Pakistan on Thursday saw its economic growth rate falling massively to two per cent during the current fiscal year against the budgetary target of 5pc as floods have plunged the country into crisis, particularly in Sindh and Balochistan. The official estimate for a revised GDP growth rate at 2pc is in sharp contrast to the 3.5pc growth rate forecast by the Asian Development Bank (ADB) a day ear
Oil prices fell on Friday amid recession fears and a stronger US dollar, though losses were capped by supply concerns after Moscow’s new mobilisation campaign in its war with Ukraine and an apparent deadlock in talks on reviving the Iran nuclear deal. Brent crude futures fell 41 cents, or 0.5 per cent, to $90.05 per barrel at 0325 GMT, while US West Texas Intermediate (WTI) crude futures were d
Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country’s financial crisis, the Financial Times reported on Friday, citing a UN policy memo. The memorandum, which the UN Development Programme will share with the government this week, states that the country’s creditors should consider debt relief so that policymakers ca
The Pakistan Stock Exchange witnessed another bearish session on Wednesday despite a positive open zone. According to Arif Habib Ltd, continued pressure on the local currency hurt investors’ sentiments and pushed the KSE-100 index below the 41,000-pont level. “All eyes (are) now on the (US Federal Reserve) tonight and the quantum of (the interest) rate increase,” it added. Analyst Ahsan Meha
After a delay of six days, the government finally notified the revised prices of petroleum products in the early hours of Wednesday, raising the petrol price by Rs1.45. As per the standard procedure, the notification for revised prices is issued around midnight. However, this time, the notification by the Finance Division came two hours late, around 2am. According to the notification, the