COLOMBO: Sri Lanka raised fuel prices on Tuesday and warned of possible petrol rationing with importers struggling to pay for oil, in a worsening economic crisis that has also sparked food shortages. The move comes just days after international ratings agency Fitch downgraded the country over fears of a sovereign default on its $26 billion foreign … Read more
KABUL: Afghanistan’s Finance Ministry under the new Taliban government has prepared a draft national budget that, for the first time in two decades, is funded without foreign aid, a spokesman said. It comes as the country is mired in economic crisis and faces a looming humanitarian catastrophe the United Nations has called an “avalanche of hunger”. … Read more
KARACHI: The Pakistan Yarn Merchants Association (PYMA) officials have expressed concern over the increase in the interest rates by the State Bank of Pakistan (SBP), despite the demands of the business community. They said the central bank has increased the interest rates by 150 basis points, and the news is circulating for another increase in … Read more
WASHINGTON: The sharp rise in the US inflation even as the labour market rapidly improves means the Federal Reserve should remove stimulus from the economy more quickly, a central bank official said. The Fed this month began slowing the pace of bond purchases it started early in the pandemic to provide liquidity to the economy but … Read more
HARIPUR: Pakistan would soon overcome the current economic crisis owing to the outbreak of the coronavirus pandemic, a senior official said. Addressing a public gathering after the inauguration of a Nadra office at Tarnawa Chowk, Federal Minister for Economic Affairs Omer Ayub Khan said that the government would resolve the issue of inflation from the … Read more
Congressional Budget Office of the United States has projected that the country’s economy will take almost a decade to fully recover due to novel coronavirus. Media reports said that Congressional Budget Office has forecasted the current outbreak of novel coronavirus will cut US economic output by 3% between this year and 2030. CBO estimates this … Read more
