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Oil falls as rate hike fears offset inventory drop | The Express Tribune
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[ad_1] LONDON: Oil fell on Wednesday, giving up earlier gains, as worries over further interest rate hikes and slowing demand offset support from an industry report showing a larger-than-expected drop in US crude inventories. Benchmark Brent crude prices are down over 15% this year as rising interest rates hit investor appetite, while China’s economic recovery…
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ECC approves 21% hike in rates of cardiac stents | The Express Tribune
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[ad_1] ISLAMABAD: The government on Monday approved up to 21% increase in the prices of lifesaving cardiac stents and also sanctioned Rs8.4 billion additional budget for the Ministry of Foreign Affairs – the two decisions that reflect the adverse impacts of steep currency devaluation. The Economic Coordination Committee of the Cabinet approved the increase in…
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IMF wants Pakistan to hike interest rates | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) on Wednesday said that Pakistan needed to further increase interest rates to stabilise inflation –- a policy advice that is not in line with the ground realities and has instead significantly increased the country’s debt burden. The global lender has released its regional economic outlook for the Middle…
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IMF cuts Pakistan’s growth forecast, sees hike in inflation | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has reduced the economic growth forecast of Pakistan to 0.5% as well as steeply increased inflation projections far above 20% for two years — underscoring that the people’s hardships would not end soon and interest rates might remain at their highest levels. The IMF’s World Economic Outlook report…
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Further rate hike unlikely to control inflation | The Express Tribune
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[ad_1] KARACHI: Pakistan’s economy has slowed down significantly partly due to a persistent hike in the key policy rate to a record high at 20%. The rate hike has lately become “ineffective” and a further rise will only aggravate the economic woes. The policy rate is a tool available with the central bank to control…
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SBP prepones meeting to hike key policy rate | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) on Tuesday preponed its meeting to Thursday regarding the matter of hiking up its key policy rate by 100-200 basis points on the recommendation of the International Monetary Fund (IMF). The policy rate currently stands at a 24-year high of 17%. The central bank, through its Twitter handle,…
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Petrol price hike sends Twitter into frenzy
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[ad_1] Representational image of a crowd at a petrol pump in Pakistan with reactions from Twitter. — AFP/Twitter The federal government on Wednesday jacked up the petrol price to a historic high, dropping another “bomb” on the inflation-hit nation in a bid to convince the International Monetary Fund (IMF) to unlock the critical loan tranche. The…
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Another fuel price hike on the cards | The Express Tribune
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[ad_1] ISLAMABAD: The government is likely to drop another petrol bomb on the masses on Feb 16 (Thursday) after it already jacked up the prices by Rs35 per litre on Jan 29, two days ahead of schedule. The masses should get ready to bear a heavy jolt as the prices of petroleum products will be…
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Up to 124% gas price hike approved
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[ad_1] In this file photo taken on October 14, 2021, in Dortmund, western Germany, flames of a lit burner of a gas stove are pictured. — AFP ISLAMABAD: In order to implement a major prior condition set by the International Monetary Fund (IMF) for striking a staff-level agreement with Pakistan, the Economic Coordination Committee (ECC)…
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Power tariff hike gets PM’s nod to salvage IMF deal | The Express Tribune
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[ad_1] ISLAMABAD: With only three days left to end differences, Prime Minister Shehbaz Sharif on Monday gave a go-ahead to increase electricity prices aimed at striking a deal with the International Monetary Fund (IMF), which may further push the annual base tariff up by about 33%. The decision in principle was taken in a meeting…
