By Staff Reporter
ISLAMABAD: The government on Tuesday planned to import one million tons of Russian wheat to build strategic stocks as unprecedented flash floods caused by historic monsoon rains have washed away major crops, including wheat.
Commodities
FDI drops to $59 million in July
By Staff Reporter
KARACHI: Pakistan’s foreign direct investment (FDI) fell 43 percent to $59 million in July from $103.8 million same period last a year ago, the central bank data showed on Wednesday.
Qatar plans to invest $3 billion in Pakistan
By Staff Reporter
ISLAMABAD: Qatar’s sovereign wealth fund plans to invest $3 billion Pakistan, the ruler’s office said on Wednesday, extending its support to the cash-strapped economy of the South Asian country.
Islamabad: Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- August 11,2022.
ECC raises imported urea price by 25 percent
By Staff Reporter
ISLAMABAD: The government on Thursday raised the Dealer Transfer Price (DTP) of imported urea, the fertilizer most used by farmers, by near 25 percent to Rs2,150/bag to bring it par with the cost of locally produced fertilizer.
ECC rejects Russian wheat at $400/ton; suggests counter price
By Staff Reporter
ISLAMABAD: Pakistan is likely to accept import offers made for wheat well below $400/ton for a quantity of 300,000 tons at a government-to-government arrangement with Russia.
July inflation hits 14-year high as another rate hike looms
By Staff Reporter
KARACHI: July inflation accelerated to its highest in 14-year on runaway food prices, stoked by a battered rupee, raising prospects of more rate hike by central bank later this month, official data showed on Monday.
Toyota, Suzuki to shut Pakistan’s assembling units on import restrictions
By Staff Reporter
KARACHI: Car assemblers in Pakistan, Toyota and Suzuki, planned plant shutdowns next month as unavailability of raw material amid government’s import restrictions hit productions, officials said.
Pakistan less vulnerable to external shocks, “no need for panic” : SBP
By Staff Reporter
KARACHI: The central bank is seeking to reassure the countrymen that Pakistan is not among the most vulnerable countries in the world, “so its citizens do not need to panic”, even though rupee witnessed its biggest weekly plunge since 1998.
Govt cuts rising fuel prices by a sliver
By Staff Reporter
ISLAMABAD: The government on Thursday cut fuel prices to give relief to inflation-hit consumers as global oil prices fall, the prime minister said.
IMF and Pakistan reach staff-level agreement on $1.77 billion loan
By Staff Reporter
ISLAMABAD: The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the seventh and eight reviews of the Fund’s $ billion bailout programme that will allow for a disbursement of $1.177 billion, the IMF said on Wednesday.