Business
March 28, 2024

Rupee stabilises at five-month high amid IMF talks

KARACHI: The Pakistani currency closed stable at a five-month high of Rs278.77 against the US dollar in the interbank market, buoyed by an uptick in the supply of foreign currency in the system. This marks the second consecutive working day of positive territory for the currency, observed on Thursday. According to data from the State […]

Business
March 28, 2024

Charting through uncertainty

PUBLISHED March 17, 2024 ISLAMABAD: Prime Minister Shehbaz Sharif has begun his second term in office on a note of defiance. He successfully resisted the pressure and did not appoint family relative and party’s old economic guard Ishaq Dar as the new finance minister. Shehbaz Sharif has drawn the curtain on Ishaq Dar’s over quarter […]

Business
March 28, 2024

SPARC suggests more tax on cigarette

ISLAMABAD: The Society for the Protection of the Rights of the Child (SPARC) warmly welcomed the appointment of the new finance minister and urged him to consider tobacco taxation as a potential avenue for boosting the economy. Aligning with public health initiatives, the SPARC emphasised the importance of increasing taxes on cigarettes to reduce tobacco […]

Business
March 28, 2024

Foreign loans remain low at $9.5b

ISLAMABAD: Pakistan received foreign loans of less than $9.5 billion during the first eight months of the current fiscal year and also faced problems in securing fresh loans from its two largest multilateral lenders. Overall disbursements from foreign creditors slowed down during the July-February period of the current fiscal year despite Pakistan having the umbrella […]

Business
March 28, 2024

Pakistan, ADB discuss uplift initiatives

ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Thursday discussed ongoing collaboration between the two sides in diverse areas and the future initiatives to be undertaken for economic development in the country that needs to progress rapidly to prop up the weakening economy and create jobs for the bulging workforce. ADB Country Director Young […]

Business
March 28, 2024

Rupee appreciates slightly to 278.12/$

KARACHI: Pakistani currency notched up fresh gains for the eighth consecutive working day on Monday, rising to a new five-month high at Rs278.12 against the US dollar in the inter-bank market in the wake of higher supply of the foreign currency compared to its demand. According to State Bank of Pakistan’s (SBP) data, the rupee […]

Business
March 28, 2024

Stocks rebound on World Bank loan approval

KARACHI: Pakistan Stock Exchange (PSX) on Monday experienced a significant recovery, driven by the World Bank’s approval of $150 million project financing and completion of final review under the International Monetary Fund’s (IMF) $3 billion standby arrangement (SBA). In the morning, the market saw a lacklustre start with the KSE-100 index touching the intra-day low […]

Business
March 28, 2024

OCAC backs old price mechanism

ISLAMABAD: The oil industry has called for reverting to the old methodology of price revision based on the current value of dollar indexation. In a letter written to the Oil and Gas Regulatory Authority (Ogra) chairman, the Oil Companies Advisory Council (OCAC), a lobbying group of oil industry players, called for re-establishing the old mechanism […]

Business
March 28, 2024

PIA board approves privatisation plan amid IMF talks

KARACHI: The board of directors of Pakistan International Airlines (PIA) has approved the government’s plan to privatise the national flag carrier ahead of the country securing a new International Monetary Fund (IMF) loan programme, estimating to fetch $250-300 million through the sell-off likely to a Middle Eastern country. Following its reconstitution on Friday, March 22, […]

Business
March 27, 2024

Rupee extends rising streak into 9th day

KARACHI: Pakistani currency notched up fresh gains for the eighth consecutive working day on Monday, rising to a new five-month high at Rs278.12 against the US dollar in the inter-bank market in the wake of higher supply of the foreign currency compared to its demand. According to State Bank of Pakistan’s (SBP) data, the rupee […]