The Asian Infrastructure Investment Bank (AIIB) and the World Bank will co-finance Pakistan’s second Resilient Institutions for Sustainable Economy (Rise-II) programme with a $600 million loan, aiming to enhance the policy and institutional framework to improve fiscal management and regulatory conditions that support growth and competitiveness. According to the cost and financing plan, AIIB wil
For the second fortnight in a row, the Caretaker Prime Minister Anwaarul Haq Kakar’s government reduced petrol and high-speed diesel (HSD) prices for the next 16 days, ending Oct 31, as a result of decline in the international market and an appreciation in the rupee’s value. The petrol price was cut by Rs40 per litre, and HSD lowered by Rs15 per litre. As a result, the ex-depot price of petrol
Caretaker Finance Minister Dr Shamshad Akhtar on Sunday underlined Pakistan’s commitment to promoting economic prosperity and fostering global financial cooperation. The minister participated in a high-profile meeting of IMF chief Kristalina Georgieva with the finance ministers from the Middle East, North Africa and Pakistan (Menap), as well as state bank governors in Marrakesh, Morocco. Du
The caretaker government has called for strict enforcement of the cotton support prices set earlier this year, with Prime Minister Anwaarul Haq Kakar on Sunday ordering action against those exploiting the situation and buying cotton below the predetermined rate of Rs8,500 per 40kg. Caretaker Punjab Chief Minister Mohsin Naqvi, who met PM Kakar to discuss the issue, also separately urged cotton
Karachi’s power utility K-Electric has sought another Rs3.02 per unit in tariff adjustment for the April-June quarter of this year. The National Electric Power Regulatory Authority (Nepra) has accepted the petition for a public hearing on Oct 19 (Thursday) to examine whether KE’s request was justified and whether the company’s claim for Rs13.2 billion write-off against unrecovered bills shou