Despite a downward interest rate trajectory, the Large-Scale Manufacturing (LSM) sector contracted 0.64 per cent in the first four months of the current fiscal year, data released by the Pakistan Bureau of Statistics showed on Monday. The LSM grew slightly at 0.02pc in October on a year-on-year basis. However, it dipped 2.24pc on a month-on-month basis. Since August, the LSM declined for thr
Finance Minister Muhammad Aurangzeb has said the government is taking measures to ensure the current IMF prgoramme becomes the last bailout. During a wide-ranging discussion on the economy during a visit to the Pakistan Business Council (PBC) on Monday, the finance minister appreciated the sacrifices that the formal sector had to make in the front-loaded tax measures under the IMF programme and
The Public Sector Development Programme (PSDP) expenditure in the first five months of the current fiscal year is struggling at 10.4pc of its Rs1.1 trillion annual allocation as the government keeps a tight lid on disbursements to meet requirements of the International Monetary Fund (IMF) of meeting certain fiscal surplus. The latest data from the Ministry of Planning and Development showed the
Barring foreign investors and multinational companies (MNCs), the State Bank’s decision to cut the interest rate by 200bps to 13pc on Monday disappointed local businessmen expecting a 400-500bps cut in line with a sharp drop in inflation. While extending a cautious welcome to the policy rate decision, Federation of Pakistan Chamber of Commerce and Industry President (FPCCI) Atif Ikram Sheikh te
British High Commissioner to Pakistan Jane Marriott on Monday urged Pakistan to fully implement its commitments to economic reforms under the IMF agreement, cautioning that failure to do so could jeopardise access to critical loan disbursements. Speaking at the Islamabad Policy Research Institute (IPRI), she said “full implementation of all reform commitments will be essential. Otherwise there