Business News
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Dar pulls out of WB-IMF spring meetings | The Express Tribune
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[ad_1] ISLAMABAD: In a major development, Finance Minister Ishaq Dar has cancelled his visit to the United States where he was scheduled to meet the International Monetary Fund management for the removal of bottlenecks in the way of the staff-level agreement regarding the revival of the stalled bailout package. Highly placed sources told The Express…
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US to ‘help Pakistan’ unlock IMF deal
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[ad_1] Blome expresses confidence in policies of the government [ad_2] Source link
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SBP-held forex reserves register meagre drop
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[ad_1] $100 bank notes can be seen in this undated image. — AFP/File As the International Monetary Fund (IMF) programme remains stalled and Islamabad’s economic woes persist, the State Bank of Pakistan (SBP)-held foreign exchange reserves fell further. The central bank, in its weekly bulletin, said that its forex reserves have decreased by $36 million…
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Banks gave $3b concessionary loans during PTI rule | The Express Tribune
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[ad_1] ISLAMABAD: An official of the central bank on Thursday revealed to a parliamentary committee that commercial banks issued around $3billion worth of loans to over 600 businessmen at zero markup rate during the rule of the Pakistan Tehreek-e-Insaf (PTI). “Banks offered these loans at concessionary rates during the pandemic,” the State Bank of Pakistan…
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Gold price in Pakistan registers losses
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[ad_1] An undated image of gold jewellery displayed at a store. — AFP/File Gold rate in the local market fell by Rs2,500 per tola after the rupee recovered, prompting investors to shift focus towards riskier assets, breaking the precious commodity’s three-session winning streak. The gold rate (24 carats) fell by Rs2,500 per tola and Rs2,142…
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Skyrocketing inflation leaves millions of Pakistanis struggling | The Express Tribune
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[ad_1] KARACHI: As Pakistan grapples with one of the worst economic crises, millions of the countrymen struggle to celebrate the holy month of Ramazan amid skyrocketing inflation. Decades-high inflation and a massive devaluation of the local currency have drastically reduced the already dwindling buying power of millions of Pakistanis, making it next to impossible for…
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‘Depleting gas reserves’ deprive consumers of 24-hour supply
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[ad_1] Representational image of a stove. — AFP/File KARACHI: People cannot get gas 24/7 due to a drop in the commodity’s reserves, Minister of State for Petroleum Musadik Malik said Wednesday. Pakistan is highly reliant on natural gas for energy, and with rising demand and insufficient supply, loadshedding has become a daily occurrence in many…
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No solution to $27b Iraq energy deal yet | The Express Tribune
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[ad_1] LONDON: The stalled agreement between Iraq and TotalEnergies over a $27 billion energy project has yet to find a resolution, the French oil major’s Chief Executive Patrick Pouyanne said at the firm’s climate update on Tuesday. TotalEnergies agreed in September 2021 to invest in four oil, gas and renewables projects in Iraq’s southern Basra…
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Gold breaks all records, price soars to Rs217,000 per tola in Pakistan
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[ad_1] People buy jewellery at a jewellery store in Amritsar on October 22, 2022. — AFP/File After the rupee fell to a new low against the US dollar in the interbank market, the gold rate surged to an all-time high in Pakistan and jumped past Rs215,00 per tola. The price of gold (24 carats) soared…
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Pakistan to start importing Russian oil this month: Malik | The Express Tribune
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[ad_1] KARACHI: Minister of State for Petroleum Dr Musadik Malik has said that talks between Islamabad and Moscow are underway for the import of oil, adding that Pakistan will begin importing Russian crude oil at discounted rate from this month. He said this while addressing petroleum dealers and businessmen and industrialists in Karachi at the PSO…
