Business News
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China agrees to reschedule $2 billion debt | The Express Tribune
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[ad_1] ISLAMABAD: China has agreed to reschedule over $2 billion publicly guaranteed debt of Pakistan for a period of two years, providing a major relief to the government that is in the process of rebuilding foreign exchange reserves through fresh loans and rolling over maturing debt. The Economic Coordination Committee (ECC) of the Cabinet on…
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SBP reserves shoot past $8 billion mark after nine months
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[ad_1] A currency exchange dealer counts $100 bills in this undated picture. — AFP/File The State Bank of Pakistan (SBP) held reserves shot past the $8 billion mark on Thursday after a gap of nine months as Pakistan received inflows from the International Monetary Fund (IMF), United Arab Emirates (UAE) and Saudi Arabia. As per…
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Petrol pumps to observe ‘nationwide strike on July 22’
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[ad_1] A large number of motorcyclists standing in long queues to get fuel in Rawalpindi. Photo: APP/File The Pakistan Petroleum Dealers Association (PPDA) announced on Thursday nationwide strike on July 22 to seek hike in profit margins shrank by skyrocketing inflation. In a statement on Thursday, the association of nearly 10,000 members said it will…
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Gold loses shine in Pakistan as demand decreases in Muharram
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[ad_1] An undated representational image of a gold ornament. — AFP/File KARACHI: The price of gold in Pakistan took a steep decline after gaining for three consecutive sessions amid a lesser demand with the start of the month of Muharram. The price of gold (24 carats) falls by Rs5,300 per tola and Rs4,544 per 10 grams…
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K-Electric’s distribution licence renewed for six months
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[ad_1] A view of the K-Electric power station. — Facebook/@Practical Schooling System ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) provisionally granted a six-month extension to K-Electric’s (KE) distribution licence which is set to expire on Thursday (today). In a statement issued on Thursday, the electric utility company said that KE has been informed about the decision…
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Rupee-dollar parity projected to remain volatile | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund’s latest assumptions suggest that the average exchange rate could be around Rs305 to a dollar at the end of the current fiscal year, which is higher than the rate quoted by the government to prepare the budget for the ongoing year. Neither has the IMF given the exchange rate…
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Rs16.8b PM’s Laptop Scheme okayed | The Express Tribune
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[ad_1] ISLAMABAD: The government on Wednesday approved Rs822 billion worth of mega projects, including the Prime Minister’s Laptop Scheme and a new motorway in Punjab. Federal Minister of Finance Ishaq Dar chaired a meeting of the Executive Committee of the National Economic Council (Ecnec) that took those decisions, including green-lighting the Rs377 billion agricultural tube…
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Gold rate rises to Rs226,400 per tola in Pakistan
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[ad_1] A representational image of gold jewellery. — AFP/File Gold prices in Pakistan continued upward trend on Wednesday as per tola price increased by Rs5,400 amid slight increase in international rates. According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs5,400 per tola and Rs4,630…
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CDWP okays 10 projects worth Rs1.07tr | The Express Tribune
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[ad_1] ISLAMABAD: Minister for Planning Ahsan Iqbal on Tuesday chaired a meeting of the Central Development Working Party (CDWP) that approved 10 development projects worth Rs1,073.41 billion. Of these projects, three worth Rs9.41 billion had been approved by the CDWP, while the forum also recommended seven projects worth Rs1,064 billion to the Executive Committee of…
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IMF spells out stringent conditions for $3b breather | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has slapped a stringent condition on Pakistan to stop its intervention in the exchange rate market and also said that the risks to the new $3 billion programme implementation were “exceptionally high”. The global lender on Tuesday released its staff report on the $3 billion Stand-by Arrangement (SBA)…
