Labourers cover themselves with shawls to protect themselves from the cold during the early morning, as they wait for work at the market in Karachi, Pakistan December 26, 2024. REUTERS/Akhtar Soomro | Photo Credit: Reuters The World Bank is set to approve a $20 billion indicative lending package for Pakistan – a pioneering 10-year initiative … Read more
With its economy turning precarious, Pakistan has been accosting other countries and multilateral institutions for financial help. That has made ‘begging‘ an important figure of its political discourse in which its citizens rue that their country has to “beg” for foreign aid which is often hard to come by and requires persistent importuning by its … Read more
Islamabad: Pakistan‘s cash-strapped government has highlighted almost a dozen critical risks to next year’s budget and medium-term outlook, including lower than estimated economic growth, unexpected climatic or natural disasters as well as continuing poor performance of state-owned entities. In a written statement on the fiscal risks submitted to Parliament, Finance Minister Muhammad Aurangzeb and Secretary … Read more
File photo of former Pakistani Prime Minister Shehbaz Sharif. | Photo Credit: PTI The fissures within Pakistan’s ruling coalition government have surfaced with the PPP, a key ally, accusing the ruling PML-N of sidelining its inputs in the preparation of the annual budget and questioning if the Shehbaz Sharif-led government still values its support. The … Read more
Lt. Gen. Jeffrey Kruse, Director of the Defense Intelligence Agency. File | Photo Credit: AP Pakistan sustained its nuclear modernisation efforts last year despite its economic turmoil as its contentious relationship with India continues to drive its defence policy, the top U.S. intelligence official told Congress. The remarks by Lt. Gen. Jeffrey Kruse, Director of … Read more
Pakistan‘s current economic model is not working, a top World Bank official has said, underlining that the cash-strapped nation must change policies that have plagued development and benefitted only a few. The remarks by World Bank Country Director Najy Benhassine came in a Policy Vision article, published in the latest UNDP publication. Pakistan’s current economic … Read more
Petrol and diesel have become costlier by 20% since the caretaker government took over in August in Pakistan. | Photo Credit: Reuters Amid double-digit inflation, Pakistan’s caretaker government has effected yet another hike in the prices of petrol and diesel taking them to a historic high — over (Pakistani) Rs 330 per litre — prompting … Read more
Pakistani shopkeepers close their businesses during strike against inflation in Lahore, Pakistan, on September 02, 2023. They protested the soaring cost of living, including higher fuel and utility bills and record depreciation of the rupee against the dollar. | Photo Credit: AP Thousands of Pakistan traders shuttered their shops on Saturday, striking over soaring energy … Read more
Pakistan‘s inflation rate remained over the target in August at 27.4 per cent as reforms outlined as requirements for an IMF loan make it more difficult to control price pressures, ARY News reported citing the official data released on Friday. After the avoidance of a sovereign debt default in July thanks to a USD 3 … Read more
In a major development, Pakistan has in principle approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment with the long-term objective to reduce reliance on loans and imports. The newly established Special Investment Facilitation Council (SIFC) — a hybrid civil-military forum — is leading the drive to fast-track … Read more