Pakistan

Starting August 1, 2024, the Pakistani government is planning to reduce the prices of petrol, diesel, kerosene oil, and high speed diesel (HSD) in a bid to provide relief to consumers. Sources from government and industrial sectors anticipate that the price of petrol will decrease by Rs5.50 per litre, bringing the new price to Rs270.10 per litre. Similarly, diesel prices are likely to see a significant drop of Rs11.06 per litre. The government expects kerosene oil, widely used across the country, to become more affordable with a projected reduction of Rs5.84 per litre. Meanwhile, the price of High Speed Diesel (HSD) could decrease by Rs11.06 per litre, making it more accessible for various industries reliant on diesel fuel. Global Factors Lower Petrol Prices This decision comes a...

The Rawalpindi Development Authority (RDA) has taken strict action against 18 educational institutions in the city. Moreover, the RDA sealed these institutions for violating building regulations by engaging in unauthorized construction and failing to pay commercial status fees. The Rawalpindi Development Authority (RDA) recently sealed 18 educational institutions that are privately owned for not following the rules. The RDA Enforcement Squad, with the help of local police, targeted unauthorized buildings. Meanwhile, the operation focused on areas like the Asghar Mall Housing Scheme, Eidgah Scheme, and Dosehra Ground Scheme. The enforcement action targeted establishments operating without proper approvals and No Objection Certificates (NOCs). In addition, authorities found that thes...

Fitch Ratings, a global credit rating agency, upgraded Pakistan's long-term foreign-currency issuer default rating (IDR) from CCC to CCC+. The upgraded rating is seen as a vote of confidence in Pakistan's economic management and reform efforts. Fitch Ratings has upgraded Pakistan's credit rating from 'CCC' to 'CCC+'. This positive change is largely due to a new agreement with the International Monetary Fund (IMF), which has provided Pakistan with $7 billion in funding for the next 37 months. The IMF agreement has helped improve Pakistan's financial situation by increasing its foreign exchange reserves and reducing fiscal deficits. The deal also aims to address issues in Pakistan's tax system, energy sector, and state-owned enterprises. In the past year, Pakistan has shown strong ...