Business leaders on Saturday said the massive hike in prices of petroleum products would further fuel the unprecedented inflation, intensify miseries for the common man and create serious issues for the industry due to the unbearably high cost of doing business. They criticised the caretaker government that it should have kept the prices of petroleum unchanged due to the falling landing cost of
The cash-strapped Pakistan International Airlines (PIA) reported a recovery in its flight operations on Sunday after managing to secure a Rs17 billion bank loan. The development comes after the national carrier reportedly grounded several aircraft as it struggles to secure funds to maintain its operations for the next few months. Some media reports had also claimed that the operations would be
The United States will continue to support credible elections in Pakistan that are free of violence and allow people to decide who rules them, says Elizabeth Horst, the US Deputy Secretary of State Responsible for Pakistan. Addressing a seminar at One UN Plaza, Ms Horst also urged Pakistan to continue to implement the reforms suggested by the International Monetary Fund (IMF) as that’s the only
Amid rising interest payments and disruptions caused by a change in government, Pakistan’s development expenditure has nearly come to a standstill, with just Rs22.5 billion spent in the first two months (July-August) of the fiscal year, against an annual budget allocation of Rs950bn. According to data from the ministry of planning and development, the actual expenditure on core development in t
Growing up in a Pakistani household, lessons in “saving something for a rainy day” are inculcated into children from a young age. These savings could be in the form of cash or assets, like gold. For every family, the definition of a “rainy day” varies, but in our parlance, they broadly refer to any event that throws the family’s finances off the rails — a wedding, sudden illness and business losse