The State Bank of Pakistan (SBP) has withdrawn the requirement for prior approval of imports aiming to clear the backlog of containers stuck-up at the port carrying industrial raw materials and other essentials. The SBP on Monday announced that no prior approvals would be required for making imports under HS code Chapters 84, 85 and certain items under HS code Chapter 87). Besides, the banks we
The Oil and Gas Regulatory Authority (Ogra) denied reports of petrol and diesel shortages on Tuesday, saying that sufficient stocks were available in the country. “Ogra strongly rebuts the speculations on petrol/diesel shortages,” spokesperson Imran Ghaznavi said in a press release. He said enough stocks were available to fulfil petrol demand for the next 18 days and diesel demand for the ne
Every day thousands of Pakistanis are losing jobs as the ongoing economic crisis deepens further. Just how many millions will become jobless in 2023? Nobody can say for sure. But let’s rephrase the question: What will be the total number of unemployed people by the end of this year, including those that couldn’t find work even before 2023? Estimates vary. But given the current pace of business
In the past couple of weeks, politicians from several political parties have come together in a self-professed nonpartisan attempt to generate consensus for economic reforms. Given the magnitude of the economic crisis currently facing Pakistan, and the general lack of clear thinking about solutions, any and all such endeavours are welcome. The composition of this ‘pressure group’ — an ex-prime
After the complete surrender by the PMLN-led coalition government to meeting the IMF conditions for the revival of the programme, the financial market looks firm that the State Bank of Pakistan (SBP) would increase the interest rate in the range of 150 to 200 basis points in the next monetary policy to be announced on Monday. State Minister for Finance Aisha Ghouse Pasha said on Thursday that t