By Staff Reporter
ISLAMABAD: The government said it has no plans to freeze foreign currency accounts as its central bank’s reserves fell to $3.9 billion, enough to cover less than a month of imports.
Lead
Pakistan pays for Russian crude in Chinese currency
By News Desk
ISLAMABAD: Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese yuan, petroleum minister said on Monday, a significant shift from its dollar-dominated export payments policy, Reuters reported on Monday.
SBP holds key rate at 21pc as inflation peaks
By Staff Reporter
KARACHI: Pakistan’s central bank on Monday held its key interest rate at a record 21 percent, as expected, suspending its monetary tightening campaign as the economy slows and inflation has peaked.
Extremely severe cyclone Biparjoy to hit Pakistan-India coast on June 15
By Staff Reporter
KARACHI: A cyclone that intensified into an extremely severe storm on Sunday is likely to hit the coast between Karachi in Pakistan and Gujarat in India on June 15, weather officials said.
Pakistan receives first shipment of Russian crude oil
By Staff Reporter
KARACHI: Pakistan received its first shipment of Russian crude oil on Sunday under a new deal that aims to diversify its oil import sources and secure discounted rates from Moscow.
APP02-100623
ISLAMABAD: June 10 - Finance Minister Senator Mohammad Ishaq Dar addresses the Post Budget press conference at Ministry of Planning. APP/SAK/ABB
Dar says Pakistan to seek debt relief from bilateral lenders
By Staff Reporter
ISLAMABAD: Pakistan will ask some of its bilateral creditors to ease its debt repayment terms, Finance Minister Ishaq Dar said on Saturday, as the country faces uncertainty over completing an International Monetary Fund (IMF) bailout program that expires this month.
Pakistan hopes to finalise IMF bailout deal in June
By Staff Reporter
ISLAMABAD: Pakistan hopes to finalise a $1.1 billion tranche from the International Monetary Fund (IMF) bailout program by the end of June, Prime Minister Shehbaz Sharif said on Friday.
Rainstorm wreaks havoc in Pakistan’s northwest, 25 killed
By Naveed Naqvi
ISLAMABAD: A violent rainstorm killed 25 people, including seven children, and injured many more in Pakistan’s northwestern Khyber Pakhtunkhwa province on Saturday, officials said.
Dar says IMF’s ‘unfair treatment’ worsens Pakistan’s economic turmoil
By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar on Friday criticised the International Monetary Fund (IMF) for delaying a bailout program for the country, saying it was “totally unfair” and had contributed to the economic turmoil.
Pakistan’s economy shrinks, misses all targets in dismal 2023
By Staff Reporter
ISLAMABAD: Pakistan’s economy suffered through a dismal year in 2022-23, with all its macroeconomic targets falling short of expectations due to a stalled International Monetary Fund (IMF) program, restricted imports, severe floods, and political turmoil.