Pakistani currency continued its slide for the fifth successive working day as it dropped by 0.37% (or Rs0.82) to close at Rs219.71 against the US dollar in the interbank market on Tuesday. The domestic currency had closed at Rs218.89 against the greenback on Monday, according to the State Bank of Pakistan (SBP). With the latest decrease, the currency has cumulatively depreciated by 0.88% (o
Pakistan’s big manufacturing industries including readymade garments, fertiliser and iron and steel have surprisingly turned around as their output grew 3.9% in August compared to July, ending a four-month downtrend. Goods production by large industries, however, showed a small recovery of 0.6% in August when compared with the same month of last year. It came at a time when a number of industri
Pakistan may seek a multibillion-dollar financing window from China to fund 10,000 megawatts solar-powered electricity generation projects, as it is also set to make a new pitch for further expansion of the China-Pakistan Economic Corridor (CPEC) during Prime Minister Shehbaz Sharif’s visit. PM Shehbaz Sharif chaired a meeting on Wednesday to review and finalise the agenda for his maiden visit
Pakistan has informed the US about its decision to buy oil from Russia but only at terms that are favourable than offered to its arch-rival India, said Finance Minister Ishaq Dar on Wednesday. Dar, in his first public event after returning from Washington, also ruled out seeking any relief from the International Monetary Fund and “begging” from other countries for aid for the flood victims. But
Investment bank JPMorgan has called the slump in Pakistan’s bonds to just a third of their face value justified, following the country's devastating floods and recent warnings by officials that some debt payments may need to be suspended. "Pakistan's debt and fiscal dynamics flag rising solvency concerns," JPMorgan's analysts wrote in a note on Wednesday. "Political/fiscal, flood-related ext