In just over three months of this fiscal year (between July 1 and October 6), the federal government’s borrowings from banks almost tripled to Rs1.835 trillion from Rs628 billion in the same period last year. Funds borrowed from banks are being used chiefly for debt servicing but also for meeting the high cost of running the day-to-day affairs of the government. Current bank borrowing of the go
The brazen disregard for civility and international law in the Middle East war zone has deeply saddened and incensed Pakistanis. Beyond its social and political implications, the corporate sector was troubled by the government’s lack of preparedness in dealing with the evolving situation to mitigate potential risks for the already fragile economy. “The vivid images depicting death, destructi
Workers, supporters and members of all party traders’ alliance continued their sit-in in Chaman for the second consecutive day on Sunday, protesting against the government’s decision to make valid passports and visas mandatory for crossing Pak-Afghan border. The Pakistani government has decided to restrict border crossing to only those with valid passports and visas, effective from November 1
Before seeking final dates for the second review of the ongoing IMF loan programme, the government has convened a special meeting of the Economic Coordination Committee (ECC) on Monday (today) to discuss and clear an unprecedented surge of 3,900 per cent in fixed monthly charges and a 194pc hike in consumer rates for natural gas. These price adjustments, set for cabinet’s ratification on Tuesda
Once a profitable entity and the pride of a nation, the national flag carrier’s fortunes plummeted to an all-time low on Sunday, when its operations ground to a halt yet again, due to a lack of fuel. While Pakistan International Airlines (PIA), suffering losses to the tune of Rs750 billion, is no stranger to recurring crises, the current situation is probably the most dire in recent years as 77