Pakistan’s real Gross Domestic Product (GDP) is to grow at 2.0% in the fiscal year 2022-23 (FY23), according to the World Bank’s latest report forecast, while global growth is also expected to slow “perilously close” to recession in 2023, slashing its economic forecast on high inflation, rising interest rates and Russia’s invasion of Ukraine. The World Bank’s latest forecast points to a “sharp,
Pakistani currency registered another downtick of Rs0.05 to touch a new three-month low of Rs227.93 against the US dollar in the inter-bank market on Wednesday amid conflicting reports about the revival of International Monetary Fund (IMF) loan programme. The currency fell sharply by Re1 in the open market and reached Rs238 against the greenback while reports suggested that the rupee partially
Saudi Arabia plans to use domestically-sourced uranium to build up its nuclear power industry, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. He added that recent exploration had shown a diverse portfolio of uranium in the Gulf Arab state, the world’s top oil exporter. It is unclear where its ambitions end, since Crown Prince Mohammed bin Salman said in 2018 that the kingdom
In view of the ongoing wheat crisis, Pakistan Kissan Ittehad (PKI) on Wednesday urged the government to impose an agricultural emergency in the country. Speaking at a press conference, PKI President Khalid Mehmood Khokhar criticised the government’s policies, saying that the country would have to continue importing wheat in 2023 because of that. Khokhar said instead of boosting domestic whea
Ahead of the multi-billion-dollar sale of two power plants to a foreign nation, the government on Wednesday revived the compulsory take-or-pay conditions for the supply of gas and purchase of electricity aimed at making them attractive for buyers. The government also decided to increase the price of fertiliser by 9%, or Rs190 per bag, to cut subsidies. Headed by Finance Minister Ishaq Dar, t