THE IMF’s staff report on its new, short-term bailout loan of $3bn for Pakistan is a damning indictment of the Shehbaz Sharif government’s economic and financial policies that deepened the trust gap between Islamabad and the lender, and pushed the country towards the precipice in the last nine months. Policy missteps and breach of the previous Extended Fund Facility programme had compelled the
Petroleum exploration and production companies operating in Pakistan threatened on Tuesday to suspend activities over non-payment of their dues worth over Rs1.3 trillion (about $4.65 billion) by the Sui gas companies. In a letter to Finance Minister Ishaq Dar, Minister of State for Petroleum Dr Musadik Malik and the relevant agencies and companies, the Pakistan Petroleum Exploration & Productio
The Asian Development Bank (ADB) has said Pakistan’s economic growth in the previous fiscal year was weighed down by tighter monetary and fiscal policies pursued by the government to safeguard macroeconomic stability, pervasive inflation and significant damage from flooding. In its Asian Development Outlook (ADO) July 2023 published on Wednesday, the ADB said the GDP projections for Nepal and P
Net income of United Bank Ltd for April-June amounted to Rs12.7 billion, up 379 per cent from a year ago, the commercial lender told investors on Wednesday. However, earnings on a consolidated basis went down 11pc from the preceding three-month period. Arif Habib Ltd attributed the annual rise in earnings to a jump in the bank’s total income and reversals in provisioning. The bank also annou
Pakistan exported a significant quantity of 215,752 tonnes of sugar during the February-June period of the outgoing FY23 against zero foreign sales in the comparable period the preceding year, causing a surge in domestic retail prices of the sweetener, showed data compiled by the Pakistan Bureau of Statistics (PBS). The sugar industry had been demanding permission for the export of surplus volu