Tribune
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Forex reserves fall by $74m to $4.4b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank fell by 1.7% on a week-on-week basis to $4.4 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 5, 2023, the SBP’s foreign currency reserves stood at $4,383.4 million, down by $74 million as compared to $4,457.2…
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Dar puts on brave face despite lurking default | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar on Thursday put on brave face, expressing optimism that Pakistan would not default on its external repayments as the government struggled to resolve an acute balance of payments crisis in the absence of a deal with the International Monetary Fund. The statement came as the IMF said in a scheduled press…
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IMF to ‘continue engagement’ despite political unrest: report | The Express Tribune
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[ad_1] The International Monetary Fund (IMF) said that it will “continue engagement with the government on the loan despite the ramp-up in political tensions”, Bloomberg reported on Thursday. The remarks by the IMF come days after former prime minister Imran Khan was arrested from the Islamabad High Court (IHC) on May 9 in the Al-Qadir Trust…
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Germany announces €163m aid for Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: German Parliamentary Minister for Economic Affairs Niels Annen on Tuesday announced economic assistance worth 163 million euros for Pakistan. He made this announcement during his meeting with Economic Affairs Minister Sardar Ayaz Sadiq, saying the assistance would be given in lieu of three to five years development projects. According to the press release,…
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Men’s garments export to China rises 29% in Q1 | The Express Tribune
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[ad_1] BEIJING: Pakistani men’s garment exports to China showed a significant growth of 29% in the first quarter of 2023. “This growth can be attributed to Pakistan’s strong manufacturing capability and high quality of its garments,” said Ghulam Qadir, Commercial Counsellor of Pakistan Embassy in Beijing, on Tuesday. “In the first three months of 2023,…
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Oil, gas firms post profits in face of debt | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s state-run oil and gas companies are facing a serious challenge of circular debt that is putting the oil and gas supply chain and their future investment plans at stake. Despite witnessing growth, the companies are struggling to cope with the mounting debt that could collapse the entire industry. Circular debt has been…
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Moody’s warns Pakistan could default without IMF bailout | The Express Tribune
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[ad_1] Moody’s Investors Service warned that Pakistan could default without an International Monetary Fund (IMF) bailout as the country faces uncertain financing options beyond June, reported Bloomberg on Tuesday. “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the…
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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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Govt to hold investment conference in Scotland | The Express Tribune
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[ad_1] LONDON: Prime Minister Shehbaz Sharif said on Sunday that an investment conference would be convened to enhance cooperation between Pakistan and Scotland in diverse fields, including trade, investment, education, water management, wind, and solar technology. Talking to the media after a meeting with Scottish First Minister Humza Yousaf in London, Shehbaz said that he…
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Green hydrogen and Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: The media recently reported signing of an MoU among five energy companies of Pakistan, mostly PSEs, for pursuing “green hydrogen” opportunities. Apparently, the step seems quite revolutionary, especially, when the given energy source is yet to secure any sizeable foothold in the energy mix of even the developed world and hydrogen and hydrogen-based…
