New Delhi, May 5 (IANS) Pakistan is perhaps the only country in the world where individual debt has become the nation’s burden as those who borrow do not pay back and loan write-offs are common together with defaults, according to a new report.Then there are kickback projects which are built on borrowed money with no framework for payback. IMF has recently observed that there is no check on government spending, says the report in Business Recorder. “There is no parliamentary oversight or deb…
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New Delhi, May 5 (IANS) The conflict between the United States and Iran has triggered a severe energy price shock through Pakistan’s economy which is in dire straits with rising inflation, dwindling foreign exchange reserves and a fast depreciating currency.According to an article in India Narrative, this is not merely a transient shock for Pakistan, one of South Asia’s most fragile states, but a structural blow to the economy. It points out that Pakistan is the “primary casualty” in the…
Seoul, May 3 (IANS) South Korean Finance Minister Koo Yun-cheol on Sunday called for strengthening regional cooperation in responding to growing external economic uncertainty from the US-Israeli war against Iran, the country’s Finance Ministry said.Koo made the call during the 29th meeting of ASEAN+3 Finance Ministers and Central bank governors held on Sunday in Samarkand, Uzbekistan, according to the Ministry.ASEAN+3 involves member states of the Association of Southeast Asian Nations (ASEAN) a…
New Delhi, May 2 (IANS) Pakistan’s foreign exchange buffers could fall sharply to $6.8 billion by the end of 2026 and approach $1.6 billion by FY28, if the country’s current macro policies continue to collapse, a new report has said.The report from South China Morning Post said that assumed oil would average $113 a barrel in Q2 2026 before easing to $79 by year‑end, Pakistan reserves would deteriorate sharply if imports and remittances remain unchanged.The report cited analysts as saying tha…
New Delhi, May 1 (IANS): Leading UAE telecom major Etisalat is reviewing its investment in Pakistan, which could lead to its exit from Pakistan Telecommunication Company Ltd (PTCL), according to a report in the local media.Insiders say Etisalat had indicated that the review is driven by a combination of global macroeconomic uncertainty, regional geopolitical tensions, and evolving capital allocation strategies among sovereign-linked investors, the report in the Dawn said.Etisalat’s plans …
New Delhi, April 30 (IANS) India’s flagship digital payments platform, the Unified Payments Interface (UPI), has recorded an extraordinary nearly 12,000-fold surge in transaction volume over the past decade, the Ministry of Finance said on Thursday.Launched on April 11, 2016, by the National Payments Corporation of India (NPCI) under the regulatory supervision of the Reserve Bank of India (RBI), UPI has evolved into the backbone of India’s digital payments ecosystem.From a modest base of jus…
New Delhi, April 29 (IANS) Pakistan’s diplomatic efforts to somehow bring US-Iran conflict to an end is not only about geopolitical positioning but also about addressing a pressing economic need, according to a new report.Successful mediation can reduce the risk of further shocks to oil and gas prices, ease pressure on the electricity sector, stabilize relations with Gulf states, and open a broader economic horizon with Iran, says a report in www.calcalistech.com.The report says that Pakistan …
New Delhi, April 28 (IANS) In fresh trouble for financially-starving Pakistan, the International Monetary Fund (IMF) has added 11 new conditions to the ongoing $7 billion Extended Fund Facility (EFF) programme, according to a new report.A report in Business Recorder says that one condition is the enactment of an amendment to the Special Economic Zones (SEZ) Act and the Special Technology Zones Authority Act to phase out existing fiscal incentives and shift from profit-based to cost-based incenti…
Islamabad, April 26 (IANS) For Islamabad, it would be wiser to “redirect its diplomatic initiatives toward internal stabilisation rather than focusing on mediating distant conflicts”, an opinion piece in the local media said.The neighbouring country has attempted to mediate between the US and Iran amid the West Asia conflict.In the middle of the war in the Middle East, Pakistan and China had announced a Five-Point Initiative for restoring peace and stability in the Gulf and the wider Middle East…
Seoul, April 26 (IANS) South Korea’s potential growth rate is projected to fall to a record low in the fourth quarter of next year, continuing a decade-long downward trend, according to the Organization for Economic Cooperation and Development (OECD).According to the latest OECD data, the country’s potential growth rate is projected to reach 1.52 percent in the October-December period of next year, a sharp decline from 1.92 percent last year and an estimated 1.71 percent this year. It is expecte…