Tribune
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India’s push to regulate crypto gains IMF, US support at G20 | The Express Tribune
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[ad_1] BENGALURU: A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two days of talks. India has said it wants a collective global effort to deal with problems posed by…
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Builders decry high cost of raw material | The Express Tribune
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[ad_1] KARACHI: The current economic crisis, coupled with restrictions on import of steel raw material, has pushed steel rebar prices to significantly higher levels, creating friction between builders and producers of the metal. Expressing concern over the fate of construction industry, the Association of Builders and Developers of Pakistan (ABAD) in a statement lamented that…
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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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Cabinet approves Rs52b FCAs recovery | The Express Tribune
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[ad_1] ISLAMABAD: The government has sought policy guidelines from the power regulator for transferring the burden of a staggering Rs52 billion to the consumers on account of fuel charges adjustments (FCAs) for the months of June and July, 2022. The National Power Regulatory Authority (Nepra) would calculate this amount under the period of eight months…
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Biden nominates Banga to head World Bank | The Express Tribune
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[ad_1] WASHINGTON: US President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change. The World Bank on Wednesday said it expects to select a new president by early May to replace David Malpass, who…
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SBP reserves rise by $66m to $3.258b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by $66 million to $3.258 billion in the week ending Feb 17, the State Bank of Pakistan (SBP) said on Thursday, while its total liquid foreign reserves stood at $8.726 billion. Pakistan, which is a $350 billion economy, is facing economic turmoil, with…
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President Alvi approves mini-budget | The Express Tribune
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[ad_1] ISLAMABAD: President Dr Arif Alvi on Thursday approved the Finance (Supplementary) Bill 2023, also known as the mini-budget. According to the statement from Aiwan-e-Sadr, the approval was given under Article 75 of the Constitution which states that when a bill is presented to the president for assent, the president shall, within 10 days assent…
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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…
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Chinese bank approves $700m to Pakistan, says Dar | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar on Wednesday announced that the board of China Development Bank (CDB) approved a loan of $700 million for Pakistan. Earlier this month, the country’s foreign exchange reserves slipped to the alarming level of below $3 billion for the first time in nine years, reducing import capacity to slightly over two…
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Gas shortage exposes fragile Pakistan, Bangladesh to more pain | The Express Tribune
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[ad_1] With a little over a month to go for peak shopping season during Ramadan, the head of Pakistan’s retail industry body is shuttling between meetings, pressing officials to relax orders that forced malls to shut by 8.30 p.m. to save energy. More than 40% of annual retail sales occur in the 30 days of…
