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Thirty-six-year-old Irfan Ahmed (name changed), a gay man, blames methamphetamine for all his sufferings – loss of employment, social isolation, a criminal record and, worst of all, his status as an HIV-positive person. Ahmed suspects that he became infected after engaging in sexual activities...

Exceed income by Rs156b, sparking concerns of debt sustainability Interest payments in July increased alarmingly to Rs537 billion, surpassing the federal government’s net income for the month by Rs156 billion. This has raised concerns that the annual debt servicing cost may exceed budget...

Exporters send SOS amid dearth of fresh orders Shahid Iqbal KARACHI: Exporters fear more declines as the textile sector, which accounts for over 60 per cent of the country’s overall export earnings, is not getting fresh orders while India is aggressively lobbying for GSP+ status which could...

Like his predecessors, General Asim Munir has also conceived of an economic recovery plan for Pakistan. However, any meaningful reform would require major sacrifices from all stakeholders. Details have begun emerging from a high-powered gathering where the Chief of Army Staff, General Asim...

In an alarming development, the Pakistan Democratic Movement (PDM) government added Rs18.5 trillion to the public debt in just 15 months, which was more than the debt accumulated by its arch-rival Pakistan Tehreek-e-Insaf in its three-and-a-half-year tenure, reveals a central bank statement...

The yield on Pakistan’s US dollar-denominated bond experienced a significant surge, climbing 73 basis points to 106.37% in the international market on Monday. This spike suggests an elevated risk of default on foreign debt repayment for the country. The increase in bond yields reflects the...

ISLAMABAD: Pakistan will have no other option but to ask China for devising a mechanism to bailout the ailing economy of Islamabad for averting full fledge eruption of the Balance of Payment (BoP) crisis if IMF continues the declining revival of the Fund programme. Now the policy makers are...

Pakistan’s debt servicing cost may cross well over Rs7.6 trillion in the next fiscal year, which is roughly 15% more than the projected net income of the federal government but is still lower than the estimates made by the International Monetary Fund (IMF). Sources in the Ministry of Finance...

The Ministry of Energy has demanded Rs1.54 trillion in power subsidies for the next fiscal year, a colossal amount that is 70% more than this year’s revised budget, aimed at reducing circular debt to a level agreed with the International Monetary Fund (IMF). The demand is surprising since the...

Axios Homepage Log In 8 hours ago - World Scoop: U.S., Saudi Arabia, others to discuss railway project connecting Middle East Barak Ravid, author of Axios from Tel Aviv Share on facebook (opens in new window) Share on twitter (opens in new window) Share on linkedin (opens in new window)...

Banks’ lending to the federal government surged by 182 per cent while lending to the private sector fell by 83pc in first nine months of the current fiscal year. The State Bank of Pakistan (SBP) data showed that banks were keen to invest in government papers instead of lending to the private...

In a major development, Finance Minister Ishaq Dar has cancelled his visit to the United States where he was scheduled to meet the International Monetary Fund management for the removal of bottlenecks in the way of the staff-level agreement regarding the revival of the stalled bailout package...

Pakistan today faces the worst financial crisis in its 75-year history. This is attributable to both long-term trends and more recent developments. The former is primarily the path of accumulation of external debt. During the first 67 years, the external debt rose to $65 billion. However, from...

The textile sector has reached the brink of default in the wake of its inability to service the loans it received under TERF (Temporary Economic Refinance Facility) and LTFF (long-term facing facilities) which may also lead to a possible banking crisis, discloses the letter of APTMA to the State...

Chinese companies working on power projects, initiated under China Pakistan Economic Corridor (CPEC), are still facing financial woes despite Prime Minister’s repeated assurances, well informed sources told Business Recorder. The Chinese government through Pakistan’s embassy in Beijing and its...

Development comes after IMF, stakeholders oppose measures Deposits in banks also not secure.

It finally happened. The National Consumer Price Index made a double century in January 2023, indicating that the average price level of consumer goods in the country is now twice its level six and a half years ago. Meanwhile, average income– and that of daily wagers in particular – has risen no...

Edible oil stocks for three weeks are left in the country as traders remained unsuccessful to secure Letters of Credit (LCs) amid dollar shortage, it was learnt on Tuesday. As per Aaj News, over 10 ships carrying edible oil consignments remain stuck at ports in Karachi and Gwadar. “Consignments...

With rising prices of wheat flour and chicken already hitting most household budgets, two more staples — ghee and cooking oil — are also going to be short in supply as well as costlier ahead of the holy month of Ramazan if corrective measures are not taken immediately, it emerged on Thursday...

ISLAMABAD: Pakistan on Wednesday requested Saudi Arabia to urgently provide $3 billion in cash after its foreign exchange reserves fell to a critically low level, as the new army chief was also expected to play a role in bagging the bailout during his upcoming maiden visit to the Kingdom...