Business News
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Textiles see decline while apparels boom | The Express Tribune
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[ad_1] KARACHI: Pakistan’s textile industry has experienced a significant decline in production, particularly in the cotton yarn and cotton cloth segments, resulting in a worrisome overall decrease of 26% year-on-year. In contrast, the apparel sector has witnessed remarkable growth, with garments production increasing by 13% year-on-year in April 2023 and an impressive 26% year-on-year in…
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Pakistan gets LNG shipment offer as IMF deal bears fruit
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[ad_1] A file photo of a liquefied natural gas (LNG) tanker. — AFP In yet another major achievement after winning final approval to borrow $3 billion from the International Monetary Fund (IMF), energy crisis-hit Pakistan received liquefied natural gas (LNG) shipments offer for the first time in more than one year. Last month, Pakistan failed…
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Gold price in Pakistan jumps to Rs214,500 per tola
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[ad_1] A workers adds finishing touches to a gold bangle at his workshop. — AFP/File KARACHI: Gold rates in Pakistan rose on Friday, drawing support from the increase in international rates and the rupee’s depreciation against the greenback. The price of gold (24 carats) gained Rs6,500 per tola and Rs5,574 per 10 grams to settle…
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IMF says implementation of SBA crucial to Pak’s economic future | The Express Tribune
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[ad_1] The International Monetary Fund’s (IMF) Director of Strategic Communications Julie Kozack has said that “steadfast implementation” of the nine-month Stand-by Arrangement (SBA) was critical to Pakistan’s future. “Steadfast implementation is critical to address its large financing needs & support the most vulnerable,” she said in a statement on Thursday. The Stand-By Arrangement (SBA) for Pakistan 🇵🇰…
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We welcome IMF programme to support Pakistan: Blinken
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[ad_1] US Secretary of State Antony Blinken at a press conference at Ramstein Air Base in Germany on September 8, 2021. — AFP/File US Secretary of State Antony Blinken on Thursday urged the Pakistan government to continue working with the International Monetary Fund (IMF) towards macroeconomic reforms and sustainable economic recovery. His comments came after the…
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Gold rates see major increase in Pakistan
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[ad_1] A man stands behind a gold shop window in Istanbul. — AFP/File KARACHI: The rates of gold in Pakistan increased by Rs4,000 on Thursday in line with developments in the international market. The price of gold (24 carats) gained Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs200,000 and Rs178,326, respectively, according…
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ECC members air concern over high electricity cost | The Express Tribune
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[ad_1] ISLAMABAD: Economic policymakers have aired serious concerns over the high cost of electricity generation by K-Electric (KE) and sought a detailed plan to slash the production cost. During discussions at a recent meeting of the Economic Coordination Committee (ECC), the Power Division shared comprehensive calculations and justifications for KE’s quarterly tariff revision. The minister…
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Inflows help rupee recover against USD in interbank market | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency improved by Rs2.14 to Rs275.34 against the US dollar in the interbank market on Thursday morning after the IMF executive board gave final approval for the $3 billion loan program for Pakistan. Market reports suggest that the currency had briefly gained Rs5.47 and recovered to Rs272 against the greenback in the…
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IMF board green-lights $3 billion SBA for Pakistan
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[ad_1] The seal for the International Monetary Fund is seen in Washington, D.C., Jan. 10, 2022. — AFP The International Monetary Fund (IMF) Executive Board on Wednesday approved a staff-level agreement reached with Pakistan on a short-term stand-by deal. “Today, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA)…
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Global investors plan to pour $7.1b into Turkey | The Express Tribune
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[ad_1] ISTANBUL: Members of Turkey’s International Investors Association (YASED) are planning $7.1 billion of direct investment in Turkey in the next six months, Chairman Engin Aksoy said on Wednesday. There are other international companies that want to invest in Turkey but the biggest issues are a lack of macroeconomic stability and regulatory unpredictability, Aksoy added.…
