Category: Business

KARACHI: An inflow of $1.39 billion from the Inter­national Monetary Fund took the State Bank of Pakistan (SBP) reserves to $12.07bn during the week ended on April 24. According to the SBP data published on Thursday, the central bank reserves were at a two-month high after an increase of $1.16bn. During the same period, $234 […]

ISLAMABAD: Following in the footsteps of Pakistan, many high-risk countries who are part of the ambitious Belt and Road Initia­tive (BRI) have approached China for debt relief, the Financial Times reported. Last month, Pakistan requested China for ease in payment obligations of over $30 billion of about 12,000-megawatt power projects under the China-Pakistan Economic Corri­dor […]

ISLAMABAD: The government on Thursday reduced the prices of petroleum products in the range of 15 to 38 per cent for a month to partially pass on the impact of international price crash and also increased tax rates on oil products to mop up windfall revenues. The decision was announced by the finance ministry in […]

ISLAMABAD: The government on Thursday indicated at continued ease in fiscal and monetary policies to revive economic activities depressed by coronavirus-led lockdowns and global economic slowdown and rejected moves to abolish the Monetary and Fiscal Policy Coordination Board (MFPCB) led by Adviser to PM on Finance and Revenue Dr Abdul Hafeez Shaikh. “This high-powered board […]

Pakistan’s consumer price inflation eased to 8.5 per cent in April, the Pakistan Bureau of Statistics said on Friday, extending a months-long decline as the economy tanks due to the coronavirus crisis despite three interest rate cuts. Taking to Twitter, Minister for Planning, Development and Special Initiatives Asad Umar said this was the third successive month […]

ISLAMABAD: Estimating a shortfall of about 16 per cent against the target for the current financial year, the government has decided to facilitate remittances from overseas Pakistanis through tax exemptions and other incentives under a special loyalty programme with effect from the start of next fiscal year. The downward revision in the current year’s target […]

US oil prices rebounded above $14 a barrel on Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns. West Texas Intermediate, the US benchmark, for June delivery jumped 14.5 per cent to $14.13 a barrel in Asian morning trade. It had plunged […]

ISLAMABAD: Pakistan is facing the worst economic conditions in its history — a negative economic growth at 1.57 per cent and a fiscal deficit of 9.6pc — during the current fiscal year owing to economic losses in the aftermath of coronavirus pandemic. “In a worst-case scenario, the growth rate could remain negative at 1.57pc of […]

Futures pointed to a strong start for Europe and Wall Street with E-Minis for the S&P 500 up more than 1 per cent helped by forecast beating revenues from Alphabet Inc’s Google. Eurostoxx 50 futures added 0.4pc while futures for Germany’s Dax index and those for London’s FTSE were each 0.7pc higher. Risk assets including […]

The Oil and Gas Regulatory Authority (Ogra) on Wednesday recommended up to Rs44.07 per litre reduction in the price of major petroleum products for the month of May to share the benefit of lower international prices with the consumers. In a summary sent to the Petroleum Division, seen, the authority has proposed a decrease of […]