By staff reporter
ISLAMABAD: State Bank of Pakistan (SBP) on Friday received a $2.3 billion Chinese loan, which analysts termed as godsend support, as the country’s foreign reserves were barely enough for 45 days of imports a day ago.
top-economy
Image courtesy PSX
PSX crashes on news of super tax
By Staff Reporter
KARACHI: Pakistan Stock Exchange (PSX) crashed on Friday after Prime Minister Shehbaz Sharif announced to impose a 10 percent super tax on large-scale industries.
Default Level: SBP forex reserves hit 32-month low of $8.2bn
By Staff Reporter
KARACHI: State Bank of Pakistan’s (SBP) dollar stockpile hit a 32-month low of $8.2 billion from $8.99 billion last week, latest numbers revealed on Thursday, which leaves the country with an import cover for just 1.21 months, but a top-up of likely $2.3 billion from Chinese banks could lift them to a less critical level.
ECC: Re0.571/unit tariff rationalisation for KE approved
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved quarterly adjustments of 57 paise per unit in July, August and September bills of K=Electric consumers to adjust Rs90 billion outstanding cost of electricity consumed by the city residents five years back.
Dwindling forex reserves: Pakistan plans to issue dollar sukuk in 2022
By Staff Reporter
ISLAMABAD: The government plans to raise much needed millions of dollar in debt via an Islamic sukuk bond later this calander year amid growing concerns about the country’s dwindling foreign currency reserves.
Dollar’s onslaught against Rupee gets ugly
By Staff Reporter
KARACHI: In spite of the tough calls made by the coalition government to put Pakistan’s beleaguered economy back on the rails, the US dollar continued its ascent against the rupee Monday, rising above PKR 210 against the local currency during early morning trade in the interbank market.
Breakthrough Expected: Pakistan in last-ditch talks to cut a deal with IMF
By Staff Reporter
ISLAMABAD: In a last-ditch bid to iron out differences over budgetary numbers, Pakistan and IMF officials butted heads through Friday evening to reach a middle-ground amid expectations of a “breakthrough” within next 72 hours.
CPEC Power: IMF denies demanding revising IPPs contracts
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) on Thursday distanced itself from reports suggesting the fund seeks agreements struck with the power plants, built under the China Pakistan Economic Corridor (CPEC), revised.
Book Published: Planning ministry still trying to add new projects to PSDP list
By Staff Reporter
ISLAMABAD: Despite the official book having been already published, the Ministry of Planning is still making last-ditch efforts to include around 60 development projects in the Public Sector Development Program (PSDP) for the next budget 2022-23, the IP learned on Wednesday.
Bailout Blues: IMF rejects budgetary measures as not enough
By Staff Reporter
ISLAMABAD: Pakistan will have to ‘do more’ to align the Budget 2022-23 with IMF’s requisites for the resumption of Extended Fund Facility (EFF) programme, a top fund official said on Monday.