Fastest News Come First
Pakistan received a significant boost to its foreign exchange reserves after the China Development Bank approved a $700 million loan facility. Finance Minister Ishaq Dar announced the news on Twitter, stating that the loan is expected to be received by the State Bank of Pakistan this week. The loan will help bolster Pakistan’s forex reserves, …
Continue reading “China Approves $700M Facility for Pakistan to Boost Forex Reserves”
In various regions of Pakistan, there has been a recent report of a fuel shortage that has caused inconvenience to many commuters, especially in Punjab. The government has attributed the crisis to hoarding, which has been triggered by speculation of a substantial increase in pump prices. However, despite the shortage, it presents an opportunity to …
Continue reading “Fuel Crisis in Pak, Alarming for Energy Security”
State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) held a round of talks to discuss the possibility of increasing foreign exchange reserves and tightening monetary policy by the end of June 2023. The country’s foreign exchange reserves held by the State Bank currently stand at $3.1 billion, after an increase of $276 …
Continue reading “Pakistan in Talks with IMF to Boost Reserves and Tighten Monetary Policy”
National Bank of Pakistan and State Life Insurance Corporation have signed a memorandum of understanding for mutual financial solutions. The agreement was signed by the President and CEO of National Bank of Pakistan, Rehmat Ali Hasnie, and Chairman of State Life Insurance Corporation, Shoaib Javed Hussain. Both organizations agreed on a business arrangement through the …
Continue reading “NBP and SLIC ink MoU to provide financial and insurance solutions together”
Government of Pakistan Introduces New Tax Measures to Appease IMF. In an effort to revive its bailout program, the Shehbaz Sharif government has introduced new taxation measures worth Rs115 billion, according to a notification issued by the Federal Board of Revenue (FBR). The government quickly got the money bill approved by the federal cabinet after …
Continue reading “IMF demands hike in GST, cigarette duty hiked by 1%”
The Pakistani rupee gained ground against the US dollar in interbank trading on Tuesday, rising by Rs2.59 to be quoted at 266.85. This gain came after the local currency had seen a decline on the first day of the week, closing at 269.44 against the greenback. The slight strengthening of the rupee has been attributed …
Continue reading “Interbank rupee gains momentum against dollar”
Pakistan may experience another significant surge in petrol prices in the upcoming fuel price review on February 15, 2023, with sources suggesting a possible increase of up to Rs20 per litre. This rise in prices is mainly due to the high international price of petrol on a free on board (FOB) basis, as calculated by …
Continue reading “Possible Rs20 Increase in Petrol Price from Feb 16”
The Federal Cabinet has approved a new policy that aims to increase power tariffs and eliminate subsidies. This decision comes ahead of the virtual talks with the International Monetary Fund (IMF) regarding the Memorandum of Economic and Financial Policies (MEFP). The cabinet has also approved a revised circular debt management plan that will be circulated. …
Continue reading “IMF virtual talks prelude: subsidies end, power tariffs hike approves by Cabinet”
Pakistan’s Finance Minister, Ishaq Dar, announced that the country’s recent talks with the International Monetary Fund (IMF) have ended “positively” and that the government will need to impose Rs170 billion in taxes through a mini-budget to revive the loan program. Dar stated that the agreement is the same one signed by former Prime Minister Imran …
Continue reading “Govt to Impose Rs 170 Billion In Taxes to Revive Loan Program”
Pakistan’s currency hit a new historic low as the US dollar closed at Rs276.58 in the interbank market on Friday. This came as a result of widespread anxiety about the outcome of ongoing talks between Pakistan and the International Monetary Fund (IMF). According to the State Bank of Pakistan, the Pakistani rupee dropped to a …
Continue reading “U.S. Dollar Hits Rs276.58 Record High, Pak Rupee Falls”
Karachi: Chairman of National Electric Power Regulatory Authority (NEPRA) Tauseef Farooqui has said that Rs.7 billion of incremental units Govt owe will be paid. In this regard, KATI’s written request will be processed immediately. He expressed these views while addressing a luncheon held in his honor at the Korangi Association of Trade and Industry (KATI). …
Continue reading “Govt dues on incremental units of 7 billion will be paid, Tauseef Farooqui”
Bitcoin is a digital money that enables for immediate payments to anybody, anywhere in the globe. It operates without a central authority or banks, relying on peer-to-peer technology to manage transactions and issue bitcoins collectively. Bitcoin is an open-source and is freely available to the public; no one owns or controls Bitcoin, and anybody can …
Continue reading “Is It Volatile to Invest in Cryptocurrencies and Bitcoin?”
Following the rupee’s freefall against the US dollar on Friday, the price of gold topped Rs200,000 per tola (11.66 grammes) for the first time in Pakistan’s history. However, the increase in bullion prices has made jewellers upset, since legitimate customers have left the market and gamblers have entered. Speaking on the occasion, local gold pricing …
Continue reading “Gold Price Surpasses Rs200,000 per tola on Friday”
An IMF delegation will travel to Pakistan later this month to discuss the ninth review of the nation’s ongoing loan programme, which has stalled, the lender’s resident representative announced on Thursday. To continue the negotiations under the ninth EFF review, an in-person Fund mission is slated to visit Islamabad from January 31 through February 9 …
Continue reading “Loan Negotiations Resumed After Govt Complies with IMF Demands”
Businesses have suffered immensely in recent times due to high inflation rates, war, and the ever-changing situation of the world. Many automobile industries in Pakistan have reduced, postponed, or delayed their production and plants due to the non-availability of raw materials. Pak Suzuki Motor Company Limited, another major automobile company has decided to increase its …
Continue reading “Pak Suzuki Decides to Increase Car Prices”
KARACHI: Sindh Minister for Industries and Cooperatives Jam Ikramullah Dharejo has issued orders to the Secretary Industries to prepare a summary of 1 billion rupees for the development works of the Korangi Industrial Area. Speaking at the Korangi Association of Trade and Industry (KATI), the provincial minister said that 5 billion rupees were approved by …
Karachi, 17 January 2023 – Visa, the world leader in digital payments, has announced the appointment of Umar Khan who will lead its operations in the country in his new role as Country Manager for Pakistan. The appointment reaffirms Visa’s commitment to supporting clients & partners and accelerating growth in consumer payments and commerce in …
Continue reading “Visa Appoints New Pakistan Country Manager”
Reko Diq is the world’s largest undeveloped mine of copper and gold which is located in the Chaghai District in Baluchistan, Pakistan. It is the largest mine in the world because it has estimated reserves of 5.4 billion tonnes of copper and gold ore. However, a dispute case stopped the development of this project. The …
Continue reading “Reko Diq Project to Start Production by 2028”
The energy minister of Saudi Arabia, Prince Abdul Aziz bin Salman explained Saudi Arabia’s plight to utilize domestically sourced uranium as nuclear fuel. He said, “The kingdom intends to utilize its national uranium resources, including in joint ventures with willing partners in accordance with international commitments and transparency standards.’ He further mentioned that “the entire …
Continue reading “Saudi Arabia Plans to Utilize Local Uranium”
Inflation rates are rising day by day in every corner of the world. Pakistan is not exempted from this crisis as well. The foreign reserves are down to $4.5 billion but the expenses are imports on the way are worth billions of dollars as well. It is reported that Pakistan might suffer a pulse crisis …
Pakistan has focused greatly on the development of the agricultural sector and now the government of Khyber Pakhtunkhwa (KPK) held a meeting to improve the agricultural sector of the region. The former governor of KPK, Shah Farman held a meeting at the Saudi Royal Embassy to discuss the production capacities and investment opportunities for the …
Continue reading “KPK to Develop Agricultural Sector with Saudi Help”
Handicraft items in Pakistan are loved all over the world because of their unique designs. They are mostly produced in rural areas and Quetta, Balochistan. The Balochistan government has decided to strengthen the inherent talent of local crafters to promote their products on an international level. The government suggests that handicraft is an integral part …
Continue reading “Balochistan to Promote Handicraft Industry”
The State Bank of Pakistan (SBP) has released data on the country’s foreign exchange reserves. According to the SBP, the country’s foreign exchange reserves decreased by 284.7$ million in the last trading week of December. SBP said that the country’s total foreign exchange reserves stood at 11.42$ billion as on December 30, 2022. According to …
Continue reading “SBP Releases Data on Country’s Foreign Exchange Reserves”
