The remittances sent by overseas Pakistani workers dipped month-on-month by 4 per cent and 10pc year-on-year to $2.1 billion in May. The latest data released by the State Bank of Pakistan (SBP) on Tuesday showed that the country lost $3.7bn in remittances during the first 11 months of FY23 mainly due to a widening exchange rate gap. The inflows tumbled by 12.98pc to $24.831bn in 11MFY23 com
The cost of the ambitious Main Line-1 (ML-1) railway project has escalated more than 100 per cent due to delay in its execution, making it difficult for the government to find resources for the venture. Now, the cost of the project, which was conceived under China Pakistan Economic Corridor (CPEC) in 2016 with an estimated cost of $6 million and financial assurance from Beijing, has gone up to
The government is “definitely, constantly and continuously” engaged with the International Monetary Fund on the latest budget, the junior finance minister said on Tuesday, stressing that there was no reason for disappointment that the ninth review of an ongoing bailout package shouldn’t be completed. “We are constantly in touch with the IMF,” Minister of State for Finance and Revenue Dr Aisha G
Share prices moved in both directions on Monday as most analysts termed the federal budget announced last Friday a “neutral to negative” event for the Pakistan Stock Exchange. Topline Securities said the stock market initiated the week on a mixed note where the benchmark index of representative shares made an intraday high of 125 points or 0.3 per cent. However, banks, exploration and prod
THE PDM coalition may have failed to set a direction for the flailing economy in its rather unimaginative second budget, but trade and industry leaders have been quite clear about how they believe Pakistan can chart a way out of its present crisis. They have been pointing out some common-sense measures that successive governments have failed to implement, which include steps like fixing the cou