Business News
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IMF flags debt restructuring hurdles | The Express Tribune
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[ad_1] BENGALURU: Group of 20 (G20) nations have some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund (IMF) said on Saturday, adding that banning private cryptocurrencies should be an option. India’s G20 presidency comes as its South Asian neighbours Sri Lanka, Bangladesh and Pakistan are seeking urgent IMF funds…
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Has govt stopped salary, pension payments?
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[ad_1] An undated image of a cashier counting Rs500 notes. — AFP/File The people grappling with unprecedented inflation amid the country’s consistently deteriorating balance of payments crisis — exacerbated by ongoing political uncertainty — were shocked when news reports suggested that the Ministry of Finance has instructed Accountant General Pakistan Revenues (AGPR) to cease the…
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Karachi commissioner orders early closure of shopping malls
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[ad_1] A vendor stands in his kids toys shop in a market in Karachi on February 15, 2023. — Online To deal with the ongoing energy crisis, Karachi Commissioner Muhammad Iqbal Memon Saturday issued directives to the city’s deputy commissioners (DCs) to ensure the closure of shopping malls and markets at 8:30pm. The instructions were…
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India’s push to regulate crypto gains IMF, US support at G20 | The Express Tribune
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[ad_1] BENGALURU: A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two days of talks. India has said it wants a collective global effort to deal with problems posed by…
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Gold price falls by Rs1,000 per tola in Pakistan
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[ad_1] An undated image of gold bars. — AFP/File Gold prices extended losses on Saturday as the rate fell by 0.5% as investors remained concerned over news reports hinting towards a massive interest rate hike by the State Bank of Pakistan (SBP). According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA),…
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Pakistan ‘agrees’ to raise policy rate by 2% under IMF pressure
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[ad_1] The International Monetary Fund’s building. — AFP/File As the economic crisis in Pakistan worsens with depleting foreign currency reserves barely enough to pay for three weeks worth of imports, the country agreed on Saturday before the International Monetary Fund (IMF) to increase the policy rate by 2% — one of the conditions to secure…
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Private sector to play key role in forging robust Pak-US trade ties: Commerce Minister
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[ad_1] Luncheon Meeting of Commerce Minister Syed Naveed Qamar with members of US-Pakistan Business Council. Geo News WASHINGTON: Minister for Commerce Syed Naveed Qamar today met the leadership of the American Apparel and Footwear Association and representatives of Pakistan’s leading businesses here at the embassy of Pakistan. The delegation included Stephen Lamar, President & CEO…
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Pakistan, Uzbekistan sign $1bn trade agreement
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[ad_1] Federal Minister for Finance and Revenue Ishaq Dar shakes hands with Uzbekistan’s Minister of Investments, Industry and Trade Laziz Kudratov during the Inter-governmental Commission (IGC) held in Uzbekistan on February 24, 2022. — Photo by author ISLAMABAD: In order to encourage the exchange of goods and services between Pakistan and Uzbekistan, the two sides on…
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Builders decry high cost of raw material | The Express Tribune
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[ad_1] KARACHI: The current economic crisis, coupled with restrictions on import of steel raw material, has pushed steel rebar prices to significantly higher levels, creating friction between builders and producers of the metal. Expressing concern over the fate of construction industry, the Association of Builders and Developers of Pakistan (ABAD) in a statement lamented that…
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Cash-strapped Pakistan gets $700m from Chinese bank | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) has received $700 million from the China Development Bank (CDB) in a much-needed boost to forex reserves as the country grapples with a worsening economic crisis. The finance minister took to Twitter to make the announcement. “AlhamdoLilah! Funds $700 million received…
