Current account deficit declined by 68 per cent to $3.8 billion during the first eight months of the current fiscal year (FY23) from $12bn during the same period last year. February showed a healthy sign as the CAD fell to just $74 million against $519m last year, the lowest monthly deficit recorded since February 2021. The deficit declined by 86 per cent on a year-on-year (YoY) basis. The d
The mid of February 2023 was upbeat for the government of Pakistan as they inched closer to the preconditions of the International Monetary Fund (IMF) for the revival of the Extended Fund Facility worth $7 billion. However, the resumption of the programme remains in limbo to date, with the IMF demanding the incumbents to “do more”. As usual, the general public is bearing the brunt of years of f
Keeping the government’s well-worn assurances aside, the International Monetary Fund (IMF) has yet not released the $1.2 billion tranche direly needed by Pakistan. While the country’s nuclear arsenal is not under threat, it is a testament to the fear of default that such questions are being raised. However, what would happen if the promised funds do not materialise? “Is Sri Lanka better afte
Prime Minister Shehbaz Sharif said on Sunday that low-income segments would be given a subsidy of Rs50 per litre under the petroleum relief package. The announcement comes days after the government increased the prices of all petroleum products, except the insignificant light diesel oil, by up to Rs13 per litre for the next fortnight. The finance ministry said the increase was caused by an i
It is needless to say that public transport is fundamental to sustainable urban development and the prosperity of cities. However, Pakistani cities lack a decent and affordable public transport system. This is despite the fact that the country is rapidly urbanising with a growing demand for safe, efficient, affordable and accessible public transport systems. Public transport in urban areas is g