As the PDM government keeps struggling to secure $1.1 billion from the International Monetary Fund (IMF), the country lost $7.15bn on account of shrinking exports and remittances during the first 11 months of FY23. Despite missing out on targets for the outgoing fiscal year, the government has fixed higher exports and remittances projections for FY24. Exports plunged by $3.491bn, or 12 per c
Petroleum Minister Musadik Malik has said that despite the increased yield of furnace oil during the refining as well as high operational costs of the import, the Russian fuel would be significantly beneficial for Pakistan, even as a Russian minister ruled out any sort of exclusive discount for Islamabad on the purchase of ‘Urals’ crude from Moscow. “Oil deliveries to Pakistan have begun. There
Desperate to put a floor beneath the crude markets, on June 4, after a ‘contentious’, seven hours meeting of the Opec+ countries, which includes the Organisation of the Petroleum Exporting Countries oil-producing states and its allies, including Russia, Saudi Arabia took a unilateral decision. It announced cutting its oil output further by another one million barrels per day (bpd) in July, extenda
Over the past few years, almost everyone in Pakistan has personally experienced their incomes go down with the erosion of the rupee. It’s a tale all too familiar. Even those lucky enough to get regularly healthy increments now struggle to catch up with the levels of inflation. As a result, most people have been forced to live hand to mouth and cut any ‘frivolous’ expenditures. Somehow, our stat
In its meeting held on 6th June 2023, the National Economic Council (NEC)approved the national development outlay for 2023-24 at Rs2.71 trillion, including the federal Public Sector Development Programme at Rs1.15tr and provincial Annual Development Programme at Rs1.56tr. In 2022-23, the NEC approved a national development outlay of Rs2.26tr, including provincial ADPs of Rs1.46tr and federal PS