Tribune
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Petroleum product import falls 5% to $1.26b | The Express Tribune
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[ad_1] KARACHI: Pakistan’s import of petroleum products, which is the largest contributor to its total import bill, has decreased by 5% to $1.26 billion in February compared to the previous month of January, according to official data reported on Friday. However, despite the decline, it still accounts for almost one-third of the country’s import bill.…
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Still importing to ‘Make in Pakistan’ | The Express Tribune
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[ad_1] The “Make in Pakistan” mobile phones dream seems to have fallen flat, despite tax benefits of over Rs46 billion given in the last fiscal year, as the government has failed to ensure localisation of mobile handsets manufacturing in violation of a state policy. The criminal negligence on part of the Engineering Development Board (EDB)…
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Pakistan receives $500m from China’s ICBC bank | The Express Tribune
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[ad_1] KARACHI: Pakistan has received a loan tranche from China of $500 million that will help the country shore up its depleting foreign exchange reserves as the government battles an ongoing economic crisis. Finance Minister Ishaq Dar confirmed the receipt of the $500m by the State Bank of Pakistan from the Chinese Industrial and Commercial…
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Agri sector can wipe out CAD in 6 years | The Express Tribune
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[ad_1] KARACHI: Pakistan’s agriculture sector has the potential to overcome the current account deficit and balance-of-payment crisis within six years, according to State Bank of Pakistan (SBP) Former Governor Salim Raza. Speaking at ‘Agri Connections 2023’, organised by the Pakistan Agricultural Coalition (PAC) on Thursday, Raza noted that the agriculture sector must sustainably grow at…
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US to launch $4.5m project for effective use of fertiliser | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan and the United States have decided that the US Department of Agriculture will launch Fertiliser Right programme this year in Pakistan, a four-year, $4.5 million project with local partners to help farmers use fertiliser more efficiently and effectively, reducing environmental pollution and lowering cost. The understanding was reached in meetings of the…
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Forex reserves rise to $4.31b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 0.4% on a week-on-week basis to $4.3 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 10, 2023, the SBP’s foreign currency reserves stood at $4,319.1 million, up by $18 million compared to $4,301 million…
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US to help restore power infrastructure in Sindh | The Express Tribune
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[ad_1] ISLAMABAD: The United States has announced new programmes for advancing energy cooperation with Pakistan, which include a $500,000 project to restore electricity infrastructure in flood-stricken areas in Sindh. Other initiatives include a grant to augment research and development work on electric vehicles at Lahore University of Management Sciences (LUMS) and support for the second…
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Govt jacks up petrol price by Rs5 | The Express Tribune
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[ad_1] ISLAMABAD: Owing to the increase in oil prices in the international market and depreciation of the Pakistani rupee, the federal government on Wednesday raised the price of petrol by Rs5 per litre effective immediately. “In the last fortnight, Platts Singapore prices registered an increase. This along with a depreciation of Pak Rupee has resulted in…
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Oil prices ease to 5-week low | The Express Tribune
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[ad_1] NEW YORK: Oil prices fell about 1% to a five-week low on Tuesday as the collapse of Silicon Valley Bank (SVB) sparked fears of a fresh financial crisis that could reduce future oil demand. Brent futures were down 51 cents, or 0.6%, to $80.26 a barrel by 1536 GMT, while US West Texas Intermediate…
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Bitcoin jumps to highest since June as rally gathers pace | The Express Tribune
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[ad_1] LONDON: Bitcoin hit a nine-month high on Tuesday, taking gains past 30% in four days as it shrugged off chaos in global markets after last week’s collapse of Silicon Valley Bank and rode expectations that US interest rates won’t rise so fast. Bitcoin jumped as much as 9.6% to $26,533, its highest since June 2022,…
