Pakistan is set to sign long-awaited agreements with major oil refineries today, paving the way for nearly $6bn in planned investments aimed at modernizing the country’s aging refining infrastructure. The agreements are scheduled to be signed at 11:00 a.m. at the office of Inter State Gas Systems (ISGS). The government has designated ISGS, an entity operating under the Petroleum Division, to
The inflationary impact of fuel prices extends well beyond their relatively small direct weight in Pakistan's Consumer Price Index (CPI), as higher petroleum costs feed into transport, logistics, agriculture and business operations before eventually reaching consumers, economists said. Motor fuel accounts for 2.91% of the urban CPI basket, according to the Pakistan Bureau of Statistics (PBS) da
The Asian Development Bank (ADB) on Wednesday kept Pakistan's economic growth forecast at 3.7%, the third lowest in South Asia and below the official target, and said that the government may have to slash expenses due to any shortfall in tax collection by the Federal Board of Revenue (FBR). In its flagship Asian Development Outlook, the Manila-based lending agency said that household consumptio
As the International Monetary Fund (IMF) began talks from Karachi, Pakistan managed to show progress on fiscal and monetary numbers, which would lead to the release of loan tranches, but it failed to meet a few conditions related to an increase in spending on education and healthcare and improving governance. In addition to reviewing the implementation of programme conditions till June this yea
Prime Minister Muhammad Shehbaz Sharif met with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on the sidelines of the 81st United Nations General Assembly, here on late Wednesday. The Prime Minister appreciated the IMF’s continued support for Pakistan’s economy and reaffirmed his government’s unwavering commitment to the successful implementation of the IMF-sup