Pakistan
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FinMin Ishaq Dar ‘responsibly’ denies Pakistan needs financial emergency
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[ad_1] Federal Minister for Finance and Revenue Ishaq Dar addressing a press conference on March 3, 2023, in Islamabad, in this still taken from a video. — YouTube/Geo News Minister for Finance and Revenue Senator Ishaq Dar Friday rubbished rumours regarding a need of imposing a financial emergency, castigating Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan…
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How much debt does Pakistan have to repay by June 2023?
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[ad_1] A representational image. — pngegg.com Unless Pakistan is able to secure a substantial amount of funds, the cash-strapped nation’s economic turmoil is here to stay as the rupee and inflation have just hit historic highs — and the situation hints towards a possible default. While Finance Minister Ishaq Dar’s comments paint a not-so-gloomy image…
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Pakistan inflation jumps 31.5%, highest in nearly 50 years | The Express Tribune
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[ad_1] KARACHI: The Consumer Price Index (CPI), the inflation monitor, jumped 31.5% in February year-on-year, the Pakistan Bureau of Statistics (PBS) said on Wednesday, the highest annual rate in nearly 50 years, as food, beverage and transportation prices surged more than 45%. February’s 31.5% rate is the highest since 1974, a spokesperson for the PBS…
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FinMin Dar ‘once again’ brushes aside rumours of Pakistan ‘defaulting’
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[ad_1] Senate Chairman Sadiq Sanjrani chairs a special session of the Senate’s Business Advisory Committee on February 25, 2023, at the Parliament House. — Twitter/@SenatePakistan ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar on Saturday once again brushed aside the rumours about Pakistan “defaulting“, reiterating his stance that he will pull the county out of…
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Gold price falls by Rs1,000 per tola in Pakistan
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[ad_1] An undated image of gold bars. — AFP/File Gold prices extended losses on Saturday as the rate fell by 0.5% as investors remained concerned over news reports hinting towards a massive interest rate hike by the State Bank of Pakistan (SBP). According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA),…
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Pakistan ‘agrees’ to raise policy rate by 2% under IMF pressure
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[ad_1] The International Monetary Fund’s building. — AFP/File As the economic crisis in Pakistan worsens with depleting foreign currency reserves barely enough to pay for three weeks worth of imports, the country agreed on Saturday before the International Monetary Fund (IMF) to increase the policy rate by 2% — one of the conditions to secure…
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Pakistan, Uzbekistan sign $1bn trade agreement
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[ad_1] Federal Minister for Finance and Revenue Ishaq Dar shakes hands with Uzbekistan’s Minister of Investments, Industry and Trade Laziz Kudratov during the Inter-governmental Commission (IGC) held in Uzbekistan on February 24, 2022. — Photo by author ISLAMABAD: In order to encourage the exchange of goods and services between Pakistan and Uzbekistan, the two sides on…
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Cash-strapped Pakistan gets $700m from Chinese bank | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) has received $700 million from the China Development Bank (CDB) in a much-needed boost to forex reserves as the country grapples with a worsening economic crisis. The finance minister took to Twitter to make the announcement. “AlhamdoLilah! Funds $700 million received…
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Gold rate rises in Pakistan despite recovery in rupee
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[ad_1] An undated image of a customer looking at the gold bangles at a store. — AFP/File Gold regained lost ground on Thursday, as bargain hunting trickled in after prices dropped a day earlier in response to the continued recovery of the Pakistani rupee against the US dollar. Data released by the All-Pakistan Sarafa Gems…
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Pakistan to clinch IMF deal ‘any day now’: commerce minister | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Commerce Syed Naveed Qamar said Wednesday that the International Monetary Fund (IMF) is likely to announce its staff level agreement with Pakistan on the Extended Fund Facility (EFF) by this week. “Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the…
