Business News
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‘IMF should issue new reserves to help countries tackle crises’ | The Express Tribune
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[ad_1] WASHINGTON: The International Monetary Fund should issue $650 billion in new emergency reserves to help its member countries grapple with overlapping health, food, energy and inflation crises, 140 civil society groups said in a letter to the IMF’s board on Thursday. IMF officials in July said a fresh issuance of Special Drawing Rights (SDR)…
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Rupee jumps by over Rs2 in interbank trade
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[ad_1] A currency dealer is calculating $100 notes. — AFP/File KARACHI: The Pakistani rupee continued its upward trajectory, rising by Rs2.19 against the dollar in the interbank market. The local unit was changing hands at 221.75 after gaining 2.19 in the interbank market during intraday trade at around 10am, up in value from the previous…
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Pakistan expected to get up to $2.5b in flood-relief support from ADB
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[ad_1] An image of the headquarters of the Asian Development Bank (ADB). — ADB website/File ISLAMABAD: The Asian Development Bank (ADB) Wednesday announced $2.3 to 2.5 billion in relief support for Pakistan after deadly floods wreaked havoc on the country, taking over 1,700 lives. ADB said the relief would include $1.5 billion for the Balochistan…
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Debt restructuring not on the cards for now: FM Bilawal
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[ad_1] Pakistan’s Foreign Minister Bilawal Bhutto-Zardari speaks following his meeting with US Secretary of State Antony Blinken at the State Department in Washington, DC, September 26, 2022. — AFP/File WASHINGTON: Foreign Minister Bilawal Bhutto-Zardari said that he is not talking about debt restructuring with any lender at the moment, not even China. The minister’s comments…
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ADB to provide up to $2.5b for Pakistan flood relief | The Express Tribune
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[ad_1] ISLAMABAD: The Asian Development Bank will provide flood relief support to Pakistan to the tune of $2.3 to $2.5 billion including $1.5 billion for the BRACE programme which will be placed before the ADB board for approval this month. This was assured by the Country Director of Asian Development Bank Yong Ye who called…
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Dollar’s free fall continues against PKR for ninth consecutive session
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[ad_1] Image Pakistan rupee and dollar — Canva/file KARACHI: The Pakistani rupee continued to rally against the US dollar for the ninth consecutive day in the interbank market on Wednesday. The local currency gained Rs1.7 or 0.76%, managing to settle at Rs223.94 against the US dollar, data released by the State Bank of Pakistan (SBP)…
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Pakistan did not breach IMF’s condition by slashing petrol price: Aisha Ghaus Pasha
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[ad_1] Minister of State for Finance and Revenue Aisha Ghaus Pasha. — Twitter/@AishaGPasha ISLAMABAD: Pakistan has not breached any of the conditions laid forth by the International Monetary Fund (IMF) after the government reduced the price of petroleum products, assured Minister of State for Finance and Revenue Aisha Ghaus Pasha on Tuesday. Speculations regarding the…
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Sindh setting up two waste-to-energy plants | The Express Tribune
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[ad_1] KARACHI: The Sindh government has started work on setting up two waste-to-energy plants at an estimated cost of $250 million each and is targeting to produce electricity by the end of December 2023. The provincial government is facilitating two foreign companies – a Dutch and a US firm – for developing the projects in…
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Oil demand sinks by 22% to 1.5m tons | The Express Tribune
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[ad_1] KARACHI: The demand for petroleum products declined by a notable 22% to 1.52 million tons in September 2022, compared to the same month last year, as record-high prices and the cataclysmic floods restricted economic activities from resuming. Due to the floods inundating the fields, agricultural activities came to a standstill, reducing the sale of…
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Rupee’s upwards momentum contuses unabated for eighth straight session
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[ad_1] A foreign currency dealer counts US dollars at a shop in Karachi, Pakistan, May 19, 2022. — AFP/File KARACHI: With a further gain of Rs 1.65, the Pakistan rupee continued its upward momentum against the dollar in the interbank market for the eighth consecutive session on Tuesday as newly appointed Finance Minister Ishaq Dar…
