Tag: Financial Crisis
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Economic challenges await next govt as Pakistan votes
Pakistan is set to hold its national elections on Thursday, a crucial event for the country grappling with multiple crises.
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Pakistan navigates economic turbulence in 2023: A year of challenges and resilience
2023 posed significant challenges for Pakistan’s economy, characterised by a sharp slowdown, escalating inflation, and a near-default situation.
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Administrative oversights, thefts lead to millions in losses for Pakistan Steel Mills
In the fiscal year 2020–21, Pakistan Steel Mills (PSM), under state ownership, faced a significant financial setback, recording a staggering loss of Rs164.4 million.
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Pakistan’s debt burden surges by Rs14,506 billion in one year
Pakistan’s international debt burden has continued its ascent, soaring to a staggering Rs63,966 billion as of the conclusion of August 2023.
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Shell Pakistan’s domestic operations set for sale to Saudi company
On Wednesday, Shell Pakistan (SHEL.PSX) announced that its parent company’s subsidiary, Shell Petroleum Company, has entered into an agreement with Wafi Energy for the sale of its domestic operations.
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Pakistan faces worsening financial woes as state-owned enterprises suffer losses
Interim Prime Minister (PM) Anwaar-ul-Haq Kakar conveyed on Wednesday that Pakistan is grappling with financial challenges, exacerbated by the continuous losses incurred by state-owned enterprises (SOEs).
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World Bank urges urgent economic reforms in Pakistan to tackle rising poverty
The World Bank has issued a grave warning regarding Pakistan’s economic state, urging the nation to take swift action. They propose taxing key sectors like agriculture and real estate while reducing wasteful expenditures to stabilise the economy. This endeavour aims for a significant fiscal adjustment, equivalent to over 7 percent of Pakistan’s economic size.
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CAA’s timely intervention saves PIA from defaulting on IATA payments
The Civil Aviation Authority (CAA) stepped in to rescue Pakistan International Airlines (PIA) from a potential financial crisis with the International Air Transport Association (IATA).
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Only over our dead bodies: PIA HR chief refutes closure rumours
The Head of Human Resource (HR) at Pakistan International Airlines (PIA) dismissed media reports about the airline’s poor financial condition and potential closure. He stated, “It will happen only over our dead bodies.”
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PIA faces flight cancellations and delays as financial crisis intensifies
Pakistan International Airlines (PIA), currently grappling with severe financial challenges, has been compelled to cancel multiple domestic and international flights. An authoritative representative of the national flag carrier conveyed to Geo News that there’s a looming risk of suspending flight operations by September 15, today, unless urgent financial support is extended. This predicament initially materialised…