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
The government on Wednesday cut the yields on treasury bills (T-bills) by up to 100 basis points across different tenors, strengthening expectations for a significant softening of monetary policy in the upcoming review on Dec 16. The government remained within its auction target while the investors’ bids reached Rs1.928 trillion, indicating banks’ eagerness to park their maximum liquidity in th
Two new reports released by the World Economic Forum (WEF) have warned businesses to act now to address growing climate risks or face steep financial losses, saying that the delay could see up to seven per cent of annual earnings wiped out by 2035, an impact akin to Covid-19 level disruptions every two years. Extreme heat and other climate hazards are expected to cause $560 billion to $610bn in
The Board of the Privatisation Commission has sought a detailed presentation from the Ministry of Power for divesting electricity distribution companies (Discos) to address outstanding issues in advance. The decision to speed up the privatisation process came a day after the release of the annual performance reports by the National Electric Power Regulatory Authority (Nepra), which spoke about
Oil prices rose more than one per cent on Wednesday after the European Union agreed an additional round of sanctions threatening Russian oil flows, while a larger-than-expected build in US fuel stockpiles last week capped the gains. Meanwhile, producers’ group Opec cut its forecasts for demand growth in 2024 and 2025 for the fifth straight month on Wednesday and by the largest amount yet. Br