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The inflation rate in Pakistan reached a new level last month, recording 12.3 percent in December— the highest in the last two years, as experts warn of more trouble in the weeks ahead of the government’s mini-budget
Political stability must for economic recovery, says Pakistan PM; calls for ‘Charter of Economy’
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.
World Bank cuts India’s 2022-23 growth to 7.5%, but will keep top spot; South Asia growth to get affected
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”
Pakistan plans IT park in Karachi to boost exports and create jobs
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.
Power-surplus Nepal hopes to earn $100 million from electricity exports to India
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.
More on Economy-Business
Sri Lanka finalizes Trincomalee oil farm deal with India, agrees to extend lease of 14 oil tanks for 50 years
In a deal with considerable strategic significance for South Asian geopolitics, Sri Lanka will extend the lease of 14 oil tanks in Trincomalee oil farms to India for 50 years, Lankan Energy Minister Udaya Gammanpila said on Friday, adding the deal, which will also include the joint development of 61 other unused tanks, will be signed next week
India needs a precise startup policy for defence manufacturing
Prime Minister Narendra Modi has highlighted India's growing involvement of youth in defence-related startups
Sri Lanka’s forex increases to $3 billion; former PM urges government to approach IMF
Sri Lanka’s foreign reserve exchange reached $3.1 billion dollars in December, up from $1.5 billion recorded last month, the Central Bank of Sri Lanka informed on Wednesday
Pakistan Railways minister pushes for commercialization, blames ‘state enterprise mafia’ behind railways' destruction
State enterprise mafia has destroyed Pakistan Railways, Minister for Railways Azam Khan Swati said, as he pushes for the commercialization of stations as part of his bigger reforms to overhaul the sector
Bangladesh to Sri Lanka’s rescue; gives three months extensions on $200 million currency swap deal
In what comes as a significant relief to the embattled Sri Lankan economy, Bangladesh Bank (BB) has extended the validity of the $200 million credit facility it had extended to Sri Lanka by three months
Amid severe forex crisis, Sri Lanka shuts down three missions abroad; shortages of essentials feared
Sri Lanka will temporarily close down three of its missions in Nigeria, Germany and Cyprus in what seems a desperate bid by the government to save its fast-declining foreign currency reserves amid a severe economic crisis
Amid declining forex, Nepal introduces measures to cut imports
Weeks after Nepal’s central bank introduced measures to cut imports, traders and importers have hiked the prices of goods, fueling an artificial shortage in the coming days
Food insecurity up by 22 percent in rural Bangladesh; poverty still an issue despite growing economy
Food insecurity has risen by around 22 percent in rural Bangladesh in comparison to the pre-pandemic period, finds a survey, indicating people are unable to eat enough and healthy nutritious food
Turkish-Qatari delegation in Kabul to discuss deal to run Afghanistan's airports
A joint delegation of Turkish and Qatari officials is in Kabul as both countries try to explore the possibility of jointly running five airports in Afghanistan with the ruling Taliban
Pakistan railways’ total losses touch $6 billion; political neglect, unprofessional heads, mismanagement behind slide
Once a lifeline for the people of the subcontinent, the part of railways that went to Pakistan now stares at a bleak future
World Bank approves $500 million loans to Bangladesh for modernising power distribution
The World Bank on Wednesday approved $500 million in loans to Bangladesh for expanding, modernizing, and sustainably transforming the country's electricity distribution system
Tea for oil: Sri Lanka signs deal with Iran to clear over $250 million oil dues
Sri Lanka has signed a tea for oil deal with Iran, allowing the former to settle its huge pending oil imports dues worth over $250 million, by exporting tea to Tehran over the next several months
Maldives inches closer to its 2021 target of 1.3 million tourists
The Maldives is all set to achieve its tourist footfall target of 1.3 million in the year 2021 as it witnessed remarkable growth in recent months
Pakistan to get $252 million in loan from Islamic Development Bank
Cash-strapped Pakistan, staring at a major economic crisis with mounting inflation and yawning fiscal deficit, will soon receive $250 million in loans from the Islamic Development Bank (IDB) which has cleared two proposals for loans to be used for dam construction in Pakistan and vaccine procurements
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