Factories may cut production in Pakistan amid rising energy costs
Factories owners fear that they may need to shut production due to an unprecedented hike in energy costs, which will be another disaster for the already struggling economy
Moody’s demotes Pakistan’s economic outlook from stable to negative
Moody's downgrades Pakistan's economic outlook to negative, citing 'heightened external vulnerability' and uncertainty regarding the much needed external financial support as the reasons behind the downgrading of Pakistan’s economic outlook.
APTMA urges government to continue RCETs for entire textile value chain
APTMA urges the government to continue with the Regionally Competitive Tariffs for the entire value chain and not to impose any non-tariff barrier on raw material or spare parts for the industry.
World Bank issues warning of global recession
World Bank stated that the ongoing Russia-Ukraine war could bring a global recession as food, energy, and fertilizer the prices go higher
IMF presses Pakistan to remove petroleum subsidies for revival of its programme
IMF emphasised the urgency of concrete policy actions, including in the context of removing fuel and energy subsidies and the FY2023 budget".
Russian Rouble gains value despite western economic sanctions
Russian Rouble continued the upward trend against dollar to become the best performing currency of the world. The strengthening of Russian currency, that too, due to its exports sector is impressive keeping in view the ongoing Russia-Ukraine war.
State Bank hikes base interest rate by 150 bps
Internally, domestic uncertainty, expansionary monetary policy and petroleum and energy subsidy, while externally the Russia-Ukraine war and the latest wave of Covid-19 in China influenced the decision.
UN body: Ukraine war has strongly impacted Pakistan’s economy
Inflation rate in Pakistan edged up to 13.4 per cent in April 2022, which is more than double the central bank’s inflation target.
APTMA Chairman dubs PTI’s ousting as cruel
Zaman added that the policies introduced by financial institutions during the tenure of the PTI-led government provided a very enabling environment for the businesses.
Russia boosts oil supplies with discounts
Crude exports grew by 300,000 barrels a day in April
Pakistan received $2.8 remittance in March 2022
According to the provisional report, overseas Pakistani’s from Saudi Arabia remitted $677.8 million in the month of March, making it the largest remitting partner of Pakistan.
Dollar climbs again, hits Rs.183.30
The rupee had ended at 186.60 to the dollar on Monday, after recovering from 188.18. Meanwhile, the Pakistan Stock Exchange (PSX) has soared by 200.71 points so far, crossing 46,345 points.