Pakistan’s Finance Minister, Ishaq Dar, announced on Saturday that he had cancelled his scheduled trip to attend the spring meetings of the International Monetary Fund and World Bank in Washington. This decision was made on the orders of the Prime Minister, due to the current political situation in the country. Despite not attending in person, […]
The Pakistani Government’s efforts to sponsor half of its citizens’ Hajj trips have fallen short, with only 6,500 applications received against 44,500 seats. This represents a significant departure from the government’s expectations, as it had anticipated 44,500 applications for the new Hajj Sponsorship Scheme. The scheme aimed to provide half of the quota to non-resident […]
Sources have informed The News that Pakistan State Oil (PSO) and the State Bank of Pakistan (SBP) are collaborating on establishing banking channel arrangements for the import of crude oil from Russia. According to sources, the government aims to commence the import of crude oil from Russia by the end of April. State Minister for […]
Gas supply crisis has worsened in Karachi, as Pakistan’s Minister of State for Petroleum, Musadik Malik, announced that the government cannot provide 24×7 gas supply, The News International reported. Load-shedding has become a daily occurrence amid an economic crisis and reserves have dropped, forcing the gas load-shedding to continue during sehri and iftar. Malik has […]
K-Electric, one of the leading electric supply companies in Pakistan, has recently announced a partnership with Bank Alfalah, one of the largest private banks in the country. Under this collaboration, Bank Alfalah customers can now enjoy cashback rewards when they use the bank’s Alfa App and QR codes to pay their monthly utility bills. This […]
The auto industry in Pakistan has been facing numerous challenges, resulting in a sharp decline in car sales. According to a recent update from autojournal.pk, Honda Atlas Cars Limited (HACL) has been the hardest hit by these issues. In March, HACL failed to sell a single unit of its flagship sedan, significantly impacting total sales. […]
Pakistan’s inflation remained above the 40% barrier for the seventh consecutive week, reaching 45.49% YoY for the week ended on April 6, 2023, according to data released by the Pakistan Bureau of Statistics (PSB) on Friday. The YoY trend shows an increase mainly due to rising prices of cigarettes (165.88%), wheat flour (131.72%), gas charges […]
On Thursday, the government of Pakistan announced that Saudi Arabia has conveyed its commitment to the International Monetary Fund (IMF) for providing bilateral financial support to Pakistan. The government is hopeful that this assurance from Saudi Arabia, along with a similar commitment from the United Arab Emirates or any other source, will help in finalizing […]
Pakistan’s economic and debt sustainability are at risk, according to the World Bank’s ‘Pakistan Development Update’ report. The flagship report has predicted nearly stagnant economic growth and an average inflation rate of 29.5% for the current fiscal year, while warning of severe dangers to the country’s economy. Pakistan’s economic future appears to be highly uncertain, […]
Silkbank (SILK.PSX) from Pakistan announced on Thursday that it is currently engaged in discussions regarding a possible investment of a maximum of 50 million euros ($54.5 million) by International Commercial Bank (ICB) of South Sudan. This development resulted in a nearly 8% increase in Silkbank’s shares. The talks follow a commitment made by the Pakistani […]