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.

LAHORE ,March 9, 2023: Maintaining upward trajectory, cumulative inflows under Roshan Digital Accounts (RDA) have reached all-time high of $5.8 billion since its launching, the State Bank of Pakistan (SBP) data shows. Pakistan received fresh inflows amounting to $125 million in RDA accounts in February 2023 compared to $110m in January 2023, showing an increase of 14 per cent or …

LAHORE (Internews Pakistan) – The debt owned by the federal government swelled by Rs4 trillion, or around 7.7 per cent, in January to reach close to Rs55tr, data released by the State Bank of Pakistan (SBP) shows. Debt figure was Rs42.39tr in January 2022, which implies 30 per cent increase over the past year. On the other hand, domestic debt …

LAHORE (Internews Pakistan) – Pakistan’s textile sector exports recorded a significant decline of 28 per cent, clocking in at $1.2 billion in February 2023 as compared to $1.67 billion recorded in the same month of 2022. A provisional data released by the All Pakistan Textile Mills Association (APTMA) reveals that the country’s textile exports in the first eight months of …

ISLAMABAD (Internews Pakistan) – The Shehbaz-led cabinet has approved imposition of 25 per cent sales tax on luxury items, fulfilling another condition set by the International Monetary Fund (IMF). The summary approval was taken from the circulation for the notification of 25 pc ST from the federal cabinet. Now the Federal Board of Revenue (FBR) will issue a notification and …

Islamabad (Internews Pakistan)- Gold rate slipped under Rs200,000 per tola on Monday as the Pakistan rupee continued to recover against the dollar for the third straight session, prompting investors to shift away from the yellow metal. The price of gold (24 carats) fell by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs198,000 and Rs169,753, respectively, data …

LAHORE (Internews Pakistan)- With burden of sinking currency and decades-high inflation, Pakistan is now looking towards Saudi Arabia and the World Bank for more assistance to revive the much-need loan progamme of the International Monetary Fund (IMF). The coalition government has recently taken drastic measures, including imposition of the additional taxes through mini-budget, to pull the worsening economy out of …

LAHORE (Internews Pakistan) – The Shehbaz-led government is likely to resume virtual talks with the International Monetary Fund (IMF) on Monday to sort out upcoming expenditures and revenues and the stalled agreement for the release of fresh tranche under the ninth review of the Extended Fund Facility (EFF). Led by its Pakistan mission chief Nathan Porter, the IMF team held …

ISLAMABAD (Internews Pakistan) – The per tola price of 24 karat gold decreased by Rs1,600 and was sold at Rs200,000 on Saturday against its sale at Rs201,600 the previous day, All Sindh Sarafa Jewellers Association reported. The price of 10 grams of 24 karat gold also decreased by Rs1,372 to Rs.171,468 from Rs172,840 whereas the price of 10 gram 22 …

Web Desk (National Times) – Home rental firm Airbnb Inc (ABNB.O) laid off 30% of its recruiting staff this week, a company spokesperson said on Friday, noting that it’s not an indication of more widespread layoffs. The decision, first reported by Bloomberg News, affected less than 0.4% of the San Francisco-based company’s total workforce of about 6,800, the spokesperson said. …

ISLAMABAD, March 3 (Internews Pakistan) – Industrial and Commercial Bank of China ((ICBC) on Friday approved a rollover of a $1.3 billion loan for cash-strapped Pakistan, which will help shore up its depleting foreign exchange reserves, Finance Minister Ishaq Dar said. The facility will be disbursed in three instalments. The first one of $500 million has been received by Pakistan’s …

ISLAMABAD (Internews Pakistan) – The weekly inflation, measured by Sensitive price Indicator (SPI), witnessed a decrease of 0.30 percent for the combined consumption group during the week ended on March 02, the Pakistan Bureau of Statistics (PBS) reported on Friday. The SPI for the week under review in the above-mentioned group was recorded at 240.57 points as compared to 241.29 …

Islamabad (Internews Pakistan)- Gold retreated in Pakistan on Friday after the rupee recovered against the US dollar in the interbank market, closing at 278.46. According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) plunged by Rs4,490 per tola and Rs4,200 per 10 grams to settle at Rs201,600 and Rs172,840, respectively. The substantial decrease in …

LAHORE (Internews Pakistan) – The State Bank of Pakistan has announced a new policy and increased the interest rate to the country’s highest ever at 20 percent. As per the statistics of SBP, the highest-ever interest rate was set on June 22, 1996, when it was maintained at 20 percent. It was changed after 362 days on June 18, 1997, …

KARACHI (Internews Pakistan) – Shares at the Pakistan Stock Exchange (PSX) surged by over 400 points on Friday after Finance Minister Ishaq Dar pinned expectations that the government and the International Monetary Fund (IMF) would reach an agreement next week. The benchmark KSE-100 index gained 443.22 points, or 1.09 per cent, to reach 41,114.10 points at 11:40am. The KSE-100 closed …

LAHORE (Internews Pakistan) – The US dollar depreciated by Rs8.34 against the Pakistani rupee in the interbank market in early trading session on Friday. The greenback is being traded at Rs276.75 during the intra-day trade. However, the local currency recorded historic plunge on Thursday as it lost Rs18.98 against the dollar that was closed at Rs285.09 yesterday. The strengthening of …

KARACHI (Internews Pakistan) – Bowing down to another demand of International Monetary Fund (IMF), the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) announced an interest rate hike of 300 basis points, taking it to 20%. This is the highest level of the key policy rate since October 1997. “At its meeting held on 2nd March 2023, …

LAHORE (Internews Pakistan) – The US dollar spiralled out of control as the Pakistani rupee depreciated Rs18.89 against the greenback during intra-day trade on Thursday amid political and economic uncertainty. The greenback was being traded at Rs285 in the interbank market around 11:30am. The historic plunge in the value of the local currency followed the monetary policy review and delay …

ISLAMABAD (National Times) – Pakistan’s negotiations with the International Monetary Fund (IMF) are about to conclude and Staff Level Agreement with the fund is expected next week, Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here on Thursday. In a tweet, the finance minister said some Anti-Pakistan elements were spreading malicious rumours that Pakistan may default. He …

Shares at the Pakistan Stock Exchange (PSX) slid on Thursday on fears that the central bank may raise the policy rate, which is already at a 25-year-high of 17 per cent, in an off-cycle review. The benchmark KSE-100 index lost 329.09 points, or 0.8pc, to close at 40,838.51 points. It reached an intraday low of 395.08 points, or 0.95pc, around …

The National Assembly (NA) on Monday passed the Finance (Supplementary) Bill, 2023, aimed to amend certain laws relating to taxes and duties to raise an additional Rs170 billion in the next four and half months to meet the last prior actions agreed upon with the International Monetary Fund (IMF). The government is in a race against time to implement the …

The Ministry of National Health Services signed an MoU with Hayat Biotech and the office of Sheikh Ahmed Dalmook Al Maktoum to boost plasma collection in Pakistan. Plasma shortage is fast becoming a global concern with a 20% drop in plasma donations between 2020-2021 and a growing demand for plasma-based therapies The MoU stands to boost Pakistan’s plasma sector using …

The Federal Board of Revenue continues (FBR) has achieved historical growth in revenue collection during the first five months of the Financial Year 2022-23. Federal Board of Revenue continues to demonstrate excellent performance in revenue collection for the fifth consecutive month of the current financial year and has exceeded both the five monthly target of Rs 2,680 billion as well …

LONDON, Nov 30(ABC): Britain’s Rolls-Royce (RR.L) said it has successfully run an aircraft engine on hydrogen, a world aviation first that marks a major step towards proving the gas could be key to decarbonising air travel. The ground test, using a converted Rolls-Royce AE 2100-A regional aircraft engine, used green hydrogen created by wind and tidal power, the British company …

KARACHI, Nov 30(ABC): Finance Minister Ishaq Dar Wednesday said the country can become interest-free in five years as stipulated by the Federal Shariat Court (FSC) in its judgement earlier this year. “The banking system has become a necessity of life and transparent transactions can be ensured through it,” Dar said speaking at a seminar held in Karachi. The seminar was organised …

ISTANBUL, Nov 30(ABC): Turkey’s foreign trade deficit surged 421.7% year-on-year to $7.87 billion in October, with imports climbing 31.4%, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose 3% to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to a current account surplus through …

Nov 30(ABC): Oil prices rose in early Asian trade on Wednesday as U.S. crude inventories were seen falling, but concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains. Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents …

HONG KONG, Nov 30(ABC): Asian shares wobbled on Wednesday as investors remain cautious about China’s path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. MSCI’s gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.02% at 0201 GMT, paring earlier losses. At current …

Nov 30(ABC): The Minister of Finance and Revenue, Senator Ishaq Dar, said that the current government is committed to completing the IMF program and sharing that the government will pay back the international bonds on time. The minister said this in a meeting with a delegation of institutional investors at the Finance Division. The delegation comprised of Managing Director Khurram …

ISLAMABAD, Nov 30(ABC): The Economic Coordination Committee (ECC) on Tuesday approved Rs15 billion in favour of the Election Commission of Pakistan for the ongoing fiscal year 2022-23. The decision was taken during a meeting held under the chair of the Federal Minister for Finance and Revenue Ishaq Dar. It should be noted that out of Rs15 billion, Rs5 billion will …

ISLAMABAD, Nov 28 (ABC): Rice valuing $545.708 million exported during the first four months of current financial year as against the exports of $594.600 million of the corresponding period of last year. During the period from July-October, 2022 about 965,360 metric tons of rice exported as compared to the exports of 1.091 million tons of same period last year, according …

ISLAMABAD, Nov 28 (ABC): Exchange rate of the Pakistan rupee depreciated by 01 paisa against the US dollar in the interbank trading on Monday and closed at Rs 223.95 against the previous day’s closing of Rs 223.94. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs …

ISLAMABAD, Nov 28 (ABC): Federal Minister for Finance and Revenue Senator, Mohammad Ishaq Dar, here on Monday expressed satisfaction over the availability and production of sugar in the country. Chairing a meeting to review the demand and supply situation of sugar in the country, the minister stressed on maintaining the strategic reserves of the commodity and maintaining its price for …

ISLAMABAD, Nov 28 (ABC): The delegation of PAF Air War College was informed on Monday that WAPDA was executing the biggest-ever portfolio of development projects in water and hydropower sectors worth Rs.2500 billion for water, food and energy security of Pakistan The delegation headed by Air Vice Marshal Hussain Ahmed Siddiqui during a visit to the WAPDA House was briefed …