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Trade deficit peaks at $39.3 billion | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s trade deficit crossed $39 billion in first 10 months of the current fiscal year, as the pace of increase in imports was double than the surge in exports, leaving the new government in search of dollars amid its weakening will to take tough policy decisions. The $39.3 billion gap between exports and…
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‘Govt incurs Rs102 billion loss every month due to petrol prices’ | The Express Tribune
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[ad_1] KARACHI: Finance Minister Miftah Ismail claimed on Thursday that the federal government incurs a loss of Rs102 billion monthly due to the current petroleum prices, stating that the terms of Imran Khan’s International Monetary Fund (IMF) agreement stipulated a price of Rs245 per litre of petrol. In conversation with the media in Karachi, the…
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Govt raises Rs376 billion through PIBs | The Express Tribune
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[ad_1] KARACHI: The cash-strapped government raised Rs375.8 billion against the set target of Rs100 billion through auctioning three to 10-year Pakistan Investment Bonds (PIB) to commercial banks on Thursday, as lending rate on the long-term bonds remained significantly low – despite a spike – compared to short-term papers. The lending rate aggressively increased by 145…
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Power firms incurring Rs150 billion losses | The Express Tribune
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[ad_1] ISLAMABAD: Ex-Wapda distribution companies (XWDISCOs) are incurring losses of Rs150 billion annually on account of electricity theft, line losses and fewer recoveries, noted the National Electric Power Regulatory Authority (Nepra). During a hearing of petitions of distribution companies for the second quarter (Oct-Dec) of 2021-22, the XWDISCOs failed to satisfy the regulator on capacity…
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OGDC profit soars 79% to Rs43.16 billion | The Express Tribune
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[ad_1] KARACHI: The Oil and Gas Development Company (OGDC) net profit soared 79% to Rs43.16 billion in the third quarter ended March 31, 2022 mainly due to the rupee depreciation and surge in energy prices from the fields to the downstream industries. The oil and gas exploration firm booked a profit of Rs24.12 billion in…
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ECC approves Rs68.7 billion grant | The Express Tribune
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[ad_1] ISLAMABAD: In its maiden meeting, the Economic Coordination Committee (ECC) on Tuesday approved Rs68.7 billion supplementary grant to pay for the cost of providing the petroleum products at subsidised rates – a sum that the country cannot afford to bear any longer. The Minister for Finance Dr Miftah Ismail chaired the first ECC of…
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SBP reserves fall $470m to $10.85 billion | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 4.15% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 8, the foreign currency reserves held by the SBP were recorded at $10,849.6 million, down $470 million compared with $11,319.2 million on April…
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Banks approve housing finance amounting to Rs180 billion | The Express Tribune
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[ad_1] KARACHI: Banks have shown strong progress in approving and disbursing financing under the ‘Mera Pakistan Mera Ghar’ (MPMG) scheme against the huge number of applications lodged by potential borrowers to avail housing finance. As of April 11 (2022), banks received applications for housing finance amounting to Rs409 billion, which was merely Rs57 billion a…
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Sri Lanka seeking $3 billion to stave off crisis | The Express Tribune
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[ad_1] COLOMBO: Sri Lanka will need about $3 billion in external assistance within the next six months to help restore supplies of essential items, including fuel and medicines, to manage a severe economic crisis, its finance minister told Reuters on Saturday. The island nation of 22 million people has been hit by prolonged power cuts,…
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Germany plans over €100 billion aid for companies | The Express Tribune
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[ad_1] BERLIN: Germany plans to offer more than €100 billion ($108.8 billion) worth of aid to companies hit by fallout from the war in Ukraine, according to a document from the finance and economy ministries seen by Reuters on Friday. In the plan, later published by the ministries, the government labelled the aid a “protective…
