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Pakistan sets new petrol rates that will take effect on April 16, 2023
Pakistan sets new petrol rates that will take effect on April 16, 2023. It was reported that the Pakistani government will announce new fuel rates for the second half of April 2023. The new prices are expected to take effect on April 16. Due to the recent drop in the Pakistani rupee’s value relative to…
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Policy-level discussions between Pakistan and the IMF begin today.
Policy-level discussions between Pakistan and the IMF begin today. It was reported that The International Monetary Fund (IMF) and Pakistan will begin crucial policy-level discussions to conclude a memorandum of economic and financial policies today (MEFP). Technical level discussions between Pakistan and the IMF began on January 31 and were supposed to end last Friday.…
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Pakistan’s Finance Ministry says inflation would remain high in 2023
According to Pakistan’s Finance Ministry, inflation would remain high. It was reported that Citing worldwide experience, Pakistan’s central bank noted in its annual report that nations prioritizing growth over pricing and financial stability are unable to “sustain growth and avoid repeated boom-bust cycles and the financial crisis.” Given that the country’s fiscal deficit increased by…
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Government lowers gasoline costs by Rs. 10 per litre
Government lowers gasoline costs by Rs. 10 per litre. It was reported that the price of gasoline would reduce by Rs 10 per litre, the government stated on Thursday. The new price of gasoline would be Rs214.80 as of Thursday following the announcement by Ishaq Dar, the finance minister. High-Speed Diesel is now available at…
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October $567 million shortfall in Pakistan’s current account
October $567 million shortfall in Pakistan’s current account. It was reported that during the first four months of this fiscal year (FY23), Pakistan’s current account deficit (CAD) decreased by 46.8% as a result of lower import expenses and a slight increase in exports. A $567 million deficit was recorded in just October, which represents a…
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October 2022, Pakistani remittances decrease by 15.7%
In October 2022, Pakistani remittances decrease by 15.7%. It was reported that according to data released by the State Bank of Pakistan (SBP) on Friday, the amount of worker remittances received decreased by 15.7% in October 2022 compared to the same month in the previous year.
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Pakistan will receive $1.5 billion in funding, by Asian Development Bank.
Pakistan will receive $1.5 billion in funding, by Asian Development Bank. It was reported that on October 21, 2022, the Asian Development Bank (ADB) authorized a US$ 1.5 billion loan to Pakistan to help with social protection, food security, and employment support. Inflation, terrible floods, and messed-up global supply chains have all had an effect…
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WEO October 2022 Economic Outlook Report, “Confronting the Cost of Living Crisis”
WEO October 2022 Economic Outlook Report, “Confronting the Cost of Living Crisis” It was reported that with inflation higher than it has been in several decades, the global economy is slowing down broadly and more sharply than predicted. Russia’s invasion of Ukraine, the rising cost of living, tightening financial conditions in most areas, and the…
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World Bank: Pakistan’s economy is contracting as prices are rising.
World Bank: In the wake of catastrophic flooding, Pakistan’s economy is contracting as prices are rising. It was reported that in the current fiscal year, which ends in June 2023, Pakistan’s economy is predicted to rise by just 2%. The slower growth will be driven by damages and disruptions brought on by catastrophic floods, a…
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September 2022, the overall inflation rate in Pakistan rises by 23.2%.
It was reported that in September 2022, the overall inflation rate in Pakistan rises by 23.2%. In comparison to the previous month’s increase of 27.3% and September 2021’s increase of 9.0%, Pakistan’s headline inflation based on the Consumer Price Index (CPI) jumped to 23.2% in September 2022. According to information made available by the Pakistan…
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US Federal Reserve raises interest rates to highest level since 2008
It was reported that US Federal Reserve raises interest rates to the highest level since 2008. The announcement raises fears that the effort to control the US’s extraordinarily high inflation rate could send the country into recession. Due to the Fed’s action on Wednesday, the benchmark short-term rate, which affects many consumer and commercial loans,…
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Corporate Profits Increase by 22% to Rs1 trillion
It was reported that Corporate Profits Increase by 22% to Rs1 trillion despite the fact that one-third of Pakistan is submerged, the country’s blue-chip corporations are still making money. The largest publicly traded firms’ net profits increased by 22% to more than Rs1 trillion annually in 2021–2022.
