News

SBP reserves rise by $119m

The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $119 million during the week ended August 9, the central bank announced on Thursday. The SBP’s forex holdings rose to $9.27 billion from $9.15bn in the preceding week. The central bank has recently said that the country needs just $7bn for the debt servicing as rest of the debt would be rolled over. After announcing th

Textile and clothing exports shrink in July

Textile and clothing exports contracted by 3.09 per cent in the first month of FY25, indicating that the sector may struggle to compete with regional rivals due to the implementation of harsh taxation measures in the current fiscal year. According to the Pakistan Bureau of Statistics data issued on Thursday, the impact of the new tax measures and the highest-ever energy costs is evident in the

Govt debt surges by Rs8tr last fiscal year

The central government debt surged by Rs8.07 trillion, or 13 per cent, during the previous fiscal year, bringing the total to Rs68.9tr by the end of June 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. The debt stock rose by 1.7pc in just one month, as it stood at Rs67.73tr by the end of May. The sharp rise in debt has exacerbated financial challenges for bo

Stringent guidelines set for state-owned enterprises’ top slots

In compliance with the IMF programme, the government has set guidelines for top appointments in state-owned enterprises (SOEs) and initiated hiring four directors for the Debt Management Office (DMO). According to a notification issued by the Ministry of Finance (MoF), all ministries and federal SOEs have been directed to meet these minimum conditions described in the SOEs C-Level Appointments

Stocks extend losses on profit-taking

On the eve of Independence Day, the stock market extended the overnight losses in mixed trading as jittery investors opted to take profits on Tuesday amid mounting political tensions. Ahsan Mehanti of Arif Habib Corporation said stocks closed lower on uncertainty over IMF’s approval for the proposed termination of contracts with 15 independent power producers and a likely cut of up to Rs400 bil