Economists ascribe Sri Lanka’s recent financial problems to a severe decline in tourism and remittances, as well as a substantial tax cut, but poor governance is atop the list of the factors that played havoc with the island nation’s economy, which relied heavily on tourism and remittances. Both these sources were hit badly by the Covid pandemic as the workers were laid off on a mass scale. Pak
Prime Minister Shehbaz Sharif on Sunday issued directives for speedy completion of solar and wind energy projects. While chairing a meeting on renewable energy, he said it was the government’s main priority to encourage the production of electricity through solar and wind energy sources. The renewable sources would produce low-cost and environment-friendly electricity, he added. PM Shari
The upswing in the stock market continued on Thursday as stocks closed higher on the rupee’s recovery against the dollar. Ahsan Mehanti of Arif Habib Corporation Ltd said the local currency gained strength on the expected conclusion of the International Monetary Fund deal. In addition, press reports suggesting Qatar may consider buying shares in Oil and Gas Development Company Ltd and Pakist
READERS may remember there was much hue and cry over the amendments to the State Bank of Pakistan Act, 1956, that were legislated in January 2022. The present government, then in the opposition, had resisted it tooth and nail but let the law pass — thanks to establishment pressure — not necessarily as a reform measure but an obligatory IMF condition. The government’s concept of the central bank
Pakistan’s foreign exchange reserves held by the central bank decreased by $170 million to $2.9 billion in the week ending on February 3, the State Bank of Pakistan (SBP) said on Thursday. The country is locked in negotiations with the International Monetary Fund (IMF) to release much-needed money under a stalled bailout programme. A successful outcome with the IMF would also help to release