Business News
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Rupee recovers ground against USD, trades for 276 in interbank | The Express Tribune
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[ad_1] KARACHI: In line with expectations, the new IMF programme strongly defended the Pakistani currency and allowed a significant fightback against the US dollar after it surged by 3.62,%, or Rs10, to Rs276 against the US dollar in the interbank market Tuesday morning. In the open market, the currency also jumped by Rs10 to reach…
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IMF deal charts path to economic recovery | The Express Tribune
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[ad_1] KARACHI: The new International Monetary Fund (IMF) loan programme of $3 billion has given an economic roadmap to Pakistan for a short-to-medium duration, covering three quarters of the current fiscal year, including the period of caretaker government ahead the next general elections scheduled for later this year. Experts believe that the lifeline, made available…
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Realisation of $300m loan takes forex reserves past $4bn mark
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[ad_1] A currency exchange dealer counts $100 bills. — AFP/File The forex reserves held by the State Bank of Pakistan (SBP) got a boost after the realisation of a $300 million commercial loan that pushed the money held by central bank past the $4 billion mark. A statement issued by the central bank showed that…
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World’s first electric flying car gets approval by FAA
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[ad_1] Alef Aeronautics’ Model A. — Alef Aeronautics The Federal Aviation Administration (FAA) has given approval to a California-based company to start flight testing on a fully electric flying car. According to Business Insider, the automaker named Alef Aeronautics said that they have been given a Special Airworthiness Certification for Model A of the car. The startup company said that…
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Gold makes sharp decline as rupee shows recovery
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[ad_1] An undated image of gold jewellery showcased in a jewellery store. — AFP/File KARACHI: Prices of gold in Pakistan took a massive decline on Monday by falling over Rs8,000 per tola as the rupee made a recovery against the dollar in the open market. The price of gold (24 carats) decreased by Rs8,800 per…
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Fitch, Moody’s warn of lingering threats despite IMF deal | The Express Tribune
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[ad_1] Fitch Ratings and Moody’s Investors Service on Monday warned of continued threats to Pakistan’s financial sustainability, despite the country receiving a much-needed $3 billion lifeline from the International Monetary Fund (IMF) over the weekend. Pakistan signed a short-duration (nine-month) worth $3 billion loan programme with the IMF last week, following the revival of the…
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Stocks rally as Pakistan, IMF strike deal after nine-month delay
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[ad_1] An investor talks on his phone at the Pakistan Stock Exchange. — AFP/File KARACHI: Following Pakistan’s staff-level agreement with the International Monetary Fund (IMF) over the weekend, Pakistan Stock Exchange (PSX) Monday witnessed a bullish trend as the KSE-100 benchmark index gained over 2,000 points. The index opened in the green zone and remained…
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IMF deal reviving investor confidence: PM | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif congratulated the nation on Monday saying that the confidence of investors and the business community is being restored rapidly, thanks to a major breakthrough in the standby agreement with the International Monetary Fund (IMF). The premier said that the extraordinary surge of 2,231 points at the Pakistan Stock Exchange on the…
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Pakistan set to become 4th biggest IMF debtor | The Express Tribune
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[ad_1] KARACHI: Pakistan will become the fourth largest International Monetary Fund (IMF) borrower in the world after receiving additional loans of $3 billion in the next nine months under the standby arrangement from the global lender. According to the lender’s data, as on March 31, 2023, Pakistan was ranked fifth in the list of countries…
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Finance Act comes into effect | The Express Tribune
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[ad_1] ISLAMABAD: The federal government has acceded to the five demands of the International Monetary Fund (IMF) and has implemented the steps mentioned in the Finance Act, 2023, which has also been uploaded on the website of the taxman, the Federal Board of Revenue (FBR). According to the Finance Act, 2023, additional taxes of Rs415…
