Business

ISLAMABAD: Reducing Pakistan’s economic growth rate forecast for current fiscal year by almost one per cent, the World Bank (WB) on Wednesday said the last ditch energy subsidies by the outgoing government put an additional burden on budget and threaten the International Monetary Fund (IMF) programme. “The financing of the price cuts or subsidies can create an additional burden on …

KARACHI: Former finance minister Shaukat Tarin said on Wednesday the PTI had “no economic plan” when it came to power in 2018. “Economic planning took time and that caused retardation,” said the former finance minister while addressing a press conference at the Sindh Governor House. Another failure of the PTI government was its inability to fix the state-owned enterprises (SOEs) …

MUMBAI: Indian software giant Infosys said on Wednesday it was “transitioning” out of the Russian market following the Ukraine war and conflict of interest accusations levelled at Rishi Sunak, the British finance minister. Sunak’s wife Akshata Murty holds a nearly $1 billion stake in the IT firm, which was founded by her father N. R. Narayana Murthy and established itself as a …

KARACHI: The auto sector gave a robust performance in the first nine months of the current fiscal year (9MFY22) marked by 53.8 per cent jump in car sales, 66.4pc in trucks, 45.8pc in jeeps/pickups and 12.1pc in tractors. However, a decline in sales of buses and two and three-wheelers was noted in the period under review. Massive increase in prices, …

ISLAMABAD: Highlighting the fuel subsidies as key complications to the International Monetary Fund (IMF) programme, Fitch Ratings has advised Pakistan to clear policy uncertainties rather quickly to address the near-term balance of payments and fiscal challenges. The New York-based agency — one of the three major global rating agencies — in a special note on Pakistan said the change in …

KARACHI: The Pakistan Stock Exchange witnessed another positive session on Tuesday as Shehbaz Sharif assumed premiership after the ouster of the PTI from the federal government. In addition to the long-awaited end of political uncertainty, the continued appreciation in the rupee’s value against the dollar also helped improve investors’ sentiments. According to Ahsan Mehanti of Arif Habib Corporation, falling crude …

ISLAMABAD: Accusing the PTI government of leaving behind an unprecedented economic mess, including the highest-ever fiscal deficit of Rs6.4 trillion (slightly over 10 pc of GDP), finance adviser in-waiting Miftah Ismail said on Tuesday the new government would restart negotiations with the International Monetary Fund (IMF) for balance of payments support. “Stabilisation of declining foreign exchange reserves and increasing them …

ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday the government will take short and long-term measures to overcome the economic challenges left behind by the Pakistan Tehreek-i-Insaf (PTI) regime. “After the formation of the federal cabinet, the government would come up with… plans to overcome inflation and revive the economy,” the prime minister told reporters at an iftar dinner at …

KARACHI: While concern among citizens still exists over the quality and safety of milk and beef being sold in markets, their prices have recovered from the shock triggered by the outbreak of the lumpy skin disease (LSD), reveal a recent survey of some markets and conversation with representatives of dairy farmers and traders. Last month, milk and meat sales in Karachi had …

KARACHI: The US dollar on Monday lost another Rs1.75 to close at Rs182.93 in the interbank market suggesting the situation is easing on the political horizon. The rupee witnessed its biggest historic recovery of Rs3.50 on Friday against the dollar when the US currency fell to Rs184.68 from Rs188.18. The ruling of the Supreme Court — which made it mandatory to hold …