ISLAMABAD , March 30, 2023: Finance and Revenue Minister Ishaq Dar on Thursday avoided giving any timeline for striking deal with the International Moneatry Fund (IMF) during his speech in the Senate (Upper House), saying “all technical-level discussions are over. Responding to a Question/Answer session at the Senate, he said the global lender wanted commitments made by friendly countries to …

ISLAMABAD, March 30, 2023: The International Monetary Fund (IMF) has asked the Pakistani authorities to provide more details about the petrol relief package causing more delay in the signing of the staff-level agreement, The News reported Thursday. The half-baked cross-fuel subsidy proposal by the petroleum ministry has failed to convince the Fund, which has rejected the initial plan arguing that …

KARACHI , March 30, 2023: China is working on a request from cash-strapped Pakistan to roll over a $2-billion loan that matured last week, a top finance ministry official told Reuters, amid a stalemate in bailout talks with the International Monetary Fund (IMF). Such a rollover is critical for Pakistan, where foreign exchange reserves have dipped to just four weeks’ …

LAHORE, March 30, 2023: A Japan’s leading trading company has reportedly offered Pakistan to sell Russian oil and Nigerian Liquified Natural Gas (LNG) to Pakistan at 35 per cent less than the global market’s prices. The Japanese company partners with an Irish company for the purpose. It is learnt that the representative of the Japanese company made this offer to …

KARACHI, March 29, 2023: The European Union (EU) has removed Pakistan from the “List of High-Risk Third Countries” after which Pakistani businesses and individuals will no longer be subjected to “Enhanced Customer Due Diligence” by the regionals body’s legal and economic operators. A statement issued by the Ministry of Commerce today said the EU authorities have removed Pakistan from the …

LAHORE , March 28, 2023: The confirmation of financial support from Saudi Arabia and the United Arab Emirates (UAE) will lead to the signing of the staff level agreement (SLA) between Pakistan and the International Monetary Fund (IMF), sources said. Sources told Dunya News that the IMF was awaiting the support confirmation from two countries. Finance and Revenue Minister Ishaq …

ISLAMABAD , March 28, 2023: The Economic Coordination Committee (ECC) has deferred a proposal put forward by the Ministry of National Health Services, Regulations and Coordination that sought an increase in the price of more than 100 medicines. Chaired by Finance Minister Ishaq Dar, the Committee considered a summary of the health ministry for the maximum retail price of Remdesivir …

SINGAPORE , March 27, 2023:Saudi Aramco (2222.SE) signed an agreement with Chinese partners on Sunday for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals. The project in Liaoning province’s city of Panjin will be Aramco’s second major refining-petrochemical investment in China and …

ISLAMABAD , March 25, 2023: The Peshawar Electric Supply Company (Pesco) has submitted a tariff petition in the National Electric Power Regulatory Authority, seeking an increase in electricity prices. The power supply company has sought Rs1 per unit increase in the electricity rate for consumers in Khyber Pakhtunkhwa in order to recover Rs62.88 billion. It would recover Rs16 billion in …

LAHORE , March 24, 2023: China has approved a rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for one year for cash-strapped Pakistan racing to secure assurance of external financing from friendly countries to revive the IMF deal. Finance Minister Ishaq Dar confirmed the development to local media on Friday as the rollover of Chinese SAFE deposits …

ISLAMABAD, March 24, 2023: China has approved the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year, reported The News on Friday. “Yes,” Finance Minister Ishaq Dar replied to the publication when asked about getting the rollover of $2 billion SAFE deposits. It was one of the requirements of the IMF for getting the rollover …

Web Desk, 23, 2023: The Sui Southern Gas Company (SSGC) announced on Wednesday that the gas will be provided to consumers during Iftar and Sehr timings during the holy month of Ramadan. The utility provider said that the gas pressure would be low from 8am till 2:30pm as it faces a shortfall of 250 million mmbtu. “This is insanity to …

Web Desk, March 23, 2023: The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. Fed Chair Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the …

ISLAMABAD , March 22, 2023: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved technical supplementary grant of Rs27 billion for Kuwait Petroleum Company. An emergent meeting of ECC approved a special grant of Rs27 billion (about $100 million) for payments to KPC to avoid a formal default of the national fuel supplier — Pakistan State Oil (PSO). …

Web Desk , March 21, 2023: The International Monetary Fund (IMF) could release funding to Pakistan by June under a bailout package, Bloomberg Economics reported on Tuesday. “Our base case is that the IMF will deliver the remaining $2.6 billion in aid under the current bailout program by June – helping Pakistan wiggle through the immediate crisis – as the …

BLOOMBERG , March 21, 2023: The International Monetary Fund (IMF) said that the Pakistani government did not consult the global lender on its petrol subsidy for low-income groups, reported Bloomberg on Tuesday. Esther Perez, the IMF’s resident representative for Pakistan, told the publication that the lender was not consulted on the government’s plan to raise fuel prices for wealthier motorists …

KARACHI , March 21, 2023: A Russian technical delegation is holding talks today with Pakistan State Oil (PSO) officials in Karachi to finalise a crude oil import deal at a government-to-government level, it is learnt. Successful talks will lead to the signing of a commercial agreement the next day (March 22). PSO has been nominated as the state-owned company on …

KARACHI, March 21, 2023: The Foreign Direct Investment (FDI) in the country plunged by 40 per cent in the first eight months of current fiscal year (FY23), data released by the State Bank of Pakistan (SBP) shows. The country fetched $784.4 million FDI during July-Feb of FY23 compared to $1.315 billion in corresponding period of last fiscal year (FY22), showing …

ISLAMABAD, March 20, 2023: The motorcyclists and the low-income segment of the soceity will be given a relief of Rs100 in per litre petrol price instead of Rs50, Minister of State for Petroleum Musadik Malik announced on Monday. Addressing a presser in the federal capital, he said the prime minister had given the ministry only six weeks to implement the …

LAHORE , March 20, 2023: The Pakistani currency got no respite in its value against the US dollar on the first working day on Monday, losing Rs2.79 in the interbank market. The local unit was being traded at Rs284.50 at 1:15pm during the intra-day trading. The greenback closed at Rs281.71 in the interbank market on Friday last, depreciating 25 per …

ISLAMABAD , March 20, 2023: The Federal Board of Revenue (FBR) seems reluctant to disclose vital information involving tax payments by rich elites, government officers and their families. The data has been sought by Lahore-based tax lawyer Waheed Shahzad Butt from FBR Chairman Asim Ahmed though a letter. The letter seeks information about tax payments made by Politically-Exposed Persons (PEPs) …

WASHINGTON , March 20, 2023: The International Monetary Fund (IMF) on Sunday denied speculations regarding imposing any conditions related to Pakistan’s nuclear assets for the staff level agreement. The representative of IMF for Pakistan, Esther Perez Ruiz, has said in a statement that there is no truth in the speculations related to Pakistan’s nuclear program and added that negotiations with …

LAHORE, March 20, 2023: Prime Minister Shehbaz Sharif has announced a big relief for low income segment of society by giving a subsidy of Rs50 per liter under petroleum relief package. While chairing a review meeting on Sunday on the relief package here, he said the petroleum relief will be given to low income consumers who have motorcycles, rickshaws, 800 …

ISLAMABAD, March 18, 2023: The government’s efforts to provide relief to the masses received a jolt when the International Monetary Fund (IMF) rejected the proposal to jack up the number of beneficiaries of the Benazir Income Support Programme (BISP). According to a The News report published Saturday, the authorities had suggested enhancing the scope of the social welfare programme for …

SHANGHAI, March 18, 2023: China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when “conditions are ripe”, local media quoted a former finance minister as saying on Saturday. Such moves would be in line with the country’s opening up of its financial industry, Lou Jiwei told …

LAHORE , March 17, 2023: The International Air Transport Association (IATA) has warned that an aviation crisis could hit Pakistan as airlines are battling to recover $290 million owing to a severe financial crisis, the Financial Times has reported. Pakistan Civil Aviation Authority (PCAA) says it’s trying to pay the airlines on time and has been in contact with relevant …

ISLAMABAD , March 16, 2023: Ministry of Finance on Wednesday notified an increase in petrol price by Rs5 per litre taking the price per litre to Rs 272. Other than that, the price of high speed diesel was also increased by Rs13 per litre, and kerosene oil by Rs2.56 per litre. However, the price of light speed diesel was kept …

ISLAMABAD, March 16, 2023: Minister for Finance and Revenue Ishaq Dar said Thursday that Pakistan would not compromise on its nuclear programme for reviving the stalled International Monetary Fund (IMF) loan facility. The finance minister’s comments came in response to Senator Raza Rabbani’s concerns that he raised during a Senate session, wherein he asked whether the IMF programme was being …

LAHORE , March 16, 2023: A Chinese bank has given assurance to Pakistan that it will provide another refinanced $500 million loan within the next few days, it is learnt on good authorities. The country has received $1.7 billion out of total committed commercial loans valuing $2bn. According to a Finance Division official, another $500 million commercial loan is coming …

Islamabad , March 15, 2023: An overoptimistic Prime Minister Shehbaz Sharif Wednesday asserted that the government’s prudent policies reversed the looming risks of Pakistan’s default on its international obligations, reported Radio Pakistan, the state broadcaster. But the prime minister’s views were contrary to more than a dozen economists, who believe that Pakistan faces the renewed risk of recession amid a …

Islamabad , March 15, 2023: Gold prices in Pakistan increased further on Wednesday after ongoing political unrest fired up the economic risks, driving investors towards the safety of precious metal that remains the best bet for some in uncertain times like these. Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) …

SINGAPORE, March 15, 2023: Asian equities rose sharply on Wednesday, tracking a relief rally on Wall Street and as U.S. inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week. Investors piled back into stocks in U.S. markets overnight as fears about contagion in the banking …

Web Desk , March 14, 2023: Pakistan’s Ambassador to the United States Masood Khan held a meeting with World Bank’s Vice President for the South Asia Region Martin Raiser in Washington D.C to advance cooperation between Pakistan and the World Bank in the development and climate response sectors. The Ambassador thanked World Bank for contributing 2 billion dollars towards flood …

Web Desk, March 14, 2023: Cash-strapped Pakistan will need to pause debt repayments if it is unable to secure funding from the International Monetary Fund (IMF) quickly enough, according to the Bank of America (BofA). “Unless the payout comes through soon, a state of moratorium looks unavoidable” economists including Kathleen Oh wrote in a note the other day. “Whether and …

LAHORE , March 13, 2023: In a major step to facilitate the cotton farmers, Prime Minister Shehbaz Sharif on Monday approved Rs 8,500 as the support price of the commodity. The prime minister directed to present the matter to the Economic Coordination Committee on priority. Chairing a meeting of the Agriculture Task Force, the prime minister urged the provinces to …

KARACHI , March 13, 2023: The Pakistani rupee lost Rs2.23 against the US dollar in the interbank in early trading hours on Monday. The dollar was being traded at Rs283 at 10:30am in the intra-day trading. However the Pakistani currency gained Rs2.31 against the greenback in the previous trading week. On Friday last, the dollar closed at Rs280.77 in the …

ISLAMABAD , March 10, 2023: Amid spiraling up food prices, the weekly inflation rate in Pakistan surged to 42.27 per cent – highest weekly YoY number since September last – on an annual basis during the outgoing week as the cash-strapped country implemented conditions laid forth by the International Monetary Fund (IMF) to revive a stalled loan programme. According to …

ISLAMABAD , March 10, 2023: Finance Minis­ter Ishaq Dar on Thursday said a delay in the International Monetary Fund (IMF) programme in the tenure of previous government created a ‘trust deficit’ that is continuing to impact. He said the PTI government failed to fulfill IMF commitments. However, Dar said the incumbant government was trying its best to put the economy …

Islamabad, Mrach 9, 2023: Finance Minister Senator Ishaq Dar on Thursday admitted that it has taken Pakistan more time than expected to complete the ninth review of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF), but assured that Islamabad was “very close ” to signing the staff-level agreement (SLA). “We seem to be very close to signing the staff-level …

LAHORE , March 9, 2023: The US dollar appreciated Rs2.88 against the Pakistani rupee in the interbank market on Thursday. The greenback was being traded at Rs282 around 10am during intra-day trading. On Wednesday, the dollar closed at Rs279.12 in the interbank market. The dollar also jumped by Rs3.50 in the open market to be traded at Rs284.50.