Pakistan’s trade deficit with the Middle East widened 19.16 per cent to $3.706 billion in the first quarter of 2024-25 from $3.110bn owing to the rise in petroleum imports from the region. According to data compiled by the State Bank of Pakistan, the swelling trade gap would be a source of concern for policymakers. In FY24, the imbalance with the Middle East narrowed by 20.47pc to $13.014bn
The government has started consultations for the New Energy Vehicle (NEV) Policy 2025-30, aimed at revolutionising the country’s transportation sector to cut carbon emissions. In this regard, a meeting was held in the Ministry of Industries on Monday, attended by the automakers, and it was highlighted that the policy would focus on promoting local NEV manufacturing, decreasing reliance on fossi
The International Monetary Fund’s (IMF) Pakistan mission chief Nathan Porter met with Finance Minister Mohammad Aurangzeb in Islamabad on Tuesday to discuss the $7 billion loan performance, a statement from the Finance Ministry said. The meeting comes a day after the opening of an unplanned official visit of the IMF to the country, led by Porter. The unscheduled visit of the IMF mission chief c
Iranian bank cards can now be used in Russia, state television reported, as the two countries linked their banking systems in the latest bid to counteract sanctions. Iranian banks have been excluded since 2018 from the SWIFT international financial messaging service, which governs the vast majority of transactions worldwide. The move is part of a raft of sanctions that were re-imposed on Ira
The International Monetary Fund (IMF) has sought a detailed, output-based update on Pakistan’s digitalisation plans for its revenue system, including the use of artificial intelligence to expand the tax base and increase collections. On the energy side, the country has pledged to halt gas supply to captive power plants (CPPs) by January 2025, redirecting them to the national grid despite a stro