The National Assembly’s Standing Committee on Energy (Petroleum Division) was informed on Thursday that no company was interested in offshore oil and gas exploration in the country after Kekra-1, an exploratory well, remained dry in 2019. The session was chaired by Syed Mustafa Mehmood, the committee’s chairman. The members enquired about reasons for the lack of interest being shown by interna
Pakistan Stock Exchange (PSX) skyrocketed to an all-time high on Monday in a robust rally driven primarily by Pakistan’s agreement with the International Monetary Fund (IMF) on a $7 billion Extended Fund Facility (EFF) at the weekend as well as the ongoing earnings season. The day commenced with a spike in the KSE-100 index, which was also supported by the anticipated reduction in the State Ban
Shrugging off the rising political noise following the landmark apex court ruling on reserve seats, equity investors on Monday celebrated the reaching of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) for a $7 billion credit line, tossing the benchmark KSE 100 index to an all-time high above 81,000. Also, an expected softening of monetary policy aided market optimism a
The International Monetary Fund (IMF) has forecasted that Pakistan’s economy will grow by 3.5% in the fiscal year 2024-25 (FY25). This projection falls slightly below the Pakistani government’s target of 3.6%, which was announced in the latest budget, and comes amidst a backdrop of sluggish global economic activity. According to Pakistan's economic survey, the country’s GDP grew by only 2.4%
The Asian Development Bank (ADB) has predicted that inflation in Pakistan will remain high in the current fiscal year. The bank's latest Asian Development Outlook report raised its economic growth forecast for developing Asia and the Pacific from 4.9% to 5%, but Pakistan faced a more challenging outlook. The ADB forecast that Pakistan’s inflation rate, which had decreased from 38% to 11.8%,