Business News
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Punjab to receive cheaper gas | The Express Tribune
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[ad_1] ISLAMABAD: Punjab, the gas-starved province, is set to receive cheaper gas supplies after the Senate on Thursday passed a bill for applying the weighted average cost of gas (Wacog). In addition, the law will help the government to reduce circular debt in the gas sector while the share of liquefied natural gas (LNG) in…
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Foreign exchange: SBP reserves fall $241m to $17.09b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank declined 1.4% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 11, the foreign currency reserves held by the SBP were recorded at $17,095.8 million, down $241 million compared with $17,336.8 million on February…
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Market watch: Stocks extend losses over inflation concerns | The Express Tribune
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[ad_1] KARACHI: Pakistan Stock Exchange extended losses on Thursday as the KSE-100 index shed 244 points, driven by pessimism over fuel price hike coupled with announcement of poor corporate results by some companies. The market was reeling from the sharp spike in prices of petroleum products, which sparked fears of acceleration in the inflation rate.…
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China needs to be ‘more active’ in G20 debt relief effort: Yellen
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[ad_1] In this file photo taken on November 03, 2021 US Treasury Secretary Janet Yellen delivers a speech at the opening of Finance Day at the COP26 UN Climate Summit in Glasgow. — AFP/File WASHINGTON: US Treasury Secretary Janet Yellen said China needs to do more to accelerate global efforts to provide debt relief for…
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Exports projected to hit $38 billion | The Express Tribune
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[ad_1] KARACHI: Pakistan’s exports of goods and services will exceed $38 billion in the ongoing fiscal year, which is for the first time in the country’s history, projected Trade Development Authority of Pakistan (TDAP) Chief Executive Arif Ahmad Khan. In a meeting with a delegation of the Council of Economic and Energy Journalists on Wednesday,…
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Petroleum imports touch record high | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s petroleum import bill hit a record high of $11.69 billion in the first seven months (July-January) of current fiscal year 2021-22 mainly due to a surge in energy prices in the global market and partly due to a pickup in demand in the country. The oil import bill increased by 107% to…
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SBP expands scope of Export Finance Scheme | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has enhanced the scope of Export Finance Scheme (EFS) – both conventional as well as Shariah based, allowing exporters to obtain financing against their export proceeds through the discounting of export bills and receivables. According to a statement issued on Wednesday, the move is aimed at…
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Punjab for increasing subsidy on Kissan Cards | The Express Tribune
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[ad_1] ISLAMABAD: Punjab has requested the federal government to enhance the subsidy amount for Kissan Cards in order to achieve the target of distributing 1 million cards by the end of June 2022. The provincial government has also approved a project to facilitate farmers by providing subsidised agricultural implements based on a ratio of 60:40.…
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NA panel approves amended FRDL Act | The Express Tribune
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[ad_1] ISLAMABAD: A legislative panel of the National Assembly on Wednesday approved amendments to the Fiscal Responsibility and Debt Limitation (FRDL) Act to relax the condition to reduce the debt to a sustainable level for 10 years after the government constantly violated the law. The National Assembly Standing Committee on Finance and Revenue unanimously approved…
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ADB to continue supporting Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: The Asian Development Bank (ADB) is committed to supporting the implementation of structural reforms in Pakistan, said ADB Public Management, Financial Sector and Trade Division Director Tariq H Niazi. In a meeting with Federal Minister for Finance and Revenue Shaukat Tarin on Wednesday, he appreciated the efforts of the government aimed at improving…
