Business News
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Robust reforms crucial for Pakistan’s economic recovery: ADB
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[ad_1] Asian Development Bank’s logo. — AFP/File The Asian Development Bank (ADB) said Tuesday that Pakistan’s economic growth is expected to slow significantly in FY2023 (ends 30 June 2023) in the wake of last year’s devastating floods, ballooning inflation, a current account deficit, and an ongoing foreign exchange crisis. According to the Asian Development Outlook…
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World Bank slashes Pakistan’s GDP forecast
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[ad_1] World Bank Group written on the bank’s building. — AFP/File Tighter financial conditions and limited fiscal space have weakened Pakistan’s growth prospects, the World Bank said, prompting the institution to cut the country’s current-year growth forecast. Compared to its October forecast of 2%, the World Bank now expects Pakistan’s economy to grow by 0.4%,…
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PSO’s receivables surge to all-time high of Rs742.3b | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan State Oil (PSO) is facing a financial crisis amidst the ongoing freefall of the Pakistani rupee against the US dollar. The company has booked claims of Rs6.7 billion against gas Utility-Sui Northern Gas Pipeline Limited (SNGPL) for the supply of Liquefied Natural Gas (LNG). PSO had entered the LNG business during the…
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Loans required urgently to avert public debt crisis: WB | The Express Tribune
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[ad_1] ISLAMABAD: The World Bank, on Tuesday, said that various economic shocks pushed nearly four million Pakistanis into poverty this fiscal year. The lender also urged Islamabad to immediately arrange fresh foreign loans to avert a “public debt crisis”. The Pakistan Development Update – a flagship report from the lender, has warned Pakistan about serious…
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Rupee’s bleed worsens, plummets to new low of 288 versus dollar
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[ad_1] A foreign currency dealer counts US dollars at a shop in Karachi on March 02, 2023. — INP The Pakistani rupee reeled to a record low against the US dollar on Tuesday, breaching the critical threshold of 288 against the greenback in the interbank market. In the interbank market, the local unit closed at…
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SBP hikes policy rate by 100bps to record high of 21% | The Express Tribune
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[ad_1] In line with market expectations, Pakistan’s central bank hiked its benchmark policy rate by 100 basis points to a new record high of 21% on Tuesday as the bank took measures to anchor rising inflation in the country. State Bank of Pakistan (SBP) said on its official Twitter handle “MPC (monetary policy committee) views…
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OPEC+ cuts put $100/bbl oil back in sight | The Express Tribune
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[ad_1] SEOUL/ SINGAPORE/ LONDON: Surprise new cuts to the OPEC+ group’s output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. The decision signals unity within OPEC+ despite Washington’s pressure on its Gulf allies to…
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Gold ends higher amid rupee rout; sliver at all-time high
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[ad_1] A goldsmith arranges ornaments on a manikin in his shop. — AFP/File Gold ticked up on Monday in line with the international markets amid yet another rupee rout, as traders mostly preferred not to take any adventurous positions a day ahead of the central bank’s monetary policy meeting. According to the data released by…
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Dar to attend IMF, WB meetings in Washington next week | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar is set to visit the United States next week to attend the annual spring meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) that will take place in Washington from April 10 to April 16. According to sources in the Ministry of Finance, Dar accompanied…
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Oil prices soar almost 6% after OPEC+ output cut
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[ad_1] This picture shows oil pumpjacks along a section of Highway 33 known as the Petroleum Highway north of McKittrick in Kern County, California. — AFP/File HONG KONG: Oil prices soared almost 6% in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels…
