Tribune
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Pakistan inches closer to IMF funding | The Express Tribune
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[ad_1] ISLAMABAD: After revising the budget in line with the International Monetary Fund’s demands, Pakistan expects progress towards securing the 9th review programme by receiving a Memorandum for Economic and Financial Policy (MEFP), sources said on Monday. The sources said that soon after the approval of the MEFP, the staff-level agreement and an IMF board…
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Another Rs4 billion approved for PIA | The Express Tribune
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[ad_1] ISLAMABAD: The government on Monday approved a Rs4 billion bailout package to pay the interest cost on the legacy loan of Pakistan International Airlines (PIA) — a sum that still falls short of the money needed to settle the entity’s liabilities and avoid international embarrassment. According to the Finance Ministry, the Economic Coordination Committee…
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SBP hikes key policy rate by 100 basis points to 22% | The Express Tribune
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[ad_1] KARACHI: Fulfilling another demand of the International Monetary Fund (IMF) to revive its loan programme, Pakistan’s central bank jacked up its key policy rate by 100 basis points to a new record high at 22 per cent in an emergency meeting on Monday. The rate would become effective from Tuesday. The State Bank of…
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Overcoming obstacles for Pakistani SMEs in trade | The Express Tribune
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[ad_1] KARACHI: Small and medium enterprises (SMEs) are often referred to as the engine of growth because they not only produce a significant proportion of goods and services but also provide substantial employment opportunities. SMEs are typically founded by innovative entrepreneurs and can enhance business and trading prospects for their respective industries. According to a…
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An uncomfortable reality check | The Express Tribune
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[ad_1] The recent news of a leading oil marketing company’s decision to leave Pakistan has created a stir in the country. While some attribute this to the current economic environment, the underlying factors are far more intricate and pervasive than they appear on the surface. This issue permeates not just the petroleum sector, but the…
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Nissan investigates claims against CEO | The Express Tribune
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[ad_1] TOKYO: Nissan has launched an investigation into claims by a senior adviser that CEO Makoto Uchida carried out surveillance of his deputy Ashwani Gupta, four people with direct knowledge of the matter said. The surveillance claims, first reported by the Financial Times, were made by Hari Nada, 58, a senior adviser at Nissan, in…
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Rise in LNG chain circular debt feared | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan State Oil (PSO) has voiced fear that circular debt related to the liquefied natural gas (LNG) supply chain, which has already piled up to Rs447 billion, will continue to increase. In a recent corporate briefing on the company’s performance in first nine months of financial year 2022-23 and its operational dynamics, PSO…
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Global equity funds see $15b in outflows | The Express Tribune
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[ad_1] BENGALURU: Global equity funds suffered substantial outflows during the seven days to June 21 amid concerns over borrowing costs staying higher for longer as the European Central Bank raised interest rates and the Federal Reserve signalled more hikes. Investors withdrew a net $15.12 billion from global equity funds which had seen net inflows of…
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ABAD flags cartels in construction industry | The Express Tribune
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[ad_1] KARACHI: The Association of Builders and Developers of Pakistan (ABAD) has expressed deep concerns to the Competition Commission of Pakistan (CCP) regarding the formation of cartels in the steel, glass, and tiles industries. ABAD’s Chairman, Muhammad Altaf Tai, led a delegation to the CCP, urging them to take decisive measures against the cartelisation of…
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Cybersecurity breach at NIFT puts national security at risk | The Express Tribune
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[ad_1] KARACHI: Pakistan’s national security has once again been compromised due to negligence at the National Institutional Facilitation Technologies (NIFT). Cyber attackers managed to breach the security of the cheque clearing institution, gaining unauthorised access to data and forcing the banking system to resort to a manual system despite the prevalence of digital technology. Even…
