The IMF’s refusal to revive the $6 billion bailout package over the government’s initial refusal to implement austerity measures made things worse for the government. In recent weeks, the Sharif government has reduced fuel subsidies drastically and increased electricity tariffs.
In South Asia as a whole, the report said, “The Russian Federation’s invasion of Ukraine has weighed on growth in the South Asia region (SAR) after a solid recovery in the second half of last year and amplified pre-existing vulnerabilities”
Significantly, the country’s IT exports are rising and has already crossed over $2 billion in the first eight months of the current financial year. In 2021, the Overseas Investor Chamber of Commerce and Industry (OICCI) said in its report that the country had the potential of $10 billion in annual IT exports.
From Thursday this week, Nepal started selling electricity, around 37 MW to Indian buyers, Nepal Electricity Corporation spokesperson Suresh Bhattarai confirmed to The Kathmandu Post. More bids are invited to sell 200 MW in India’s power exchange market on a long-term basis.
In what seems a troubling sign for the already struggling economy, Pakistan in November recorded a whopping $1.9 billion deficit in its current account—the highest in the last 40 months—as the authority struggled to contain ballooning import bills, which outpaced growth in exports and inward remittance flow
Fitch Ratings has downgraded Sri Lanka’s sovereign rating to ‘CC’ from ‘CCC’ and warned there is an increased probability of Colombo defaulting on its external debt obligations unless it receives additional external financing
Pakistani and Chinese enterprises have expressed their intention to cooperate in the deep processing of potato starch at an online business-matching meeting jointly held by the Ruzhou International Trade Enterprise Association and the trade mission of the Embassy of Pakistan, Beijing
To increase trade with its neighbouring countries at a sub-regional level, Bangladesh will upgrade three land ports--Akhaura, Sonamasjid and Tamabil-- to international standards, according to a plan made by Bangladesh Land Port Authority
The US Department of Labor has been asked to investigate claims that HCL America, a subsidiary of India’s third-largest IT outsourcing firm generating 63% of its $11 billion in revenue in the United States, systematically violated the law by paying its H-1B workers much less than its US employees with similar skills and doing the same work
Bhutan and the World Bank have signed a USD 3.51 million grant financing agreement to improve risk-informed decision making and development planning in targeted sectors, leading to better public service delivery
Bhutan, which currently exports all of its farm produce to India and neighboring countries, has been making efforts to expand export markets for its agricultural produce
India’s Adani Group, owned by Ahmedabad-based business tycoon Gautam Adani, is to develop a 1,000 MW wind power project in Mannar in Sri Lanka, valued at over $ 1 billion
The State Bank of Pakistan has received a much-awaited $3 billion deposit from the Saudi Fund for Development
The Maldives has sought a long-term loan from Bangladesh, as the two South Asian countries try to enhance bilateral ties, with a flurry of high-level visits taking place in the last few weeks, ahead of the upcoming visit by Bangladesh Prime Minister Sheikh Hasina later this month
The value of Afghanistan's Gross Domestic Product (GDP) is forecast to likely contract further by several billions, as per a UN body report
Bangladesh saw growth of almost 31 percent in its exports, touching $4 billion in November while remittances fell by almost 25 percent—1.55 billion, down by almost $52 million—in comparison to the same period last year
Samsung, the South Korean electronics and white goods major, has started production in Pakistan, lifting hopes of the authorities and the industry that this would cut down the import bill of the country in the months to come, local media said
Pakistans recorded a whopping $5.1 billion trade deficit in November—the highest for a single month—as imports continued their surge, touching around $8 billion, an increase of about 94 percent in comparison to the same month last year
Sri Lanka is in talks with US billionaire Elon Musk’s rocket company SpaceX over its satellite internet division Starlink, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) announced
