Business

KARACHI: The construction slump, caused by unprecedented monsoon rains and subsequent flood devastation, is about to be over as all players await the receding of floodwater and restoration of the road network to start rebuilding activities across the country. Stakeholders, however, say reconstruction has already started in some of the flood-hit areas, but on a limited scale due to disruption …

ISLAMABAD: Finance Minister Miftah Ismail said on Saturday real freedom meant economic self-reliance, without which the concept of freedom and self-reliance was not achieved. While accusing his predecessor Shaukat Tarin of “not stating facts”, Mr Ismail told a press conference the PTI government took 79 per cent of external debt out of the total debt taken in the country’s history. …

QUETTA: Following a decision of the federal government to allow the private sector to import tomatoes and onions from Iran and Afghanistan, 50 trucks carrying the vegetables have crossed into the country through the Taftan and Chaman borders. “Over the last two days, 50 large-body trucks entered Pakistan through the Friendship Gates of Taftan and Chaman,” a senior official of …

ISLAMABAD: The government has committed more utility price shocks under a straightjacket implementation plan with the International Monetary Fund (IMF) involving an over 53 per cent increase in gas rates, the revival of general sales tax on petroleum products and withdrawal of more subsidies. The IMF released a deta­iled 112-page country report on Friday on the completion of the seventh and …

Pakistan’s merchandise trade deficit rose by 28.89pc per cent month-on-month in August, climbing to $3.53 billion compared to $2.73bn in July, data shared by the Pakistan Bureau of Statistics (PBS) on Friday showed. PBS data showed in August this year, the country’s exports stood at $2.5bn compared to imports of $6.03bn. On a month-on-month basis, exports increased by 11.07pc while imports jumped …

Pak Suzuki Motor Company Ltd (PSMCL) has extended its plant shutdown to September 8-9 due to low inventory supply, it said in a Pakistan Stock Exchange filing on Friday. However, its motorcycle plant will continue to operate. In the filing, the company said the State Bank of Pakistan’s condition requiring prior approval for the import of specific HS codes, including …

The International Monetary Fund (IMF) has said that high inflation and tighter global financial conditions would continue to weigh on Pakistan’s economy, pressuring its exchange rate and external stability. The observations were part of the Fund’s country report released on Thursday. It said the average Consumer Price Index (CPI) inflation was expected to surge to 20 per cent in the current financial …

The PKR lost 38 paise against the dollar in the interbank market on Friday, breaking a three-day recovery streak. The local currency closed at Rs218.98 per dollar, a depreciation of 0.17 per cent. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the main reason for the rupee’s depreciation was the dollar index’s rise and the greenback’s strengthening in …

The dollar was headed for its third weekly gain in a row and stood near its highest levels in decades against the euro and yen on Friday, with investors in little mood for selling ahead of US labour data that could bolster the case for aggressive interest rate hikes. A solid US manufacturing survey overnight was enough to push the …

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves reached a two-month high of $8.857 billion on Thursday with the inclusion of $1.16bn from the International Monetary Fund under the Extended Fund Facility (EFF). The SBP said it received proceeds of $1.16bn (the equivalent of SDR 894 million) under the EFF on Aug 31, which would be included in …