The Asian Development Bank (ADB) has announced that it will provide $2 billion in annual assistance to Pakistan over the next three years to support infrastructure development and climate-resilient initiatives. In 2022, massive floods triggered by climate change devastated several parts of Pakistan, killing 1,700 people, washing away swathes of agricultural land, affecting 33 million people, an
The government is considering a proposal to establish a new steel mill in Karachi with Russian cooperation, as both countries have agreed to form working groups to advance the project. In this regard, Deputy Minister of Industry and Trade of Russian Federation Aleksei Gruzdev met Minister for Industries, Production and National Food Security Rana Tanveer Hussain on Wednesday. Mr Tanveer info
Amid a major drop in demand, public sector power companies have sought a 57 paise per unit negative fuel price adjustment (FCA) in electricity bills to refund Rs7.2 billion overcharged to consumers last month. This will be the second month in a row that FCAs remain negative, mainly because of robust fuel allowances allowed by the National Electric Power Regulatory Authority (Nepra) through a 20
Amid a downward trajectory in the interest rates, auto financing declined for the 26th consecutive month to Rs227.3 billion in August from Rs228bn in July. As per the State Bank of Pakistan (SBP) data, the outstanding auto loan registered a massive fall of Rs140.7bn from Rs368bn in June 2022. The State Bank of Pakistan (SBP) reduced the interest rate for the first time in nearly three years
The government rejected all bids for treasury bills on Wednesday, apparently to borrow at a cheaper rate in the next auction. The State Bank of Pakistan reduced its policy rate by 200 basis points to 17.5 per cent on Sept 12, and cut-off yields on T-bills were already at this rate before the announcement. The market experts termed the move surprising since the government depends mainly on ba