Sri Lanka’s new government has approved a controversial restructure of $14.7 billion in foreign commercial credit tentatively agreed by its predecessor, the finance ministry said on Saturday. Former leader Ranil Wickremesinghe announced a deal with international sovereign bondholders and the China Development Bank just two days before he lost presidential elections last month. The new left
Despite hopes of economic recovery following the IMF’s $7 billion bailout package, several industrial sectors are either shutting down units or reducing production due to the soaring costs of power and gas, which have hit production hard, leading to closures and job cuts in key industries. However, stakeholders have expressed mixed views about the impact on employment. A drop in local cement sa
Contrary to frequent closures of local businesses, Pakistan witnessed a higher arrival of foreign companies than those leaving the country in one and a half years. Several notifications were sent to the Pakistan Stock Exchange informing the stakeholders about the closure or downsizing of the companies from textile to steel, leather and other sectors during this period. However, the sold-out
Businesses worldwide, already under strain, dread the escalation of the Middle East conflict, but Pakistan stands to be amongst the hardest hit despite its lack of direct involvement, especially if the conflict spreads to encompass Western Asia. Heightened tensions could disrupt vital trade routes, hinder cross-border commerce, jeopardise energy imports and intensify security concerns, further
Poor productivity is the main reason for the huge imbalance in external trade and recurring current account deficits, forcing Pakistan to rely on successive International Monetary Policy (IMF) bailouts, says an analyst who has done extensive research on governance in both the public and private sectors. Enhanced, diversified, value-added goods and services produced at globally competitive price