debt
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Govt debt soars to Rs67.8tr in May | The Express Tribune
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[ad_1] ISLAMABAD: Despite a stable rupee, the federal government’s debt rose sharply to Rs67.8 trillion in May, marking one of the most rapid increases in any month, with an average of Rs56 billion per day added to the debt pile. The State Bank of Pakistan (SBP) reported on Friday that the federal government’s total debt,…
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Sri Lanka signs partial debt deal for recovery after financial crash
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[ad_1] Demonstrators move away from tear gas used by the police near Sri Lankan President Gotabaya Rajapaksa’s residence during a protest against him as many parts of the crisis-hit country faced up to 13 hours without electricity due to a shortage of foreign currency to import fuel, in Colombo, Sri Lanka March 31, 2022. —…
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PSO to fund $1.5-2 billion investment with debt | The Express Tribune
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[ad_1] KARACHI: Pakistan State Oil (PSO) has announced plans to raise foreign debt to finance a significant portion of its planned $1.5-2 billion investment in Pakistan Refinery Limited (PRL). Meanwhile, its receivables have surged to Rs810 billion, largely due to circular debt, including late payment surcharges. At an analyst briefing on the financial accounts for…
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Pakistan budget to significantly reduce government debt, rating agency Fitch predicts | The Express Tribune
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[ad_1] Fitch forecasts Pakistan’s FY25 budget to significantly reduce government debt, which is projected to decline to 68% of GDP by the end of FY24. This reduction is attributed to high inflation and deflator effects, which help offset soaring domestic interest costs. Fitch Ratings forecasts a concurrent decline in both inflation and interest costs, driven…
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Pakistan’s debt soars to record Rs81tr | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s total debt and liabilities increased at a double-digit pace to a new record of nearly Rs81 trillion during the past year, as the country grapples with finding new sources of financing to meet its growing debt servicing needs due to junk credit ratings. According to the State Bank of Pakistan (SBP), Pakistan’s…
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PSO proposes swapping debt for stake in public sector companies | The Express Tribune
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[ad_1] KARACHI: Pakistan State Oil (PSO), the country’s largest oil marketer, says it is in talks with the government on a plan to acquire stakes in public sector energy companies and offset mounting debt it is owed by firms such as Pakistan International Airline (PIA). Stopping the pile-up of unresolved debt across Pakistan’s power sector,…
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Govt implements sweeping fiscal reforms to cut debt | The Express Tribune
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[ad_1] ISLAMABAD: The federal government, on Monday, notified new fiscal rules to reduce its debt servicing cost by gradually tapping into trillions of rupees of public money that ministries and departments have parked in commercial banks. The Ministry of Finance issued new Cash Management and Treasury Single Account Rules in order to capture the details…
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Rs48b sought for CPEC energy debt | The Express Tribune
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[ad_1] ISLAMABAD: The energy ministry has requested Rs48 billion in funds from the government to clear the dues of energy projects of the China-Pakistan Economic Corridor (CPEC). However, this sum will not be sufficient to clear the backlog, which has already reached Rs487 billion. The energy ministry made this request for funds as part of…
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Soaring debt pile worries industrialists | The Express Tribune
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[ad_1] KARACHI: Eminent industrialists have expressed serious concern about the ballooning debt burden of the country without any consistent economic policy, saying the government should work to promote local brands instead of asking for loans. They urged the newly elected government to work seriously and sincerely in the larger interest of the countrymen. In this…
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PIA Holding Company approves Rs268b debt restructuring | The Express Tribune
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[ad_1] ISLAMABAD: The Pakistan International Airline Holding Company board on Wednesday approved the restructuring of the airline’s Rs268 billion commercial debt, incorporating it into the public debt. The term sheet was finalised by the Ministry of Finance with commercial banks. The government’s decision to merge the airline’s debt into public debt means that taxpayers will…
