During the last fiscal year that ended on June 30, Pakistan’s exports (fob value) increased to $31.1 billion whereas imports consumed $53.2bn, leaving a trade deficit of $22.1bn, according to the latest balance of payments statement. Although this volume of deficit is lower compared to the deficit of $24.8bn recorded a year earlier, the country’s precarious external finance situation requires f
The sense of alienation and resentment among regular working families in Pakistan has deepened due to unjust treatment by employers and the government. Higher tax deductions from already low salaries have exacerbated the situation. In August, they will receive their first salary post-Budget 2024. Their bitterness is not misplaced, as new evidence confirms how the challenging job market and the
After the National Electric Power Regulatory Authority (Nepra) tariff determination for FY25, the issue of capacity payments and independent power projects (IPPs) profits has re-emerged. The per-unit capacity payments have increased from Rs16.22 per kWh in FY24 to Rs17.31 per kWh in FY25. Social media alleged that IPPs are making enormous profits, so their power purchase agreements (PPA) must b
Global credit rating agency Fitch on Monday upgraded Pakistan’s long-term foreign-currency issuer default rating (IDR) to CCC+ from CCC on the back of the country’s deal with the International Monetary Fund (IMF), a statement from the agency confirmed. According to Fitch, a CCC rating is a speculative or junk grade indicating the issuer has a high risk of defaulting on its debt obligations.
The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut the key interest rate by 100 basis points (bps) to 19.5 per cent from the previous rate of 20.5pc. The Monetary Policy Committee (MPC) statement issued by the central bank said that it had decided to cut the policy rate by 100bps to 19.5pc, effective from July 30, 2024. Addressing a press conference, SBP Governor