Earlier this year, Saudi Arabia indicated it might sell off some of its European debt holdings if G7 countries proceeded with seizing nearly $300 billion of Russia’s frozen assets, Bloomberg reported on Tuesday. Sources familiar with the matter disclosed to Bloomberg that Saudi Arabia’s finance ministry expressed opposition to this proposed confiscation, intended to aid Ukraine, during discussi
Amid increasing consumer frustration, the government is seriously considering eliminating the flawed pro rata system, which removes electricity consumers from the protected category or pushes them into the next slab despite their actual monthly consumption remaining within the category. “The quarters concerned (Power Division and others) have started reviewing the meter reading system. A decisi
The country received over $30 billion in remittances in FY24, showing an increase of 10.7 per cent over the last fiscal year, while inflows for last month jumped by 44pc year-on-year, the central bank reported on Tuesday. The country received almost $3bn more than the receipts for last year, but it was still below the record inflows of $31.3bn in FY22. The growth in remittances has already exce
Finance Minister Muhammad Aurangzeb has warned that the country would continue seeking financial assistance packages from the International Monetary Fund (IMF) if the government failed to significantly boost its tax revenues. Speaking to a UK publication, the minister said he was “relatively confident” of reaching a staff-level agreement with the IMF this month for a loan the government had est
Pakistan has invariably been a very difficult country to do business in, let alone thrive profitably. Keeping the much-touted rankings of ease of doing business aside, investors have often faced increased uncertainty over the past decade. This uncertainty stems from fluctuations in interest rates, currency value, external debt, a volatile ‘bromance’ with the International Monetary Fund (IMF), p