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Govt issues Rs129 billion for development projects under PSDP
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[ad_1] Labourers are busy in construction work of bridge. — APP/File ISLAMABAD: The Ministry of Planning, Development and Special Initiatives has released Rs129 billion for development projects under Public Sector Development Programme (PSDP) for the fourth quarter of the current fiscal year (2022-23). According to a statement issued by the ministry, the Water Resource Division…
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$6 billion financing plan remains elusive | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) on Thursday did not accept Pakistan’s request to reduce the additional loan requirement to $5 billion, as its deputy managing director sought further clarifications about the viability of an official plan to raise the loans. The Ministry of Finance did not report any breakthrough after a virtual contact…
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Saudi Aramco records $161 billion profit for 2022
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[ad_1] A general view of Saudi Aramco’s Abqaiq oil processing plant. — AFP/File RIYADH: Saudi Aramco said on Sunday it achieved “record” profits totalling $161.1 billion last year, drawing an outraged response from activists warning about the ravages of climate change. The mostly state-owned energy giant, the world’s second most valuable company behind Apple, said…
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Rs170 billion mini-budget sails through National Assembly | The Express Tribune
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[ad_1] ISLAMABAD: The National Assembly on Monday passed the Finance (Supplementary) Bill, 2023 dubbed as ‘mini-budget’ to impose new taxes worth Rs170 billion in a bid to revive the stalled International Monetary Fund (IMF) bailout programme. Minister for Finance Ishaq Dar introduced the bill in the House last week followed by formal debate that started…
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Rs170 billion in taxes will have to be imposed: Ishaq Dar
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[ad_1] Finance Minister Ishaq Dar addresses a press conference on loan talks between IMF and Pakistan. — Screengrab/ Geo News Under the deal with the International Monetary Fund (IMF), new taxes worth Rs170 billion will have to be imposed, for which a mini-budget will have to be introduced, Finance Minister Ishaq Dar announced Friday. Dar…
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SBP’s foreign exchange reserves slip under $3 billion
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[ad_1] A man counts dollar bills. — AFP The foreign exchange reserves of Pakistan’s central bank slipped under $3 billion to a nine-year low as it struggles to get inflows due to a stalled International Monetary Fund (IMF) programme. The federal government is trying to unlock the IMF deal, with the lender’s mission in Islamabad…
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SBP-held forex reserves plunge to $3.7 billion
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[ad_1] A Pakistani dealer counts US dollars at a currency exchange shop in Karachi on October 9, 2018. — AFP/File The State Bank of Pakistan (SBP)-held foreign reserves plunged to $3.7 billion, their lowest in more than eight years, as the nation of 220 million people struggles to meet its finance amid a stalled International…
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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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SBP’s forex reserves fall to 8-year low at $6.1 billion | The Express Tribune
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[ad_1] KARACHI: In its latest weekly update on Thursday, Pakistan’s central bank reported the country’s foreign exchange reserves have depleted to $6.11 billion. “During the week ended on December 16, 2022, SBP’s reserves decreased by $584 million to $6,116.2 million due to external debt repayment,” SBP said in a statement. The foreign exchange reserves held…
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Govt’s dilemma of filling Rs700 billion hole | The Express Tribune
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[ad_1] ISLAMABAD: The energy ministry has worked out a Rs2.3 to a whopping Rs31.60 per unit electricity surcharge to cover a hole of over Rs700 billion, which has surfaced due to bad governance, unrealistic budgeting and political decisions to give subsidies to exporters and farmers. Rs700 billion deviations against the Circular Debt Reduction Plan 2023…
