By Staff Reporter
KARACHI: The central bank said it will lift a seven-month long import ban on certain goods, including raw materials for export industry, from January 2, 2023.
Commodities
S&P downgrades Pakistan’s rating to ‘CCC+/C’
By Staff Reporter
KARACHI: Global ratings agency S&P Global on Thursday cut Pakistan’s long-term sovereign credit rating by one notch to “CCC+” from “B” to reflect a continued weakening of the country’s external, fiscal and economic metrics.
SBP says economic growth seen slowing in 2023
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) said on Wednesday the expansion of the economy is seen cooling next year, with both internal and external challenges weighing on growth.
Pakistan, Barrick ink final deal on Reko Diq project
By Staff Reporter
ISLAMABAD: Canada-based mining firm Barrick Gold Corporation said on Thursday it had signed agreements with Pakistan’s provincial and federal governments to complete the reconstitution of the Reko Diq project after the Supreme Court endorsed a settlement to resume mining at the world’s largest underdeveloped sites of copper and gold deposits.
UN says run out of food for Pakistan flood victims on low funding
By Staff Reporter
ISLAMABAD: The United Nations said the world community has not provided enough funds after the devastating floods in Pakistan and that may lead to the suspension of its emergency food support program next month.
Pakistan cuts domestic fuel prices
By Staff Reporter
ISLAMABAD: The government on Thursday cut petrol (motor gas) price to pass on a decline in global prices to inflation-hit consumers.
Pakistan allows 100,000T sugar exports
By Staff Reporter
ISLAMABAD: Pakistan has allowed 100,000 tonnes of sugar exports, the finance ministry said on Thursday, as it seeks to generate foreign exchange for state coffers and revenue for cash-hungry mills.
Top court clears Reko Diq deal
By Naveed Naqvi
ISLAMABAD: Supreme Court of Pakistan has cleared the way for the start of mining work at the Reko Diq project, one of the world’s top underdeveloped sites of copper and gold deposits, after it endorsed a settlement agreement between Canadian firm Barrick Gold and the Pakistani government on Friday.
Russia agrees to sell discounted crude oil to Pakistan
By Staff Reporter
ISLAMABAD: Russia has agreed to sell petroleum products, including crude oil, to Pakistan at a discounted price, a minister said on Monday.
Trade deficit shrinks on weak imports
By Staff Reporter
ISLAMABAD: Imports fell by almost a quarter in July-November period of the current fiscal year of 2022-23 after a ban on non-essentials good, narrowing the trade gap by 30.14 percent to $14.4 billion, official data showed.