Express
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Moody’s fears Pakistan will fail to revive IMF programme | The Express Tribune
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[ad_1] KARACHI: Moody’s Investors Service on Wednesday said Pakistan is feared to fail on reviving the International Monetary Fund (IMF)’s stalled loan program worth $6.7 billion by the time it officially expires in two weeks on June 30. Without the IMF on board, the risk of the nation’s default on foreign debt repayment has sharpened…
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Budget assailed for lacking relief for poor | The Express Tribune
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[ad_1] ISLAMABAD: The federal budget came under heavy criticism, even from a federal minister, in the National Assembly on Tuesday, as the lawmakers questioned the government’s performance during the last one year. The lawmakers, including dissident Pakistan Tehreek-e-Insaf (PTI) member Noor Alam Khan and Federal Minister Syed Khurshid Shah of the Pakistan Peoples Party (PPP),…
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Rupee recovers Rs7 vs dollar in open market | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its losing streak for the third consecutive working day on Tuesday amid mounting debt repayment pressure in June, the last month of current fiscal year. Analysts projected a sharp devaluation of the currency if the expected loan rollover and refinancing was delayed. The currency dropped 0.12%, or Rs0.34, to a…
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Govt rules out freeze on $5.4b FCAs | The Express Tribune
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[ad_1] ISLAMABAD: Top government functionaries, while explaining that the authorities would not inquire about the source of income on foreign remittances up to $100,000, on Monday ruled out any freeze on the $5.4 billion in private foreign currency accounts (FCAs) as part of the ‘Plan-B’. The statements made in the Senate Standing Committee on Finance,…
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Pakistan seeks fast-track refinancing of $1.3b loans | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Monday requested China to fast-track the refinancing of maturing commercial loans of $1.3 billion and apprised it of the diminishing prospects of revival of the International Monetary Fund (IMF) loan programme. The request was made by Finance Minister Ishaq Dar during a meeting with China’s Charge d’affaires Pang Chunxue at the…
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Auto sector shows signs of recovery amidst YoY decline | The Express Tribune
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[ad_1] KARACHI: Pakistan witnessed a glimmer of hope in the auto sector as automobile sales in May 2023 recorded a month-on-month recovery of 19%. However, it is crucial to note that this improvement comes with a staggering year-on-year decline of 77%. The Pakistan Automotive Manufacturers Association (PAMA) report revealed that approximately 5.3 thousand units were…
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Budget 2024: less relief, no reforms | The Express Tribune
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[ad_1] KARACHI: The verdict is out. The much-awaited last budget of the current regime is a bit of everything and not exactly what the economy needs. From a broader perspective, the election is being kept in mind, as well as the fact that squandering money at this pace will shut the doors of the International…
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Migrants in UAE turn to crypto to send remittances home | The Express Tribune
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[ad_1] DUBAI: Muhammed Bilal used to have to wait his turn outside a money transfer office in the scorching heat of Dubai to send home $1,000 to his wife and parents in Pakistan each month, at a cost of about $7 per transfer. He has since switched to an app that allows him to send…
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ECC rejects allowance for PM’s inspection commission | The Express Tribune
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[ad_1] ISLAMABAD: In a recent development, the Economic Coordination Committee (ECC) has denied the approval of executive allowance for the Prime Minister’s Inspection Commission (PMIC) due to objections raised by the finance division.Sources revealed to The Express Tribune that the matter was brought before the economic decision-making body last month when a request for a…
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Sindh unveils ambitious rehabilitation plans | The Express Tribune
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[ad_1] KARACHI: The Sindh government has revealed a comprehensive rehabilitation plan in its budget for 2023-24, aiming to revitalise various sectors affected by the devastating monsoon floods of 2022. Chief Minister Sindh, Murad Ali Shah, highlighted the extensive damage caused by the calamity, which affected over 33 million people nationwide, with Sindh bearing the brunt…
