The State Bank of Pakistan's (SBP) decision to hike its key policy rate by 100 basis points to a 24-year high of 16 per cent has created a new problem for Islamabad as it has to pay a heavy price for borrowing after the rate hike.
Looking at its falling economy, investors had also started losing their confidence in Pakistan's ability to pay back the loans. Neither, the creditors nor the market is impressed.
In the fiscal year, 2022-2023, in July-September the debt and liabilities stood at Rs 62.46 trillion which is more than the same period of last fiscal year, accounting for Rs 50.49 trillion.
Islamabad [Pakistan], September 18 (ANI): Even after a plethora of bilateral discussions, the trade between Pakistan and Afghanistan has been unable to reach its full potential due to absurd policy changes and tariff hikes by the Pakistani government on imports, media reports said.
Karachi [Pakistan], August 26 (ANI): The foreign currency reserves held by the State Bank of Pakistan (SBP) were recorded at USD 7.81 billion, according to data released by the SBP on Thursday as they witnessed a fall of USD 87 million.
Islamabad [Pakistan], July 28 (ANI): China, the sole investor in the Gwadar projects are hesitating to invest amid uncertainties as the ongoing economic crisis and political instability in Pakistan are hitting Chinese investment sentiments.
Karachi [Pakistan], July 27 (ANI): Pakistani rupee (PKR) reached a new low against the US dollar on Tuesday, closing at Rs 232.93 in the interbank market.
Islamabad [Pakistan], July 23 (ANI): Amid the rising inflation in the county, the Pakistani government has once again raised the electricity price in the country by PKR 7.91 per unit under "uniform national tariff".
Islamabad [Pakistan], July 22 (ANI): The Pakistani rupee on Friday surpassed all prior records against the US dollar after hitting a fresh record low of PKR 228 against the dollar in the interbank market.
Islamabad [Pakistan], July 19 (ANI): Amid renewed political volatility, the Fitch Ratings agency on Tuesday downgraded Pakistan's outlook from stable to negative.