Pakistan’s total debt tops Rs58tr amid high interest rate, rupee depreciation

KARACHI : The entire debt of the central government increased by 34.1% at the end of April, according to the State Bank of Pakistan (SBP), reaching Rs58.6 trillion on an annual basis. The trend is predictable given the government’s increasing reliance on borrowing in the face of a weakening currency and its failure to increase […]

Markets to shut by 8:30pm, wedding halls 10pm under energy-saving plan.

ISLAMABAD: On Tuesday, the Federal Cabinet, presided over by Prime Minister Shehbaz Sharif, authorised the immediate implementation of the Energy Conservation Plan. At a press conference in Islamabad with other cabinet members, Minister for Defence Khawaja Asif highlighted key aspects of the energy conservation plan. He added that under the plan, shops would shut by […]

Pakistan is set to repay nearly $1 billion in debt.

Pakistan is anticipated to make debt repayments of more than $1 billion to two international commercial banks early next month, despite the government’s challenging effort to avert sovereign default and the fact that there aren’t very many gross foreign currency reserves remaining. According to sources in the ministry of finance, the government will pay back […]

Roshan Digital Accounts Saved Pakistan from a Crisis Similar to Sri Lanka.

With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program, the government must reduce petroleum […]

70% of PTI Government’s Foreign Loans are used to repay previous debts.

The Pakistan Tehreek-e-Insaf (PTI) government borrowed $52 billion in external loans in three years and eight months, placing it first among the previous four governments. In fact, the PTI returned 70% of the debts incurred by previous governments. It had surpassed Pakistan Muslim League (PML-N), which had $49.761 billion in foreign borrowings and $27.071 billion […]

Pakistan’s economy would rank 16th by 2050. PwC report

KARACHI: PricewaterhouseCoopers (PwC) believes that Pakistan will achieve exceptional growth rates over the next three decades, overtaking industrialised nations such as Canada and Italy to become the world’s 16th largest economy by 2050 in a new report. The consultancy firm produced its first ‘World in 2050’ report in March 2006, which featured GDP growth predictions […]