Tribune
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SBP directs banks to facilitate the release of imports | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) on Monday announced a one-time facility for import-driven businesses in crisis, as it directed commercial banks to process import documents to release the majority of goods stuck up at Karachi ports. The directives are expected to gradually ease the crisis of imported raw materials across the industries…
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SBP set to raise policy rate to rein in inflation | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank is highly expected to jack up its key policy rate by 100 basis points (bps) to 17% at the monetary policy review on Monday (Jan 23) ahead of the revival of International Monetary Fund (IMF) loan programme. “Implementation of the loan programme is feared to push inflation reading to multi-decade…
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Parts makers oppose used tractor imports | The Express Tribune
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[ad_1] LAHORE: Auto parts manufacturers have rejected the Economic Coordination Committee’s decision to import second-hand tractors, terming it ill-advised and dangerous, as it will deal a blow to the engineering industry of Pakistan. In a statement on Saturday, Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Chairman Munir K Bana, Senior Vice Chairman Usman…
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OGDCL finds 3.29 bcf of gas reserves in Guddu | The Express Tribune
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[ad_1] ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has discovered a hydrocarbon-rich field in Sindh having estimated reserves of 3.292 billion cubic feet (bcf) of gas. Commercial production from the new discovery is poised to start in June this year. However, the company is seeking a one-year extension in the testing phase for the…
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Addressing circular debt is a priority: Dar | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar has said that it is the government’s priority to address the issues being faced in the energy sector – including circular debt – to bring financial sustainability to the sector and economic growth to the country. Chairing a meeting on the reforms in the energy sector at the Finance…
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Rupee continues to lose strength | The Express Tribune
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[ad_1] KARACHI: The rupee continued to depreciate slightly ahead of the revival of the International Monetary Fund’s (IMF) loan programme. It dropped by 0.23%, or Rs0.52, to a three- and-half-month new low at Rs229.67 against the US dollar in the interbank market on Friday. In the past five weeks, the rupee has dropped value consecutively…
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Govt slashes investment limits for NPCs | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Friday drastically reduced the minimum investment limits but significantly increased profit rates to raise foreign debt from overseas Pakistanis through the Naya Pakistan Certificates (NPCs), after the government’s borrowing options shrank and people started pulling out money. The Ministry of Finance, through a notification, revised the profit rates and investment limits…
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No escape from IMF, says Tarin | The Express Tribune
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[ad_1] LAHORE: PTI Senator and former finance minister Shaukat Tarin has said that they were making an emergency economic programme to get the country out of the current economic crisis, adding that his party would also have to approach the IMF and take tough decisions if they come to power in the next general elections.…
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WB rejects ‘unfounded’ reports of delay in loan for Pakistan | The Express Tribune
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[ad_1] World Bank Country Director for Pakistan Najy Benhassine on Thursday rejected reports of a delay in loan approval for Pakistan. Taking to Twitter, Benhassine said that press reports about a World Bank decision to delay approval of potential Bank operations in Pakistan are “unfounded”. He added that the tentative board approval dates of all…
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US wants to see Pakistan ‘economically sustainable’ | The Express Tribune
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[ad_1] WASHINGTON: The United States wants to see Pakistan in an ‘economically sustainable’ position, US State Department spokesperson Ned Price said during a press briefing on Wednesday. The spokesperson was asked if the US was paying any attention to Pakistan after it had less than $5 billion left in its foreign exchange reserves or if…
