The Opec+ organisation’s decision this week to cut oil production despite stiff US opposition has further strained already tense relations between President Joe Biden’s White House and the Saudi Arabia’s royal family, once one of Washington’s staunchest Middle East allies, according to interviews with about a dozen government officials and experts in Washington and the Gulf. The White House pus
The recent floods starting in the month of August have exposed the fragility of Pakistan’s telecommunications infrastructure and the weaknesses of broader structural environment within which mobile networks operate, according to a report by Islamabad-based research house Tabadlab. The report, authored Naeha Rashid, Maira Sheikh and Alina Khan, argues that without immediate intervention, the ind
The disbursement of microfinance loans increased 13.7 per cent in April-June on a quarterly basis after flat-lining in the preceding three-month period. Micro-loan disbursals in the second quarter of 2022 totalled Rs153.1 billion, up from Rs134.7bn in the first quarter of 2021, the latest data released by the Pakistan Microfinance Network (PMN) shows. However, the increase was 38.5pc on a year
The government was committed to placing the economy on a sustainable and inclusive growth path, Finance Minister Ishaq Dar told the World Bank’s country director on Saturday. The two met in Islamabad on Saturday, where Mr Dar briefed Najy Benhassine about the economic challenges facing Pakistan after floods and said the government was aware of these issues and “taking pragmatic steps to resolve
Finance Minister Ishaq Dar on Sunday said Pakistan will not seek debt restructuring from Paris Club creditor nations, as he seeks to restore market confidence after a credit rating downgrade. The new rating from Moody’s raised concerns that Pakistan could default on its foreign debt as the country contends with economic turmoil and a balance of payments crisis. “We have decided not to go to