Express
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Forex reserves rise by $394m to $4.4b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 9.76% on a week-on-week basis to $4.4 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 14, 2023, the SBP’s foreign currency reserves stood at $4,432.5 million, up by $394 million as compared to $4,038.3…
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Govt borrows Rs599b via T-bills auction | The Express Tribune
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[ad_1] KARACHI: The government on Wednesday raised debt worth Rs599 billion through the sale of treasury bills to commercial banks, which lent funds at a historical high return of almost 22%. The borrowed amount was, however, almost 40% less than the target of Rs1 trillion as banks demanded a higher rate of return on lending…
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IMF struggles to find trustworthy partners | The Express Tribune
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[ad_1] KARACHI: The International Monetary Fund (IMF) is facing a challenging question regarding whom to trust in Pakistan to revive its $7 billion loan programme for the nation. The incumbent government, led by Finance Minister Ishaq Dar, has continued to fulfil commitments with the IMF and implement tough decisions. However, the IMF is assessing who…
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Import ban pushes Pakistan’s current account into surplus | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s current account recorded a surplus in March, the highest in two years, the State Bank of Pakistan (SBP) alongwith other market analysts said, following stringent import restrictions to manage the economy’s turmoil. Pakistan is trying to get an IMF bailout back on track and both sides have been engaged since early February in talks to clear…
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Soaring inflation dampens Eid holiday spirit | The Express Tribune
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[ad_1] The holiday that marks the end of the Muslim fasting month of Ramazan used to be a guaranteed earner for Pakistan’s small shops and businesses — a big-spending week that could match the take from the rest of the year. This year, however, many worry they will not even make enough to pay their…
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Govt goes ahead with petrol subsidy scheme | The Express Tribune
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[ad_1] ISLAMABAD: Contrary to the assurance given to the International Monetary Fund (IMF) of shelving the petrol subsidy scheme, the government has moved a summary for a relief package for motorcyclists and small vehicle owners. In February, Prime Minister Shehbaz Sharif gave go ahead to petrol subsidy to motorcyclists and car owners of up to…
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‘Avanceon, ZOMCO JV an opportunity for Pakistan’ | The Express Tribune
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[ad_1] KARACHI: In a major development for the Pakistani information technology (IT) industry, Avanceon Saudi for Energy Company, a subsidiary of Avanceon Limited, has entered into a joint venture with ZOMCO (Zamil Operations and Maintenance), a subsidiary of the Zamil Group, based in Saudi Arabia. The joint venture agreement is aimed at expanding the project…
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‘Economy is on the brink of collapse’ | The Express Tribune
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[ad_1] Experts in the field of economics have sounded the alarm on Pakistan’s economic future, urging the country to ramp up its exports and take control of its fiscal deficit. Speaking at a webinar entitled “The State of Pakistan’s Economy – Moving Forward,” hosted by journalist Talha Jatoi, the panel included Former Chief Economist of…
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Ministry releases Rs129b for development projects | The Express Tribune
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[ad_1] ISLAMABAD: Despite financial constraints and disruptions caused by floods last year, the Ministry of Planning has released Rs129 billion for development projects under the Public Sector Development Programme (PSDP) for the fourth quarter of the year 2022-23. The Water Resource Division and the Higher Education Commission (HEC) have been given top priority in the…
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The cost of infighting, conflicts | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan, especially after the 1971 debacle, entered into a very difficult economic phase. Before that, most of its exports were from its eastern wing, while the western wing was the real seat of government and elite capitalists. The country needed the all-important foreign exchange to support its dollar spending but faced an almost…
