Express
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Pakistan’s textile exports may fall ‘below $1b a month’ from 2023 | The Express Tribune
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[ad_1] The All Pakistan Textile Mills Association (APTMA) in a letter to Prime Minister Shehbaz Sharif on Friday warned that the country’s textile exports could fall below $1 billion a month from January 2023 onwards. The letter highlighted a range of issues facing the textile sector which is currently operating at less than 50 per…
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IMF wants market-base rupee value | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has pressed Pakistan to let its currency gain the real value amid the country’s tighter currency controls, which have now created a black market for dollars and also discouraging foreign inflows through regular channels. However, Islamabad has not accepted the IMF’s stance on the grounds that the State…
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PIA, private airlines jack up domestic fares | The Express Tribune
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[ad_1] KARACHI: The Pakistan International Airlines as well as private airlines have exorbitantly increased their domestic fares. The tickets have become extremely expensive because of the upcoming Christmas, winter holidays and New Year’s eve. According to sources, the main reason for the tickets becoming so expensive is the huge gap between demand and supply. The…
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S&P downgrades Pakistan’s credit rating | The Express Tribune
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[ad_1] KARACHI: S&P Global Ratings has downgraded Pakistan’s credit rating in the wake of its quickly depleting foreign exchange reserves – which are close to hitting a nine-year low at $6.11 billion on Thursday. “S&P also raised the outlook for Pakistan to stable from negative,” reported Bloomberg, citing a statement from S&P. “The nation’s credit…
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CDWP clears seven projects costing Rs116b | The Express Tribune
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[ad_1] ISLAMABAD: The Central Development Working Party (CDWP) on Thursday cleared seven development projects worth Rs115.80 billion in a meeting held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal. The projects were related to the Ministry of Communications, Ministry of Housing and Works, Ministry of Planning and the Higher…
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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 indecisive on sugar procurement | The Express Tribune
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[ad_1] ISLAMABAD: Utility Stores Corporation received bids for sugar procurement two weeks earlier but it has been unable to take decision so far. Sources said that the corporation received Rs11 more in bids than the last year price with Jahangir Tareen’s mills giving lowest price of Rs90 per kilogram. It is to be noted that…
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Pakistan identifies $8.2b flood funding gap | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has identified a funding gap of $8.2 billion against the $16.3 billion total flood rehabilitation and reconstruction requirements — setting the goal for the international donors conference next month. The $8.2 billion gap appeared too large to be filled in the Geneva conference amid low response to the UN’s $816 million emergency…
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WTO chief rebukes stalled fishing negotiations | The Express Tribune
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[ad_1] GENEVA: The head of the World Trade Organisation (WTO) chided countries for failing to make headway on negotiations covering fishing and agriculture because of infighting over who should lead them. The WTO broke a multi-year deal-making drought in June by clinching a series of agreements at a major trade conference in Geneva in June,…
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Rupee depreciates beyond 225 to a dollar | The Express Tribune
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[ad_1] KARACHI: With a widening gap between demand and supply of the US dollar, the value of Pakistani currency on Tuesday depreciated beyond 225 against the greenback in the inter-bank market after a gap of two and a half month. The rupee slid by 0.08% (or Rs0.20) to Rs225.12 against the US dollar compared to…
