Business News
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SBP-held forex reserves plunge to $4.5 billion: sources
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[ad_1] A person counting dollar bills. — AFP After the repayment of loans to banks in the United Arab Emirates (UAE) totaling $1.2 billion, foreign exchange reserves held by the State Bank of Pakistan (SBP) reduced to just $4.5 billion, sources told Geo News on Saturday. The development has, as per sources, left Pakistan with…
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IMF chief declines to travel to Geneva on PM’s invitation, ready to attend moot virtually
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[ad_1] International Monetary Fund Managing Director Karistalina Georgieva calls on Prime Minister Muhammad Shehbaz Sharif on September 21, 2022. — Twitter/@KGeorgieva ISLAMABAD: On Prime Minister Shehbaz Sharif’s invitation to attend Climate Resilient Pakistan Conference in Geneva, International Monetary Fund (IMF) Managing Director Kristalina Georgieva excused herself from attending the moot in person, however, showed a…
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Pakistan imports threatened as forex reserves hit eight-year low
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[ad_1] An undated image of the US dollar. — AFP/File KARACHI: Pakistan’s central bank forex reserves have plunged to an eight-year low of $5.6 billion, posing a serious challenge for the country in financing imports. Coupled with another $5.8 billion held by commercial banks, the nation has $11.4 billion in reserves — enough to pay…
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World food prices hit record high in 2022
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[ad_1] A woman shops for groceries at a supermarket in Monterey Park, California on October 19, 2022. — AFP PARIS: World food prices fell for a ninth month in a row in December, though they hit their highest level on record for the full year in 2022, UN data showed Friday. Food prices soared to…
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SBP’s forex reserves continue to decline
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[ad_1] This photo taken on April 22, 2022, shows pounds and US dollar banknotes displayed on a table in London. — AFP The State Bank of Pakistan (SBP)-held foreign exchange reserves suffered a major depletion in the week owing to external debt servicing, data showed Thursday. During the week ended on December 30, 2022, the…
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Global oil prices dive amid reduced demand
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[ad_1] Pumpjacks photographed in the Montebello Oil Field in California, on February 23, 2022. — AFP LONDON: Global oil prices plunged Wednesday over China demand concerns and European gas prices sank to their lowest levels since November 2021 as mild winter weather reduced demand. Crude prices extended losses from a day earlier, diving around 5%,…
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Ishaq Dar hopes Saudi Arabia beefing up deposit ‘in a matter of days’
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[ad_1] Minister for Finance and Revenue Senator Ishaq Dar adresses a presser in Islamabad January 4, 2023. — Screengrab via YouTube/PTV News Minister for Finance and Revenue Senator Ishaq Dar Wednesday said he expects that Saudi Arabia will beef up its deposits in Pakistan “within a matter of days, not weeks”, as the country faces…
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‘IMF deal’ on table if PTI forms govt again
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[ad_1] PTI Senior Vice-President Fawad Chaudhry. — AFP/Files Pakistan Tehreek-e-Insaf Senior Vice-President Fawad Chaudhry said Tuesday that if the PTI comes into power again, it will have no choice but to seek financial assistance from the International Monetary Fund (IMF). Chaudhry’s comment comes at a time when an economic crisis looms large on Pakistan’s horizon:…
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Energy conservation plan: Traders, restaurant owners reject govt’s decision
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[ad_1] A view of a rickshaw driver standing near a closed market in Karachi on June 17, 2022. — INP/File Traders and restaurant owners Tuesday categorically rejected the federal government’s decision to shut all malls and markets by 8:30pm in line with the new energy conservation plan. Ajmal Baloch, president All-Pakistan Anjuman Tajiran (APAT) said that…
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Pakistan can avoid default only by entering IMF programme: Imran Khan
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[ad_1] Pakistan Tehreek-e-Insaf Chairman Imran Khan addresses his party workers via video link.— Twitter/@PTIofficial Castigating the economic policies of the coalition government, deposed prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has warned that Pakistan can avoid default only by entering into a programme with the International Monetary Fund (IMF). Before…
