Dollar inflows through Roshan Digital Account (RDA) decreased in April over the preceding month. According to data released by the State Bank of Pakistan (SBP) on Tuesday, inflows in April were $171 million, a six per cent decline from March’s $182m. The State Bank introduced the RDA in September 2020 following an outflow of foreign investments from domestic bonds. The RDA offers up to 8pc p
Pakistan’s economy will grow at a higher rate in the outgoing fiscal year, beating international lenders’ predictions. However, due to a downturn in the manufacturing and service sectors, it failed to meet budgetary projections. The provisional GDP growth is anticipated to be 2.38 per cent for FY24, surpassing the projections of International Monetary Fund’s 2pc, Asian Development Bank’s 1.9
The automotive industry has urged the government to determine the sector’s future direction, warning that local manufacturing and the import of used cars cannot move together. In a letter to the ministries of finance, commerce, and industries, the Pakistan Association of Auto Parts & Accessories Manufacturers (Paapam) said that the industries and manufacturing sectors were the job providers,
US Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe needed to respond to China’s industrial overcapacity in a “strategic and united way” to keep manufacturers viable on both sides of the Atlantic. Yellen told reporters during a visit to Frankfurt that G7 finance ministers shared US concerns about Chinese efforts to dominate clean energy industries, but did not n
Moving swiftly in the wee hours to meet the deadline given to the International Monetary Fund (IMF), the Oil & Gas Regulatory Authority (Ogra) on Tuesday determined up to 10 per cent reduction in the average prescribed price of natural gas while providing enough material to the government to increase consumer gas rates by about 87pc with effect from July 1. Ogra “determines the revenue requirem