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Business

Impact of currency depreciation to come with a lag

ISLAMABAD (Web Desk) Fiscal deficit and trade deficit are collectively known as twin deficits because they often feed on each other.As the May 28, 2018 monetary policy statement admits, with projected fiscal deficit of 5.8% of gross domestic product (GDP) for full FY18 and a trade deficit of 11% of …

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Oil imports show marginal growth

Karachi(Web Desk)  The country’s petrol imports rose 5 per cent to 5.125 million tonnes in 2017-18 from 4.88m tonnes in 2016-17, while diesel imports dropped marginally to 3.84m tonnes versus 3.9m tonnes. Sales of diesel and petrol rose by 6pc and 11pc to 9m tonnes and 7.396m tonnes in FY18 …

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Karachi port being strangulated by land mafia, says minister

KARACHI (Web Desk) Minister for Maritime and Foreign Affairs Abdullah Hussain Haroon has said that the Karachi port is being strangulated by land mafia, while previous provincial governments did not cooperate in checking the growing menace of encroachment and illegal occupation of port land.The minister addressing newsmen at the Karachi …

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Pakistan’s trade deficit skyrockets to historic high

ISLAMABAD (Web Desk) Despite taking numerous administrative measures and devaluing currency by close to 15%, Pakistan booked its highest trade deficit in history in the recently-ended fiscal year, as authorities and PML-N government miserably failed to increase exports and contain the import bill.The trade deficit in the 12 months of …

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Oil falls on trade fears after Trump’s tariff threat

TOKYO (Web Desk) Oil prices fell on Wednesday, with Brent dropping by more than $1 at one point, after US President Donald Trump threatened to levy new trade tariffs on China.The spectre of tariffs on a further $200 billion worth of Chinese goods sent commodities lower along with stock markets, …

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Overselling of CPEC diverts attention from other sectors

ISLAMABAD (Web Desk) Since the signing of the China-Pakistan Economic Corridor (CPEC) agreement in 2015, an intensifying race for taking credit for the gigantic project has been going on.All political parties including the Pakistan Muslim League-Nawaz (PML-N), Pakistan Peoples Party (PPP), Pakistan Tehreek-e-Insaf (PTI) and other actors of the state …

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IMF bailout on the cards for next government

ISLAMABAD (Web Desk) Pakistan’s next government, to be chosen in a July 25 election, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailout in five years, analysts say. The central bank is running down its foreign reserves and devaluing the …

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Caretaker govt lowers petrol price by Rs4.26

Islamabad (Web Desk) The caretaker government on Saturday decided to revise down the petroleum prices in light of directions from the Supreme Court to reconsider the matter of recent hike in petroleum prices. The price of petrol has been decreased by Rs4.26 per litre, that of high-speed diesel by Rs6.37 …

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Punjab government facing cash flow constraints

LAHORE (Web Desk)Caretaker Finance Minister of Punjab Zia Haider Rizvi has said the interim government has inherited outstanding payments of Rs71 billion under different heads and its first priority is to timely release salaries of government employees.“Punjab government is facing cash flow issues due to various reasons,” said Rizvi in …

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