Sources suggest that PIA cannot afford to pay more than PKR 8 billion in interest on the PKR 260 billion loan. The commercial banks involved in lending to PIA include the National Bank and Bank of Punjab, along with eight other commercial banks.
In the wake of the economic crisis in Pakistan, World Bank Country Director for Pakistan, Naji bin Hussain said that Pakistan's economic development is limited to the elite which resulted in the country lagging behind its fellow countries, Pak Vernacular media reported.
As Sri Lanka's battle against economic crisis remains persistent, India's assistance to the island nation gives the country an anchorage to hold its boat under its 'neighbourhood first' policy.
The Sri Lankan Gross Domestic Product (GDP) for the third quarter of 2023 recorded a 1.6 per cent growth as compared to the same period a year ago, according to the Census and Statistics Department.
Kerala Chief Minister Pinarayi Vijayan on Sunday hit out at the Centre saying that the state is facing an economic crisis due to the former's policies.
In a landmark ruling, the Sri Lankan Supreme Court ruled on Tuesday that the Rajapaksa brothers and other senior officials were responsible for the massive economic crisis in the island nation, the Colombo Gazette reported.
Sri Lankan President Ranil Wickremesinghe presented the 2024 budget of his government with a focus on ensuring that the country doesn't fall into economic bankruptcy again, Colombo Gazette reported.
Notably, PPP Chairman Bilawal Bhutto was the third choice, with 4% saying he could get Pakistan out of the economic crisis. The question was asked open-ended, and the results obtained were then compiled.
Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif on Saturday lamented how Pakistan's economy is in dire straits with very high inflation, dangerously low foreign exchange reserves and vowed to redirect the country on the path of growth, Pakistan-based Dawn newspaper reported.
Congress President Mallikarjun Kharge took a swipe at the Bharatiya Janata Party, and Prime Minister Narendra Modi said on Friday in a post on X (formerly Twitter) that the economic crisis in the rural parts of the country has increased the demand for the Mahatma Gandhi National Rural Employ