $2.7 BN to Pakistan in 2019

The Asian Development Bank (ADB) on Wednesday announced that the regional bank will provide $2.7 billion in approved financing to Pakistan during the outgoing calendar year. In a tweet, ADB also announced that under the recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to $2.4bn a year — showing a whopping increase...

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Rs 40,000 Prize Bonds worth Rs 200 billion withdrawn by Sep 30: CDNS

ISLAMABAD: Central Directorate of National Savings (CDNS) Tuesday said that the investors of Rs 40,000 prize bonds have withdrawn Rs180 billion by September 30, out of overall reserve of Rs 259 billion investments in CDNS in the prize bonds. After the decision taken by the Federal government, CDNS had discontinued the specific bond by June 24, 2019, senior official of...

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Pakistan’s top business leaders meet COAS Bajwa

RAWALPINDI: Top business leaders of the country called on Chief of Army Staff (COAS) General Qamar Javed Bajwa on Wednesday night to express their serious concerns about Pakistan’s declining economy. According to sources, the businessmen met General Bajwa at a dinner reception at the Army House in Rawalpindi. The main concern for the businessmen was that the government does not...

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FDI inflows to increase in Pakistan: Asian Development Bank

ISLAMABAD: Foreign capital inflows into Pakistan are expected to increase during the fiscal year 2019-20, Asian Development Bank (ADB) said in its latest report. According to ADB’s flagship economic publication, the Asian Development Outlook (ADO), the foreign direct investment should revive as investors’ confidence was restored with the implementation of the International Monetary Fund (IMF) stabilization and reform program. This...

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State Bank keeps benchmark interest rate at 13.25 per cent

KARACHI: The State Bank of Pakistan (SBP) held its main policy rate at 13.25 per cent on Monday, taking a pause from a series of hikes as data pointed to a stabilising inflation rate. The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial...

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Economic team working tirelessly in pursuit of a sustainable economy: Sheikh

ISLAMABAD: Advisor to the Prime Minister on economy and finance, Abdul Hafeez Sheikh said on Wednesday the economic team tasked with bringing the country out of the despair of the financial crisis is working tirelessly and relentlessly for the pursuit of a sustainable and viable economy for Pakistan. Addressing a press conference here at the federal capital, PM's financial adviser...

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PM Khan withdraws GIDC ordinance, orders AG to move SC for urgent hearing

ISLAMABAD: Prime Minister Imran Khan withdrew on Wednesday the Ordinance related to the amnesty in Gas Infrastructure Development Cess (GIDC), according to a statement released from the PM’s Office. The statement read that the premier made the move in the interest of transparency and good governance. The premier has also directed the Attorney General to move an application for an...

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Govt reduces petroleum prices upon OGRA’s suggestion

ISLAMABAD: The government has reduced the price of petrol by Rs 4.59 from Rs 117.83 to Rs 113.24 for the month of September 2019. According to a notification issued by ministry of finance on Saturday, the price of high speed diesel has also been cut by Rs 5.33 and the new price would be Rs 127.14 per liter to be...

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Govt likely to reduce petroleum products prices by Rs 7.67

The government is likely to reduce the prices of petroleum products by up to Rs7.67 per litre from September 1st, it was learnt on Friday. Sources in the Oil and Gas Regulatory Authority (OGRA) informed Profit that the authority, in its working paper regarding oil prices in September, has proposed Rs7.67 per litre cut in the per litre price of...

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Two mega projects worth Rs95 BN approved for Karachi: Sheikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Sheikh said on Thursday that two mega projects worth Rs 95 billion have been approved for Karachi. Speaking to media after attending a seminar, Dr Sheikh said that one of the big projects is regarding the construction of redline transport plan from Malir to Numaish area of Karachi. An...

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Govt working hard to ease business for investors: Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Thursday said the government was working hard to improve ease of doing business in the country by providing maximum facilities to local as well as international investors. "We are working hard on ease of doing business and the numbers of businesses are gradually improving," he said this...

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Pakistan budget deficit rises to highest in three decades

According to the Finance Ministery,  ahead of the International Monetary Fund's first quarterly review of a bailout program, Pakistan’s budget deficit rose to the highest in almost three decades. The deficit increased to 8.9% of the nation’s gross domestic product in the year ended June compared with 6.6% a year earlier, according to provisional numbers released by the Finance Ministry....

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Govt’s focus on reducing external imbalances bearing fruit: PM Khan

ISLAMABAD: Prime Minister Imran Khan on Wednesday praised his government's efforts to improve Pakistan's economy, saying their economic policies were beginning to bear fruit. The premier said this hours after State Bank of Pakistan announced that Pakistan's current account deficit had fallen by a massive 73 per cent to $579 million in July, the first month of this fiscal year,...

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Current Account Deficit shrinks to massive 73 percent: SBP

The State Bank of Pakistan on Tuesday said that Pakistan’s current account deficit (CAD) contracted by a massive 73 per cent in the first month of this fiscal year. The CAD shrank to $579 million in July (the first month of this fiscal year), as compared to $2.13 billion in the same period of last year. The whopping 72.81 percent...

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Inflation hits double digits after six years

ISLAMABAD: Inflation has entered double digits in the first month of the new fiscal year, the biggest increase in five years and nine months. Inflation, measured by the Consumer Price Index (CPI), rose to 10.34 per cent in July this year from 8.9pc the preceding month, the Pakistan Bureau of Statistics said on Thursday. During the same month last year,...

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