Business
Government borrows $11 billion in first 10 months of current fiscal year
The government has borrowed $11 billion in the first 10 months (July to April) of the current fiscal year, according to official documents.
The numbers reflect a dramatic increase of 83% from the same period last year, when borrowing amounted to $6 billion. The aggregate external finance need for the current financial year stands at $19.39 billion.
The Economic Affairs Division said that in April alone, $4.5 billion was obtained and additional borrowing is likely in May and June.
The report said $8.31 billion was received under non-project aid and $2.75 billion under project aid in the July-April period, besides $120 million in awards.
The government has received more than Rs3,103 billion in local currency terms so far this fiscal year as compared to external finance of $570 million during the same period last year.
The IMF package is reported separately and is estimated at over $2.5 billion.
Key inflows included $1 billion of deferred oil payment facilities from Saudi Arabia and $480 million of loans from the Islamic Development Bank. Grants totalling about $218 million were received in April.
The report also says Pakistan relies on rollover arrangements, including deposits of $9 billion from Saudi Arabia and China, of which $3 billion from Saudi Arabia has already been rolled over. The UAE also reportedly received repayment of $3 billion in April.
Multilateral lenders including the Asian Development Bank, World Bank Group and Islamic Development Bank are likely to offer considerable financing through project and programme loans during the fiscal year.
Alibaba.com, the world’s biggest B2B e-commerce platform, announced the launch of Accio Work in Pakistan, the Agentic Business Team for SMEs.
This launch is a game changer for digital trade. It will give small and medium-sized exporters a workforce that is autonomous, plug-and-play and able to carry out whole end-to-end company processes.
The new platform will provide exporters with an automated digital workforce to manage business operations from start to end with increased efficiency and speed.
The move, officials added, is taking place in a period of fast transition in Pakistan’s export sector and the increasing importance of artificial intelligence in international trade.
Addressing the launch ceremony, Ethan Wang, Head of Global Sales Products and Services, Alibaba.com said AccioWork is not a traditional software tool but an advanced and autonomous digital workforce.
The AI-powered system, he claimed, can find commercial prospects, manage daily operations and enable timely decision-making for organisations.
The platform provides a full “agentic business team” for SMEs, Wang says, helping with market research, creative content development, customer interaction and monitoring online stores.
The technology will assist Pakistani exporters enhance their worldwide market presence and competitiveness through AI-driven solutions, he added.
The federal government, headed by Prime Minister Shehbaz Sharif, has announced a new fuel price cut that will provide customers with short-term respite for the next seven days by cutting the cost of gasoline and high-speed diesel (HSD).
Diesel is now priced at Rs6.80 per litre, while gasoline is now priced at Rs6 per liter.
The Petroleum Division announced the cut in an official statement, stating that the new pricing would go into effect after midnight in accordance with the government’s most recent weekly review system.
Friday’s trading on the Pakistan Stock Exchange (PSX) was cautious as investors concentrated on the ongoing negotiations between Iran and Pakistan.
The KSE-100 changed by 0.09 percent from its previous finish of 168,514.44 points during intraday trading, gaining 151.21 points to reach 168,665.65 points in the first session.
However, despite the fact that both parties were still at odds on important issues, Asian stocks increased on Friday, the US dollar was close to six-week highs, and oil prices were erratic as investors hoped for a breakthrough in US-Iran peace talks.
The worry for investors remains the near closure of the Strait of Hormuz, a critical artery for the world’s energy supplies that has sent oil prices soaring and rewired the global interest rate outlook because of inflationary concerns.
US Secretary of State Marco Rubio said there had been “some good signs” in talks to end the nearly three-month-old U.S.-Israeli war on Iran, but differences remain over Tehran’s uranium stockpile and control of the strait.
In stock markets, MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was 0.8% higher, set for a modest weekly rise. Japan’s Nikkei (.N225) gained 2.8%, just shy of a new record high, while Taiwan stocks (.TWII), opens new tab rose 2.3%.
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