The shares market observed another dull session on Thursday as a stern statement by the International Monetary Fund (IMF) on the 2023-24 budget kept sentiments down. Topline Securities noted the global lender expressed concerns about the amnesty scheme announced in the federal budget on the pretext that it ran against the programme’s conditions. In addition, the IMF statement also referred to
THE IMF’s criticism of Pakistan’s reckless budget for fiscal year 2023-24 carries profound risks for the economy. The June 30 deadline for meeting the lender’s conditions to unlock funding will likely be missed unless the government agrees to review the document and remedy its weaknesses. It would not be surprising if it does so, considering that it had to hurriedly, but comprehensively, revise
WITH dangerously low foreign exchange reserves and a steep debt repayment schedule looming for fiscal year 2024 that begins in July, Pakistan is facing a stark prospect of potential default or even a larger balance of payments crisis in the 12 months ahead. Data obtained unofficially from a senior source privy to the country’s debt repayment schedule shows Pakistan faces $8.7 billion outflows o
The government on Thursday decided to keep the prices of all petroleum products unchanged, except light diesel oil, for the next fortnight ending June 30 in line with the international market. In a pre-recorded brief statement on national hook-up, Finance Minister Ishaq Dar said the final price calculations provided by the Oil & Gas Regulatory Authority (Ogra) at the close of business hours sug
The Ministry of Planning and Development on Thursday launched a portal on its website to make available to people the data relating to Public Sector Development Programme (PSDP) projects worth Rs1.1 trillion, saying it would ensure transparency. Minister for Planning & Development Ashan Iqbal formally launched the PSDP portal. The PSDP, which constitutes the Federal Development Budget, serves a