Warning of another global recession, the World Bank on Tuesday forecast Pakistan’s economic growth to slow further to two per cent during the current year — down by two percentage points from its June 2022 estimate — because of the devastating floods and slowdown in global growth rate. The World Bank’s latest forecast also points to a “sharp, long-lasting slowdown” with global growth pegged at
Oil prices fell on Wednesday, erasing the previous session’s gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil user, which reignited worries about fuel demand. US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 per cent, to $74.53 a barrel at 0134 GMT, while Brent crude futures were down 62 cents,
The United States has assured Pakistan that it would continue to support Islamabad’s efforts to strengthen its economy and deal with the consequences of last year’s devastating floods. State Department spokesperson Ned Price at a Monday afternoon news briefing also urged Pakistan to continue with the economic reforms it promised to the International Monetary Fund (IMF) while indicating that the
Saudi Arabia said it could increase its investments in Pakistan’s economy to $10 billion, the Saudi state news agency reported on Tuesday, as well as increase the ceiling on deposits into the State Bank of Pakistan (SBP) by $2bn, to $5bn. Crown Prince Mohammed bin Salman has directed a study to increase Saudi Arabian investments to $10bn from the previous $1bn announced in August, the news agen
With the finance minister taking a back seat in recent days, it does not exactly inspire confidence that Prime Minister Shehbaz Sharif himself has had to step forward and extend assurances to the IMF regarding Pakistan’s intent with regard to resuming the Extended Fund Facility. It is unclear whether Islamabad has finally realised the gravity of the crisis it is in, which is only going to get e