The board of the International Monetary Fund (IMF) plans to convene on April 29 to discuss granting $1.1 billion in financial assistance to Pakistan. This announcement came on Wednesday from the IMF. The funding is part of a $3 billion deal, the second and final portion, that Pakistan secured last summer to avoid a national…
Senator Mohsin Aziz urged the government to cancel the Rs. 5,000 currency note to tackle corruption and inflation. He presented a resolution in the Upper House of Parliament, stating that this large denomination note is being misused in corrupt activities like terrorism and smuggling. Senator Aziz expressed concern that there are Rs. 3.5 trillion worth…
Mobile phone prices have been steadily rising in recent years, burdening consumers with increased costs. However, there’s good news for people feeling the pinch of inflation: phone rates have dropped by up to 15 percent in Pakistan, thanks to the local currency gaining strength against the dollar. The positive signs of economic recovery have played…
Pakistan is gearing up for a significant increase in petrol prices after months of stability, and citizens are bracing themselves for the impact. Reports suggest that the price of petrol is set to rise by Rs. 9.50, reaching a new rate of Rs. 289.25 from the previous Rs. 279.75. Meanwhile, diesel prices are also expected…
Residents of Pakistan are confronting persistent inflationary pressures, with Sui Northern Gas Pipelines Limited (SNGPL) now advocating for a substantial rise in gas tariffs. According to reports from local media outlets, the Sui Northern Gas company has put forth a proposal for the third gas price hike in 2024. Insiders familiar with the situation have…
In a recent incident in Karachi’s historic Jodia Bazaar, the country’s oldest and largest wholesale market for essential goods, a vendor faced penalties for allegedly selling flour at a price below the officially prescribed rate. This occurrence has stirred controversy and brought attention to the complexities surrounding pricing regulations in Pakistan’s bustling markets. The Karachi…
In a strategic move, the Punjab government has unveiled plans to distribute subsidized solar panels, aimed at invigorating various sectors, notably agriculture. Zafar Ali, an experienced electrician, expressed optimism, highlighting the profound impact this initiative would have on households and businesses by alleviating the burden of soaring electricity costs. Chief Minister Maryam Nawaz wasted no…
In September 2023, the output of Pakistan’s Large Scale Manufacturing Industries (LSMI) increased by 1.01 percent compared to September 2022. However, it witnessed a decrease of 3.56 percent compared to August 2023, as reported by the Pakistan Bureau of Statistics (PBS) on Wednesday. Overall, the Large Scale Manufacturing Sector exhibited a growth of 0.68 percent…