Banks hesitant to fund wheat buying
ISLAMABAD: As provinces remain trapped in a huge commodity debt pile, banks are reluctant to provide loans to provincial governments for wheat procurement without securing federal government guarantee. The issue was taken up in a recent meeting of the Economic Coordination Committee (ECC) while discussing a proposal to hand over wheat procurement tasks to provinces. […]
Multiple schemes ready to attract Saudi investment
ISLAMABAD: Pakistan has decided to pitch the Diamer-Basha dam project for equity partnership with Saudi Arabia in return for $1.2 billion in investment along with a host of other schemes, as both nations are set to begin discussions for finalising the $5 billion investment package. The Saudi authorities would be given two options for investing […]
Pakistan, IMF discussing new multi-billion-dollar programme, says finance czar
WASHINGTON: Pakistan has initiated discussions with the International Monetary Fund (IMF) over a new multi-billion dollar loan agreement to support its economic reform program, said Finance Minister Muhammad Aurangzeb. The country is nearing the end of a nine-month, $3 billion loan programme with the IMF designed to tackle a balance-of-payments crisis which brought it to the […]
Alarm over ‘reversal’ of development
WASHINGTON: Half of the world’s 75 poorest countries are experiencing a widening income gap with the wealthiest economies for the first time this century in a historical reversal of development, the World Bank said in a report on Monday. The differential between per capita income growth in the poorest countries and the richest has widened […]
Members call for holding JCP meeting
ISLAMABAD: There is a proposal to immediately convene a meeting of the Judicial Commission of Pakistan (JCP) to approve the draft rules for the elevation of judges to the superior judiciary. This proposal has been made by the JCP member from the Pakistan Bar Council (PBC), Akhtar Hussain, and former JCP member Advocate Amjad Farooq […]
Opp welcomes int’l investors delegation
LAHORE: Leader of the Opposition in the National Assembly, Omar Ayub Khan, expressed the opposition’s warm welcome to an international investors’ delegation from a friendly nation. He emphasized the importance of ensuring equitable distribution of dividends from such investments to benefit the local populace. Standing alongside MNAs Mahmood Khan Achakzai of Pakhtunkhwa Milli Awami Party […]
POL products import, re-export allowed
ISLAMABAD: The federal government on Monday allowed the import of petroleum products, sale in the local market and their re-export to other countries through the foreign suppliers account, according to the newly-notified Customs Bonded Facilitation Rules (CBFR), 2024. According to the documents available to The Express Tribune, the Federal Board of Revenue (FBR) has amended […]
Oil sheds 1% after Iran attack
NEW YORK: Oil prices sank by about 1% a barrel on Monday after Iran’s weekend attack on Israel proved to be less damaging than anticipated, easing concerns of a quickly intensifying conflict that could displace crude barrels. Brent futures for June delivery fell 91 cents to $89.54 a barrel, a 1% loss, by 1717 GMT. […]