Pakistan’s public debt to become ‘sustainable’ after reforms: IMF
Ongoing fiscal reforms will put Pakistan’s public debt path on a sustainable footing, according to Athanasios Arvanitis, the Deputy Director of the International Monetary Fund (IMF). The director was speaking at a seminar titled “Managing Crises in Emerging Markets” at the State Bank (SBP). The seminar was held in collaboration with the Pakistan Business Council […]
Budget deficit reaches Rs994.7bn in 1HFY20
Pakistan’s budget deficit has soared to Rs994.7 billion or 2.3 per cent of the Gross Domestic Product (GDP) during the first half of the financial year 2019-2020, revealed the fiscal operation report issued by the Ministry of Finance . According to the report, the country’s expenditures were recorded at Rs4,226.6 billion or 9 per cent […]
Access Group and Verifone’s “Payments Around the World Conference” takes place in Karachi
Press Release, 13th Feb 2020: Access Group has been a partner of Verifone for more than 18 years. Together, with Access Group’s local expertise and Verifone’s next-gen Point of Sale payment products and solutions, they have been leading the digital payments landscape in Pakistan. Verifone is a global leader in digital payment solutions, with a […]
Petroleum Division asked to change oil and gas pricing formula for production companies
The Finance Ministry, apparently to ensure reduction in the prices of local oil and gas, has advised the Petroleum Division to change the pricing formula of oil and gas production companies by unlinking the price with dollar. According to sources, the Finance Ministry wanted to reduce the prices of local oil and gas by linking […]
Pakistani businessmen sign joint ventures with Turkish counterparts
On the first day of a Turkish business delegation’s visit to the country, a number of memorandums of understanding (MoUs), agreements and joint ventures were signed between the businessmen of the two countries. Witnessing the signing ceremony on Thursday, Adviser to Prime Minister on Commerce Abdul Razak Dawood said that a few of these would […]
PPL Finds Largest Gas Reserves in Pakistan
Pakistan Petroleum Limited (PPL) has found huge gas reserves in Margand block at Kalat, Balochistan. According to details, PPL owns 100% of the drilling rights of the block and had been drilling at Margand X-1 block since 30 June 2019. Last year, PPL carried out a Modular Dynamics Testing (MDT) at a depth of 4,500 […]
PM Khan to Counter Inflation Announces Rs. 15 Billion Relief Package
Prime Minister Imran Khan on Monday decided to introduce a relief package of Rs 15 billion to tackle the rising inflation and provide aid to poor people of the country. According to details, PM Imran chaired the meeting of economic team where the decision regarding the relief package was taken. It was decided that the relief will be provided […]
Trump proposes 21% cut in US foreign aid in budget proposal
President Donald Trump will propose cutting billions of dollars in US foreign aid in his fiscal 2021 budget while seeking an increase in funds to counter developing economic threats from China and Russia. Trump, a Republican, sought in his budget proposal last year to slash foreign aid but faced steep resistance from Congress and did […]
PM Khan to unveil steps to curb food inflation tomorrow
Prime Minister Imran Khan is going to announce price cuts on essential commodities when his federal cabinet meets on Tuesday. “I understand the difficulties ordinary people, including salaried class, are confronting and have decided, come what may, my government will be announcing various measures that will be taken to reduce prices of basic food items […]
Exports decline 3.4 percent YoY
The country’s exports declined by 3.4 per cent in January 2020 as compared to same month of 2019, due to a number of factors. However, according to provisional foreign trade figures exports during the first seven months July-Jan, 2019-20 recorded a rise of slightly above one percent. Growth in exports during the first half (July-December) […]