Category: bussines

Amid the recent decline in global oil rates, the petroleum products prices are likely to go down in Pakistan by up to Rs14 on March 16, Geo News learnt on Wednesday. Sources in oil companies said the price of petrol was likely to be reduced by Rs14 per litre, while high-speed diesel (HSD) may see a cut of Rs8 per litre. Likewise, the sources said the kerosene and light diesel oil could be slashed by Rs10 and Rs7 per litre, respectively. However, the final price will be determined based on the fluctuations…

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With inflation easing, the State Bank of Pakistan (SBP) opted to pause its series of rate cuts, which could potentially cause currency instability or an expanding trade deficit. Economists urged the government to prioritise economic reforms, emphasising that lowering interest rates alone is not a cure-all for growth. The central bank’s decision to maintain the policy rate at 12% on Monday came as a surprise to many analysts. “The rate cuts alone may not meet growth targets,” said Vaqar Ahmed, economist and team lead with Oxford Policy Management. “They need…

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WASHINGTON: US President Donald Trump announced sharply higher tariffs on Canadian steel and aluminum Tuesday, while threatening to “shut down” its auto industry and saying the best way to end the trade war was for Washington’s ally to be absorbed into the United States. Trump’s shock new threats came hours before a midnight deadline for ramping up the Republican’s increasingly global trade offensive with levies on both metals. On his Truth Social platform, Trump said he would double planned 25% tariffs on steel and aluminum to 50% for imports of…

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Pakistan has, for the first time, exported sugar to Afghanistan through official channels instead of illicit routes, Finance Minister Muhammad Aurangzeb said on Tuesday, crediting law enforcement agencies for ensuring a regulated trade at the border. “… we need every single dollar coming in to balance our current account,” the finance minister said speaking at a press conference along with Federal Information Minister Attaullah Tarar. Elaborating on the implementation and effectiveness of the strict production monitoring system, the country’s top economic manager termed the development as positive. “During this sugar…

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Pakistan received $3.1 billion in workers’ remittances in February 2025, up 38.6% year-on-year from $2.2 billion a year earlier and 3.8% higher than in January, State Bank of Pakistan (SBP) data showed on Monday. Analysts attribute the upswell to economic recovery, bolstered by the International Monetary Fund (IMF) bailout, stable rupee, incentives for banks and exchange companies, and the growing trend of skilled Pakistani workers emigrating. From July to February (8MFY25), remittances sent home by overseas workers reached $24.0 billion, marking a massive 32.5% increase from $18.1 billion in the…

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KARACHI: The State Bank of Pakistan (SBP) held its key policy rate at 12% on Monday, resisting a cut despite cooling inflation, as it braces for a potential uptick in price pressures in March and May. The decision comes after a senior-level International Monetary Fund (IMF) delegation reviewed Pakistan’s $7 billion bailout package, discussing new revenue targets and taxation measures that may influence inflation and monetary policy. The central bank’s Monetary Policy Committee (MPC) convened to scope the economic outlook and, after thorough deliberations, opted to maintain the policy rate…

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Energy Minister Awais Ahmad Khan Leghari on Sunday announced that no new surcharge would be imposed on electricity consumers to settle the Rs2400 billion circular debt. His remarks came a day after reports emerged on certain sections of local media, claiming the government, during technical talks with the International Monetary Fund (IMF), proposed about Rs2.83 per unit additional financial surcharge on electricity for the next five years to get rid of the power division circular debt. Speaking on Geo News programme Naya Pakistan, the energy minister said that there was “a lot…

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ISLAMABAD: In a major development, China rolled over $2 billion loan to Pakistan for one year, confirmed the Ministry of Finance on Saturday. According to the ministry, the loan was originally due for repayment on March 24, but China has agreed to extend the deadline, providing Pakistan with crucial financial relief. This extension comes as Pakistan faces economic challenges, including pressure on foreign exchange reserves. Around 92% of Pakistan’s external debt is owed by three major sources, including multilateral and bilateral creditors as well as through international bonds. Among the…

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Struggling with persistent gender inequality, Pakistan has been ranked 145th out of 146 countries in the World Economic Forum’s (WEF) Global Gender Gap Report 2024, placing just above Sudan at the bottom of the list. In comparison, Bangladesh stands at 99th rung, while India is ranked 129th. Globally, gender parity in economic and political spheres has improved significantly since the inception of the report in 2006, nearly doubling parity overall in senior leadership, ministerial, and parliamentary positions. “Despite making up nearly half of the population, women in the South Asian…

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As the Monetary Policy Committee (MPC) is set to meet on Monday, most analysts forecast a seventh consecutive rate cut by the State Bank of Pakistan (SBP) amid the first International Monetary Fund (IMF) review of a $7 billion bailout. The cash-strapped South Asian nation could unlock a further tranche of funding if the IMF review is approved before the budget is unveiled in June, as it pursues economic reforms mandated by the IMF programme. The central bank’s easing cycle, one of the most aggressive among emerging markets, follows a…

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