Express
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‘Pakistan on brink of debt default’ | The Express Tribune
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[ad_1] Renowned economist Steve Hanke has warned that Pakistan was on the brink of a “debt default”. “Its [Pakistan’s] sovereign bonds have lost more than 60% of their value this year. I’m not surprised,” he wrote on his official Twitter handle on Friday. Hanke said that Prime Minister Shehbaz Sharif’s government was failing to save…
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IMF, WB, IsDB vow continued support to Pakistan | The Express Tribune
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[ad_1] The International Monetary Fund (IMF), the World Bank (WB) and Islamic Development Bank (IsDB) on Thursday assured Pakistan of complete cooperation and support as the country suffers from the consequences of devastating floods. The commitments of continued support to the country by the lenders were made during separate meetings with Finance Minister Ishaq Dar,…
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PRA’s receipts go up 31% | The Express Tribune
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[ad_1] LAHORE: The Punjab Revenue Authority (PRA) collected 31% higher revenue during the first quarter of financial year 2022-23 by collecting Rs42,899 million, as compared to Rs32,706 million during the corresponding period of previous year. “The current financial year augurs well for the authority when it recorded 31.10%, 41.22% and 17.63% increase in revenue for…
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Saudi Arabia says OPEC+ oil cut ‘purely economic’ | The Express Tribune
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[ad_1] CAIRO: Saudi Arabia rejected as “not based on facts” criticism of an OPEC+ decision last week to cut its oil production target despite US objections, and said Washington’s request to delay the cut by a month would have had negative economic consequences. The OPEC+ decision was adopted through consensus, took into account the balance…
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Oil down on strong dollar | The Express Tribune
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[ad_1] NEW YORK: Oil futures fell for a third day on Wednesday, as a stronger dollar and worries about weaker demand and rising interest rates outweighed supply concerns that followed last week’s OPEC+ cut to its production target. Both OPEC and the US Energy Department slashed their demand outlooks. Last week, together with allies including…
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Govt to raise Rs7 trillion through bonds | The Express Tribune
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[ad_1] KARACHI: The government has targeted raising over Rs7 trillion by selling various short and long-tenure sovereign bonds to financial institutions over the next three-month period (October-December). This is in response to the devastation caused by the floods and the need to generate more financing to address its aftershocks. On Wednesday, the government borrowed Rs218.3…
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Oil falls on fears of global recession | The Express Tribune
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[ad_1] NEW YORK: Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global…
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Remittances hit four-month low in Sept | The Express Tribune
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[ad_1] KARACHI: Remittances sent home by overseas Pakistanis slowed down to a four-month low at $2.44 billion in September 2022. The State Bank of Pakistan (SBP) reported on Tuesday that the receipts contracted 10.5% in September 2022 compared to inflows of $2.72 billion in the prior month. The remittances were 12.3% lower compared to the…
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Moody’s cuts five Pakistani banks’ long-term deposit ratings | The Express Tribune
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[ad_1] Moody’s Investors Service has downgraded the long-term deposit ratings of five Pakistani commercial banks — Allied Bank Limited (ABL), Habib Bank Ltd, (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd (UBL) — to Caa1 from B3. The rating agency has also downgraded the five banks’ long-term foreign currency…
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Rs410 million approved to deal with PTI march | The Express Tribune
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[ad_1] ISLAMABAD: The Economic Coordination Committee (ECC) on Monday approved an initial budget of over Rs410 million to deal with the participants of the Pakistan Tehreek-e-Insaf (PTI) long march with an iron hand and also backed the decision to provide cheap electricity to exporters. Chaired by Finance Minister Ishaq Dar, a meeting of the ECC…
