Tribune
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Oil imports hit record at $2.2b in April | The Express Tribune
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[ad_1] KARACHI: Pakistan’s energy import bill hit a record high at $2.22 billion in April 2022, as the growth in demand was emerging partly from “speculative fuel buying” ahead of the likely decision by the government to increase petroleum prices. The import bill rose 94% in April compared to $1.14 billion for the same month…
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Rupee slumps to new record low | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its downturn for the seventh successive working day, as it nosedived to a new all-time low at over Rs194 against the US dollar in the interbank market on Monday. The government kept delaying required measures to control the growing economic crisis. The rupee fell 0.85% (or Rs1.65) to Rs194.18 against…
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GDP growth to range from 4.5-5.5% | The Express Tribune
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[ad_1] ISLAMABAD: Days before a scheduled meeting to approve the outgoing fiscal year’s economic growth rate, contradictory estimates are being made about the total national output, indicating a growth range of 4.5% to 5.5% amid claims that the Pakistan Bureau of Statistics (PBS) is being asked to adopt a conservative approach. Sources told The Express…
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Govt split over import curbs | The Express Tribune
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[ad_1] ISLAMABAD: The government on Monday appeared deeply divided over the extent of import curbs, as the prime minister wanted a steep reduction to avoid the looming default but was not ready for reduced working days while the economic team wanted the economy to keep running. Back-to-back meetings were held in the capital to find…
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Market watch: Stocks nosedive on economic concerns | The Express Tribune
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[ad_1] KARACHI: Bears completely sidelined the bulls at the Pakistan Stock Exchange on Monday, as the benchmark KSE-100 index nosedived 819 points, starting the week on a negative note. Showing their complete dominance, the bears held their grip over the market throughout the day, as jittery investors were seen offloading their holdings in panic. The…
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Rupee sinks to Rs194 against US dollar | The Express Tribune
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[ad_1] KARACHI: The depreciation of the Pakistan Rupee against the US dollar continued on Monday as the rupee sunk to a historic low of Rs194 against the greenback in the inter-bank market. The rupee had closed at Rs192.53 on Friday, according to the central bank. However, today it shed Rs1.70 against the dollar to touch…
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PSX drops by over 1,000 points due to govt inaction | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) dropped by over 1,000 points immediately after opening on Monday as the government’s inaction over the growing economic crisis mounted selling pressure on the bourse. After the 2.4% drop, the PSX benchmark KSE-100 Index declined to a two-month low at 42,443 points at around 10:22 am. Finance Minister Miftah Ismail announced on Sunday…
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Second phase of CPEC: what is needed | The Express Tribune
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[ad_1] ISLAMABAD: The current government comprises the political parties that consider themselves the champion of Pakistan-China relationship. Pakistan Peoples Party (PPP) takes pride in attributing Pak-China friendship to the founder of the party. Jamiat Ulema-e-Islam-Fazl (JUI-F) claims a major role in providing policy guidelines for economic cooperation in the late 1990s, especially during the visit…
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Global economic outlook and Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: Having made a sound recovery in 2021 from the Covid-19 induced contraction in 2020, most of the major economies on the globe are heading for an awkward combination of rising prices and falling growth rates. This situation together with actual or likely policy responses thereto weighs significantly on Pakistan’s economic outlook. According to…
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Steps to halt economic downslide | The Express Tribune
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[ad_1] PESHAWAR: Here are some thoughts on what is needed to be done urgently on the down-sliding economic front. The malady is potentially alarming. Its symptoms are clear: a precipitous decline in the value of the rupee fuelling rampant inflation, a declining stock market, an alarming increase in current account and budgetary deficits, a steep…
