Business News
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Dar says 90pc of Geneva pledges are ‘project loans’ | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar on Wednesday said that nearly 90 per cent of the pledges made at the Geneva moot were “project loans”. The minister made the remark while addressing a press conference in Islamabad, alongside Prime Minister Shehbaz Sharif and other ministers of the federal cabinet, on the “success” of the international…
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Non-availability of raw material forces Diamond Industries to suspend operations
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[ad_1] An undated image of a room showing a foam mattress. — AFP/File In yet another casualty of the economic crisis, Diamond Industries Tuesday announced it was suspending its manufacturing operations for a short term due to the “non-availability of imported raw material.” The company informed the Pakistan Stock Exchange (PSX) about the development via…
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World Bank cuts 2023 global growth forecast to 1.7%
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[ad_1] In this file photo taken on October 08, 2022, the World Bank headquarters seen from the International Monetary Fund headquarters in Washington, DC. — AFP WASHINGTON: Global growth is slowing “perilously close” to recession, the World Bank said Tuesday, slashing its 2023 economic forecast on high inflation, rising interest rates and Russia’s invasion of…
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OGRA recommends 74% increase in sui gas prices | The Express Tribune
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[ad_1] ISLAMABAD: At a time when the people of the country are finding it hard to make ends meet due to skyrocketing inflation, the Oil and Gas Regulatory Authority (Ogra) is seeking to drop a new bomb as it recommended an increase of up to 74% in the natural gas price from July 1. According…
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Saudi Arabia ready to invest more in Pakistan amid currency crisis
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[ad_1] Prime Minister Shehbaz Sharif (left) in a meeting with Saudi Crown Prince Mohammad Bin Salman. — SPA/File Saudi Arabia is willing to invest more in Pakistan with Crown Prince Mohammad Bin Salman on Tuesday directing the authorities to study augmenting the country’s investments in Pakistan to reach $10 billion, giving a major boost to…
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Textile exporters decry govt’s apathy | The Express Tribune
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[ad_1] KARACHI: Representatives of value-added textile associations on Monday exvpressed dismay over government’s inaction over the difficulties faced by the textile sector. “The value-added textile exporters are deeply shocked and totally disappointed with the sitting government for its inattention, non-seriousness, indecisiveness and lack of vision to take the country out of the worst economic crisis,”…
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Pakistan asks IMF for restructuring ‘pause’
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[ad_1] Pakistan and the International Monetary Fund (IMF) have yet to reach an agreement on the fiscal framework, June 7, 2022. — AFP/File GENEVA: Prime Minister Shehbaz Sharif on Monday asked the IMF for a pause in its demands for economic reforms before releasing more financial aid, as the country tries to rebuild after catastrophic…
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Pakistan will ‘dodge default’ in next six months
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[ad_1] An undated image of $100 notes. — AFP/File Despite Pakistan still reeling from the economic troubles which aren’t over, it looks like the country of 220 million people will dodge default in the next six months, Bloomberg Economics reported Monday. Investors are worried about a big dollar debt repayment due in April 2024 and are…
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EU to provide Pakistan €87m for ‘green’ economic growth
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[ad_1] EAD Secretary Dr Kazim Niaz (left) and EU ambassador Dr Riina Kionka (right) shack hands after signing the agreement for three new development programmes on January 9, 2023. — APP The European Union on Monday signed agreements for three new development programmes with funding of €87 million to support green and inclusive economic growth…
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PM Shehbaz, IMF chief discuss Geneva huddle in ‘constructive’ call
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[ad_1] Prime Minister Shehbaz Sharif (L) and International Monetary Fund (IMF) Managing Director Kristalina Georgieva (R). — APF/File Prime Minister Shehbaz Sharif discussed the International Conference on Resilient Pakistan to be held in Geneva in a “constructive” phone call with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, said the Fund’s spokesperson on Sunday. Earlier…
