Express
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Lack of terminal capacity causes outrage | The Express Tribune
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[ad_1] KARACHI: There has been a rush of imported containers at the terminals in Pakistan but the place to keep the containers has finished. Due to the lack of clearance, the huge amount of revenue usually received by these terminals has also come to a stop, with operators now facing a major decrease in income.…
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SBP’s forex reserves rise above $3b by $276m | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 9.4% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 10, 2023, the SBP’s foreign currency reserves were recorded at $3,192.9 million, up by $276 million compared to $2,916.7 million on February…
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Gas price hiked by up to 124% | The Express Tribune
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[ad_1] KARACHI: After advice from the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) on Wednesday notified a gas sale price hike from 16.6 per cent to 124 per cent for categories of consumers of the Sui Northern Gas Pipelines and the Sui Southern Gas Company. According to OGRA, the Ministry of Energy’s Petroleum…
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Energy tariff ‘compulsory’ for export sectors | The Express Tribune
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[ad_1] KARACHI: The government’s decision to discontinue the Regionally Competitive Energy Tariff (RCET) of gas and electricity for five export-oriented sectors is expected to create a significant setback for the national economy, potentially leading to reduced competitiveness and revenue losses for the affected industries. “Discontinuation of RCET of gas and electricity for five export-oriented sectors…
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Govt tables ‘mini-budget’ for revival of crucial IMF funding | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar on Wednesday tabled Finance (Supplementary) Bill 2023 dubbed as “mini-budget” in the National Assembly and Senate in order to meet the conditions set by the International Monetary Fund (IMF) for the revival of the derailed $6.5 billion programme after President Arif Alvi refused to promulgate an ordinance sent by the…
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Another fuel price hike on the cards | The Express Tribune
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[ad_1] ISLAMABAD: The government is likely to drop another petrol bomb on the masses on Feb 16 (Thursday) after it already jacked up the prices by Rs35 per litre on Jan 29, two days ahead of schedule. The masses should get ready to bear a heavy jolt as the prices of petroleum products will be…
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Fitch downgrades Pakistan’s credit rating to CCC- | The Express Tribune
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[ad_1] KARACHI: Global ratings agency Fitch cut Pakistan’s sovereign credit rating on Tuesday by two notches from CCC+ to CCC-, citing policy and large refinancing risks, critically low reserves and difficult conditions set by the International Monetary Fund (IMF). This is the second downgrade since October, when Fitch cut Pakistan’s sovereign rating from B- to…
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Govt gives in to IMF, more than doubles gas tariff | The Express Tribune
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[ad_1] ISLAMABAD: The government on Monday approved an increase up to 113% in the natural gas prices to recover Rs310 billion from the majority of consumers in six months, putting a minimum of Rs736 billion additional burden on the citizens in the form of taxes and energy cost to revive the International Monetary Fund (IMF)…
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Ban on imports to render millions jobless: business leaders | The Express Tribune
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[ad_1] Business leaders are clamouring for the cash-strapped government to allow manufacturing materials stuck at the key port of Karachi into the country, warning that a failure to lift a ban on imports will leave millions jobless. Faced with critically low US-dollar reserves, the government has banned all but essential food and medicine imports until…
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Remittances hit 32-month low at $1.89b in January | The Express Tribune
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[ad_1] KARACHI: Workers’ remittances to Pakistan fell to a 32-month low in January 2023, slipping below the $2 billion mark, according to the State Bank of Pakistan (SBP). The remittances recorded at $1.89 billion, a decrease of 13% compared to the same month in the previous year and a drop of 10% compared to December…
