The government raised Rs162 billion through the auction of Pakistan Investment Bonds (PIBs) at reduced cut-off yields on Tuesday. It remained below the target of Rs190bn but much higher than the maturing amount of just Rs3bn on the same date. The government has accumulated the largest debt through auctions of PIBs. The State Bank’s data showed that the borrowing through PIBs increased by Rs2
Ahead of the final review next month with the International Monetary Fund (IMF) of the ongoing $3 billion Stand-By Arrangement, the Power Division on Tuesday confirmed to have finalised a plan to reduce power tariffs for the industrial sector to revive economic activities, create job opportunities and address circular debt challenge. Testifying before the Senate Standing Committee on Power, Sec
Caretaker Prime Minister Anwaarul Haq Kakar emphasised on Tuesday the need to realise the true potential of the country’s agricultural sector by scaling up investments in its modernisation and mechanisation to achieve food security. He was talking to Brian Sikes, CEO of the American global food corporation Cargill Inc., during a meeting on the sidelines of the 54th annual meeting of the World
Bears returned to the trading floor of the Pakistan Stock Exchange (PSX) on Monday as the benchmark index lost over 300 points on political uncertainty. According to the PSX website, the KSE-100 index had gained 402.07 points at 11am to stand at 65,039.70 points, up 0.62 per cent, from the previous close of 64,637.63. However, the benchmark index rapidly shed its gains by noon. It finally cl
The caretaker government on Monday decreased the price of petrol by Rs8 per litre for the next fortnight. In a notification issued today, the Finance Division said the government decided to reduce the price of petrol for the fortnight starting from January 16 as recommended by the Oil and Gas Regulatory Authority. According to the announcement, the ex-depot price of petrol was cut to Rs259.