The International Monetary Fund (IMF) has rejected Pakistan’s claim that the conditions of its program were responsible for the postponement of elections in Punjab, stating that Islamabad has the right to reprioritize expenditure or raise additional taxes to meet constitutional obligations. The lender’s Resident Representative, Esther Perez Ruiz, emphasized that there is no requirement under […]
The International Monetary Fund (IMF) has dismissed claims by the Economic Coordination Committee (ECC) of Pakistan that the IMF has blocked funds to the country. The ECC had previously accused the IMF of blocking a $450 million loan to Pakistan, which it said was needed to bridge the country’s budget deficit. However, the IMF has […]
The State Bank of Pakistan (SBP) has released data on the latest auction of Treasury Bills (T-Bills) which took place on Wednesday. The government raised Rs. 1,141 billion, exceeding its target of Rs. 900 billion in the auction. However, the cut-off yields on T-Bills saw a significant increase of 114 basis points (bps). The official […]
The pharmaceutical industry in Pakistan has warned of an impending crisis due to a shortage of life-saving medicines as importers face heavy losses, caused by the volatile exchange rate between the Pakistani Rupee (PKR) and the US dollar. In a letter addressed to the Drugs Regulatory Authority of Pakistan (DRAP), the Pakistan Chemists and Druggists […]
With Ramadan just around the corner, the federal government of Pakistan has issued a notification outlining the timings for all government offices under its jurisdiction. These new timings will come into effect on 1 Ramadan, which is expected to begin on 23 March. According to the official notification released by the Cabinet Secretariat, government offices […]
Bank Alfalah, a major corporate donor for flood-affected communities, has teamed up with The Citizens Foundation (TCF) to finance the construction of a primary school in Asif Nagar, Nawabshah, Sindh. The project will cost PKR 49 million, and Bank Alfalah’s contribution towards rebuilding schools is especially significant given the widespread damage that has occurred to […]
In the midst of the ongoing economic crisis in Pakistan, the southern province of Sindh is facing a new crisis – an HIV epidemic among its children. According to government officials, the Human Immunodeficiency Virus (HIV) is spreading rapidly in four districts, with dozens of adults and children testing positive for HIV every week. The […]
The cost of petrol and high-speed diesel has increased in Pakistan, with petrol now costing Rs 111.90 per litre, a rise of Rs 2.13, while high-speed diesel remains unchanged at Rs 116.07 per litre. The government has attributed the surge in fuel prices to an increase in Platts Singapore prices and the depreciation of the […]
Naheed.pk, a well-known online shopping site in Pakistan, has recently fallen victim to a data breach, with the stolen information now appearing in LeakBase’s database. The hackers responsible for the breach claim to have accessed the data of up to 23,000 users, along with 108 order details, which includes sensitive information such as user ID, […]
A US bank has warned that Pakistan may have to stop its debt repayments if it is unable to secure funding from the International Monetary Fund (IMF). As Pakistan approaches a deal with the IMF to unlock a $1.1 billion loan from its $6.5 billion bailout package, the Bank of America has suggested that China […]