The cash-strapped Pakistan International Airlines (PIA) reported a recovery in its flight operations on Sunday after managing to secure a Rs17 billion bank loan. The development comes after the national carrier reportedly grounded several aircraft as it struggles to secure funds to maintain its operations for the next few months. Some media reports had also claimed that the operations would be
The United States will continue to support credible elections in Pakistan that are free of violence and allow people to decide who rules them, says Elizabeth Horst, the US Deputy Secretary of State Responsible for Pakistan. Addressing a seminar at One UN Plaza, Ms Horst also urged Pakistan to continue to implement the reforms suggested by the International Monetary Fund (IMF) as that’s the only
Amid rising interest payments and disruptions caused by a change in government, Pakistan’s development expenditure has nearly come to a standstill, with just Rs22.5 billion spent in the first two months (July-August) of the fiscal year, against an annual budget allocation of Rs950bn. According to data from the ministry of planning and development, the actual expenditure on core development in t
Growing up in a Pakistani household, lessons in “saving something for a rainy day” are inculcated into children from a young age. These savings could be in the form of cash or assets, like gold. For every family, the definition of a “rainy day” varies, but in our parlance, they broadly refer to any event that throws the family’s finances off the rails — a wedding, sudden illness and business losse
Stock prices rose on Wednesday amid strong financial results and surging global crude oil prices. Arif Habib Corporation analyst Ahsan Mehanti said further recovery in the rupee’s value against the dollar along with upbeat data of auto sales, which rose 49 per cent month-on-month in August, caused the rise in share prices. In addition, speculations ahead of the policy rate decision by the Mo