Tribune
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IMF cuts global growth forecast | The Express Tribune
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[ad_1] WASHINGTON: The International Monetary Fund on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. The war is expected to slow growth and further increase inflation, the IMF said in…
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Engro Fertilisers’ profit contracts 4% to Rs5.5b | The Express Tribune
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[ad_1] KARACHI: Engro Fertilisers reported a 4% decline in profit after tax to Rs5.5 billion for the first quarter (January-March) of calendar year 2022 in the wake of a significant increase in finance cost. According to a notice sent to the Pakistan Stock Exchange, the urea producing firm recorded a profit after tax of Rs5.7…
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ECC approves Rs68.7 billion grant | The Express Tribune
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[ad_1] ISLAMABAD: In its maiden meeting, the Economic Coordination Committee (ECC) on Tuesday approved Rs68.7 billion supplementary grant to pay for the cost of providing the petroleum products at subsidised rates – a sum that the country cannot afford to bear any longer. The Minister for Finance Dr Miftah Ismail chaired the first ECC of…
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Miftah faces tight time frame to tackle crises | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif has appointed 57-year-old economist and businessman Miftah Ismail as the finance minister who will be tasked with quickly arresting a downward economic spiral and getting IMF talks back on track. Ismail, who briefly held the post four years ago, brings with him a record of decisive policy action and…
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Market watch: Stocks extend losses amid selling pressure | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange endured another volatile session on Tuesday, as investors were observed weighing the impact of ongoing political uncertainty and deteriorating macroeconomic indicators after a brief pause. Pushed by these factors, the market players opted to offload their stockholdings at attractive valuations and the KSE-100 index lost over 200 points. Fresh…
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Country braces for worst diesel shortage | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif has been warned by economists and industry experts that the country would face the worst shortage of diesel next month amid the harvesting season as its stocks are fast plummeting. Sources told The Express Tribune that the experts had urged Premier Shahbaz to increase oil prices in order…
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World Bank planning new $170b crisis fund | The Express Tribune
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[ad_1] WASHINGTON: The World Bank is seeking to create a $170 billion emergency fund to help the poorest nations being buffeted by multiple crises, the Bank’s President David Malpass said Monday. The “crisis response envelope” will continue the work begun during the Covid-19 pandemic, and help countries deal with surging inflation, which was made worse…
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Private sector borrowing sustains growth | The Express Tribune
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[ad_1] KARACHI: The loans given by the commercial banks to the private sector maintained growth momentum as some new sectors like leather, electric and electronics goods also enhanced borrowing after quite a long time in March which was the last month of the ousted Pakistan Tehreek-e-Insaf government in the centre. Besides, car financing geared up…
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‘Diamer-Bhasha dam to serve as lifeline for future’ | The Express Tribune
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[ad_1] LAHORE: Businessmen have welcomed the announcement of a new timeline for the construction of the Diamer-Bhasha dam and stated that the mega project would serve as lifeline for the future of the country, improve the energy mix, curtail huge oil import bill and bring down the cost of doing business. In a statement on…
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Rupee snaps seven-day winning streak | The Express Tribune
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[ad_1] KARACHI: After seven days of modest recovery, the rupee depreciated once again on Monday and shed Rs0.99 against the US dollar in the inter-bank market to close at Rs182.54 owing to the return of speculation in the foreign currency market and uncertainty about the resumption of International Monetary Fund (IMF) loan programme. According to…
