The government will publish an advertisement next week to attract new bidders for the privatisation of Pakistan International Airlines (PIA), the privatisation ministry said in a statement on Wednesday. The government’s failed first attempt to privatise PIA cost the national exchequer $4.3 million, the National Assembly Standing Committee on Privatisation was informed on February 26. Last mo
Pakistan’s oil import bill decreased 1.19 per cent to $11.94 billion in the first nine months of the current fiscal year against $12.08 billion over the corresponding months of last year. The imports gradually declined over the past few months before posting a negative growth, according to data compiled by the Pakistan Bureau of Statistics. In stark contrast, the import of machinery grew 1
Pakistan recorded its highest-ever monthly current account surplus in March, with a surplus of $1.195 billion compared to $363 million in the same month last year, the State Bank data showed on Thursday. The March surplus accounted for the largest share of the $1.859bn total surplus posted during the July-March period of the ongoing fiscal year. The previous month also witnessed a historic i
Rising trade tensions and sweeping shifts in the global trading system will trigger downward revisions of the International Monetary Fund’s economic forecasts but no global recession is expected, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva said countries’ economies were being tested by a reboot of the global trading system — sparked in recent months by US tariffs and
Industrial and political representatives from Karachi have called for forensic audit of almost Rs76 billion write-off claims made by K-Electric unrecoverable from consumers since 2017 and announced that its recovery through tariff from consumers would be resisted through all constitutional means. At a public hearing organised by the National Electric Power Regulatory Authority (Nepra) on Thursd