Business

ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), rose 28.54 per cent on an annual basis in the week ending April 18, official data showed on Friday. It was the lowest year-on-year increase after Sep 14, 2023. However, it witnessed a 0.79pc week-on-week decl­i­ne despite a spike in petroleum prices. The weekly inflation hit a record 48.35pc year-on-year …

KARACHI: Within a week, the government borrowed over Rs650 billion from banks to meet its rising expenditure, reflecting the consequence of high inflation. The State Bank of Pakistan (SBP) data showed that the government’s borrowing from commercial banks reached a record Rs5.5 trillion from July 1 to April 5, 2023-24. This is against Rs2.95bn in the same period last fiscal …

KARACHI: Snapping the three-day bearish spell on Friday despite mounting geopolitical tensions, the Pakistani stocks staged a surprise robust rally, tossing the benchmark KSE 100 index near 71,000. Speaking to Dawn, Arif Habib Ltd Head of Research Tahir Abbas said the ongoing process to secure another bailout package was the key bullish factor as staying in the IMF programme would ensure …

ISLAMABAD: Amid warnings about supply chain challenges and ret­ail prices increasing by up to Rs27 per litre in Gilgit-Baltistan, the major oil sector stakeholders — the regulator and the industry — have proposed gradual deregulation of petroleum prices over a period of two years to avoid the political pressure associated with pricing. The government has also been advised to end …

SAUDI Arabia is moving closer to a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, Bloomberg reported on Thursday, citing people with knowledge of the matter. Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, plans to invest at least $1 billion in the Reko Diq project, controlled by the Canadian mining …

ISLAMABAD: The country’s textile and clothing exports suffered a slowdown last month, reversing the trend of double-digit growth observed over the previous three consecutive months and indicating a decline in orders from international buyers. The sector’s exports showed a paltry growth of 3.29 per cent to $1.299 billion in March over $1.257bn recorded in the same month last year, according …

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed the authorities to expedite the pace of privatisation and outsourcing of the power distribution companies (Discos) during a high-level meeting regarding the power sector. Presiding over the meeting, the prime minister emphasised the need to seek assistance from private sector experts and globally accepted models to improve the management affairs of the …

ISLAMABAD: Amid increasing fuel prices and the oil industry’s complaints over the rising influx of smuggled oil products, the government has expedited the process of deregulating petroleum pro­duct prices to shift the brunt of public cri­ticism to oil marketing companies (OMCs). In a directive, the petroleum division has asked the Oil and Gas Regulatory Authority (Ogra) “to share a presentation …

Pakistan hopes to agree the contours of a new International Monetary Fund (IMF) loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets. Pakistan’s current $3 billion arrangement with the Fund runs out in late April and the government is seeking a longer and bigger …

Pakistan has initiated discussions with the International Monetary Fund (IMF) over a new multi-billion dollar loan agreement to support its economic reform programme, Finance Minister Muhammad Aurangzeb has said, adding that the country will at least be requesting for a three-year programme. During his visit to Washington, Finance Minister Muhammad Aurangzeb will attend the spring meetings organized by the IMF …