Pakistan’s merchandise exports dipped by 12.71 per cent year-on-year to $27.54 billion in 2022-23 from $31.78bn in the preceding fiscal year, showed data released by the Pakistan Bureau of Statistics on Monday. The export contraction continued for the 10th month in a row, plunging by 18.72pc year-on-year to $2.36bn in June. The export proceeds are declining because of internal and external f
Two leading global rating agencies have warned that Pakistan will require significantly more funds than what it’s receiving from the International Monetary Fund (IMF) to meet its debt maturities and to finance its economic recovery, reported Bloomberg on Monday. Moody’s Investors Service and Fitch Ratings that issued the warning are two of the big three credit rating agencies, recognised by the
State Bank of Pakistan Governor Jameel Ahmed believes the $3 billion nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) will bring economic stability, help address inflation and boost dollar inflows. Talking to the state-run PTV News on Tuesday, Mr Ahmed expressed his satisfaction with the new agreement and found it a catalyst for the increase in the remittances a
Pakistan’s export of services staged a strong rebound of 19.77 per cent in May reversing the four-month diminishing spell, showed data released by the Pakistan Bureau of Statistics on Tuesday. The export of services in value grew to $616.96 million in May from $515.14m in the corresponding month last year. After recording positive growth during the first half of the current fiscal year, the
The power sector’s circular debt jumped to Rs2.65 trillion by the end of May from Rs2.25tr at the beginning of the previous fiscal year — a jump of Rs393 billion, or 18 per cent, in 11 months. It was in stark contrast with figures of FY22, when the debt fell by Rs27bn, from Rs2.28tr at the start of the year to Rs2.25tr by the close, data from the energy ministry’s Power Division showed. Acc