After exhausting nearly all traditional sources of foreign exchange, it seems the government is now looking to tap the kindness of philanthropists to replenish its rapidly depleting dollar coffers. But unlike the recent fund-raising campaign for dams, where the government remained front and centre, an upcoming drive to generate free-of-cost dollars from abroad will likely be led by social worke
The National Electric Power Regulatory Authority (Nepra) indicated on Tuesday that it would reduce power tariff by Rs10.80 per unit for K-Electric (KE) consumers and by Rs2.32 per unit for the consumers of other power distribution companies (DISCOs) on account of fuel charge adjustment (FCA) for December 2022. The tariff reduction will reflect in the electricity bills of February 2023 where con
Iranian Consul General (CG) Mehran Movahedfar has voiced concern that despite cooperation in barter trade between the governments of Iran and Pakistan, no improvement has been made. “Difficulties are created in operations by the State Bank of Pakistan. Similar problems are faced by the companies exporting rice from Pakistan, due to which many enterprises have refused to continue cooperation,” h
Fitch Solutions has projected Pakistan’s economic growth to contract by 0.3% in the current fiscal year 2023 after the government allowed the local currency to devalue by a net 14.2% against the US dollar in the past four working days. The rupee closed at Rs268/83 in the interbank market on Tuesday, in the backdrop of other actions by the government to revive the International Monetary Fund (IMF)
With Pakistan’s debt-to-GDP ratio in a danger zone of 70%, and between 40% and 50% of government revenues earmarked for interest payments this year, only default-stricken Sri Lanka, Ghana, and Nigeria are worse off. Just $500 million of interest or ‘coupon’ payments are due on Pakistan’s international bonds this year, but the chief of the central bank has said $3 billion is needed to meet overa