Business News
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Pakistan sees slight rise in forex reserves
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[ad_1] US $100 bills pictured in this undated image. — AFP/File Amid a liquidity crunch being faced by Pakistan, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) got a slight boost of more than $100 million. As per a statement issued by the central bank, the country’s total liquid foreign…
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Ministers paint a gloomy economic picture | The Express Tribune
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[ad_1] ISLAMABAD: Defence Minister Khawaja Asif on Wednesday painted a very dismal picture of the national economy, lamenting that how could a budget be prepared in the country where tax evasion topped Rs3,500 billion. Taking part in the budget debate in the National Assembly, the minister said 80% of the country’s population could not eke…
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Pakistan’s 2024 budget a missed opportunity: IMF | The Express Tribune
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[ad_1] ISLAMABAD’: The International Monetary Fund (IMF) on Wednesday said that the proposed budget missed the opportunity to broaden the tax base, terming the new tax amnesty scheme a “damaging precedent”. In a first official reaction to the expansionary Rs14.5 trillion budget, Esther Perez Ruiz, the resident representative of the IMF, said that the amnesty…
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Gold price plummets by Rs2,500 per tola amid cyclone concerns
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[ad_1] An undated image of gold bangles displayed at a store. — AFP/File The gold price in Pakistan on Wednesday declined amid drop in the international rates as well as the looming cyclone Biparjoy which has created fears among the buyers. According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA),…
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SSGC suspends gas supply to industries as Biparjoy draws closer to Sindh
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[ad_1] An undated image of three men working in a factory on the outskirts of Karachi. — AFP/File The Sui Southern Gas Company (SSGC) Limited on Wednesday suspended gas supply to all industries including their units for power generation, fertiliser sector and CNG stations, as cyclone Biparjoy moves closer to the coastline of Sindh. In…
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Pakistan’s chances of securing IMF bailout are dimming: Moody’s
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[ad_1] An undated image of Moody’s headquarters in New York, US. — AFP/File Moody’s Investors Service has warned that Pakistan is at an increased risk of failing to restart its $6.7 billion bailout programme with the International Monetary Fund (IMF), putting the country closer to a sovereign default. Grace Lim, a sovereign analyst with the…
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Moody’s fears Pakistan will fail to revive IMF programme | The Express Tribune
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[ad_1] KARACHI: Moody’s Investors Service on Wednesday said Pakistan is feared to fail on reviving the International Monetary Fund (IMF)’s stalled loan program worth $6.7 billion by the time it officially expires in two weeks on June 30. Without the IMF on board, the risk of the nation’s default on foreign debt repayment has sharpened…
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Budget assailed for lacking relief for poor | The Express Tribune
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[ad_1] ISLAMABAD: The federal budget came under heavy criticism, even from a federal minister, in the National Assembly on Tuesday, as the lawmakers questioned the government’s performance during the last one year. The lawmakers, including dissident Pakistan Tehreek-e-Insaf (PTI) member Noor Alam Khan and Federal Minister Syed Khurshid Shah of the Pakistan Peoples Party (PPP),…
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Rupee recovers Rs7 vs dollar in open market | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its losing streak for the third consecutive working day on Tuesday amid mounting debt repayment pressure in June, the last month of current fiscal year. Analysts projected a sharp devaluation of the currency if the expected loan rollover and refinancing was delayed. The currency dropped 0.12%, or Rs0.34, to a…
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Gold price in Pakistan continues downward trajectory
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[ad_1] Gold bangles are displayed at a jewellery store in this undated file photo. — AFP/File KARACHI: The gold price in Pakistan on Tuesday continued to lose its shine for the second consecutive day this week due to several reasons including the market being deserted ahead of cyclone Biparjoy. The price of gold (24 carats)…
