Express
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Govt increases profit rate on savings certificates | The Express Tribune
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[ad_1] KARACHI: The government has revised the rate of profit on national saving schemes by upto 4.13% to make the schemes lucrative and mobilise investment from the general public, a local research house reported. The Central Directorate of National Savings (CDNS) has increased the rate of return on Special Savings Certificates (SSC) by 4.13% to…
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Govt renews E&P licence to boost output | The Express Tribune
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[ad_1] ISLAMABAD: The government has renewed the exploration licence of a Polish energy firm for the second time in a bid to boost oil and gas production in the country. It has also approved exemption from the condition of relinquishing 10% of licence area at the end of first licence renewal. So far, the polish…
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Weekly inflation up by 0.92% | The Express Tribune
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[ad_1] ISLAMABAD: After a temporary respite, the prices of essential items started increasing again in the week that ended on April 6 — with the inflation rate recording an increase of 44.49% on a yearly basis, the Pakistan Bureau of Statistics (PBS) on Friday reported. The short-term inflation, measured by the Sensitive Price Indicator (SPI),…
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Dar pulls out of WB-IMF spring meetings | The Express Tribune
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[ad_1] ISLAMABAD: In a major development, Finance Minister Ishaq Dar has cancelled his visit to the United States where he was scheduled to meet the International Monetary Fund management for the removal of bottlenecks in the way of the staff-level agreement regarding the revival of the stalled bailout package. Highly placed sources told The Express…
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Banks gave $3b concessionary loans during PTI rule | The Express Tribune
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[ad_1] ISLAMABAD: An official of the central bank on Thursday revealed to a parliamentary committee that commercial banks issued around $3billion worth of loans to over 600 businessmen at zero markup rate during the rule of the Pakistan Tehreek-e-Insaf (PTI). “Banks offered these loans at concessionary rates during the pandemic,” the State Bank of Pakistan…
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Skyrocketing inflation leaves millions of Pakistanis struggling | The Express Tribune
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[ad_1] KARACHI: As Pakistan grapples with one of the worst economic crises, millions of the countrymen struggle to celebrate the holy month of Ramazan amid skyrocketing inflation. Decades-high inflation and a massive devaluation of the local currency have drastically reduced the already dwindling buying power of millions of Pakistanis, making it next to impossible for…
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No solution to $27b Iraq energy deal yet | The Express Tribune
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[ad_1] LONDON: The stalled agreement between Iraq and TotalEnergies over a $27 billion energy project has yet to find a resolution, the French oil major’s Chief Executive Patrick Pouyanne said at the firm’s climate update on Tuesday. TotalEnergies agreed in September 2021 to invest in four oil, gas and renewables projects in Iraq’s southern Basra…
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Pakistan to start importing Russian oil this month: Malik | The Express Tribune
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[ad_1] KARACHI: Minister of State for Petroleum Dr Musadik Malik has said that talks between Islamabad and Moscow are underway for the import of oil, adding that Pakistan will begin importing Russian crude oil at discounted rate from this month. He said this while addressing petroleum dealers and businessmen and industrialists in Karachi at the PSO…
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PSO’s receivables surge to all-time high of Rs742.3b | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan State Oil (PSO) is facing a financial crisis amidst the ongoing freefall of the Pakistani rupee against the US dollar. The company has booked claims of Rs6.7 billion against gas Utility-Sui Northern Gas Pipeline Limited (SNGPL) for the supply of Liquefied Natural Gas (LNG). PSO had entered the LNG business during the…
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Loans required urgently to avert public debt crisis: WB | The Express Tribune
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[ad_1] ISLAMABAD: The World Bank, on Tuesday, said that various economic shocks pushed nearly four million Pakistanis into poverty this fiscal year. The lender also urged Islamabad to immediately arrange fresh foreign loans to avert a “public debt crisis”. The Pakistan Development Update – a flagship report from the lender, has warned Pakistan about serious…
