The Asian Development Bank (ADB) on Wednesday raised Pakistan's growth forecast to 3% and cut its inflation projection to 10%, citing a rebound in industrial activities due to relaxed import restrictions and improved access to foreign exchange. In its flagship publication, Asian Development Outlook, the Manila-based lender noted that Pakistan's agriculture sector would weaken due to the poor ou
After a day of investors booking profits, bulls returned to the trade floor as shares at the Pakistan Stock Exchange (PSX) surged more than 1,900 points on Wednesday. The benchmark KSE-100 index climbed 2,026.62 points, or 1.86 per cent, to stand at 110,923.27 points at 1:43pm from the previous close of 108,896.65. Finally, the index closed at 110,810.21, up by 1,913.56 points, or 1.76pc, fr
India’s Adani Group has withdrawn its request for a US government-backed loan to construct a port in Sri Lanka seen as a counter to a rival Chinese project, according to company filings. The move comes weeks after a bombshell indictment in New York accused the conglomerate’s billionaire founder Gautam Adani of deliberately misleading international investors as part of a bribery scheme. Subsi
The Asian Development Bank (ADB) on Wednesday revised its forecast for Pakistan’s economic growth in the fiscal year 2025 (FY25) slightly upwards, projecting it at 3 per cent. In an Asian Development Outlook (ADO) report issued by the Manila-based lending agency in September, Pakistan’s economic growth had been estimated to be struggling at 2.8pc in FY25, subject to domestic and external risks.
The government admitted on Wednesday that a record 840 per cent increase in gas prices, over 110pc rise in electricity tariffs and a 43pc currency depreciation under the International Monetary Fund (IMF) programme have contributed significantly to the unprecedented inflation that has eroded the purchasing power and living standards of many Pakistanis. “Under the IMF stabilisation programme, the