The International Monetary Fund’s board (IMF) on Wednesday approved a $7 billion Extended Fund Facility (EFF) for Pakistan, providing a critical boost to the country’s struggling economy. The development was announced by the Prime Minister’s Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme’s approval. “The impleme
Despite frequent sharp decreases in the cut-off yields across all tenors, foreign investors poured a record $55 million into short-term treasury bills during the first week of September. The inflows were disappointing in August, but the scenario changed at the outset of the current month. “Some of the good reasons are the macroeconomic stability which compels foreign investors to look toward
Pakistan and Belarus on Wednesday discussed different options for a joint venture to establish a tractor plant in the country. Consensus on this initiative was reached during a meeting between Minister for National Food Security Rana Tanveer Hussain and Belarusian Deputy Minister of Agriculture and Food Vadim Shagoiko. Both sides agreed to collaborate on a foot-and-mouth disease vaccine to p
Amid uncertain political and economic environment, domestic gold prices continued a record-setting spree on Wednesday, tossing the 10-gram and one-tola rates to an all-time high of Rs236,197 and Rs275,500, respectively, up by Rs2,144 and Rs2,500, from Tuesday’s rates. The All Pakistan Gem and Jewellery Association (APGJA) attributed the surge in local prices to a $25 per ounce jump in the world
Indus Motor Company (IMC), the assembler of Toyota vehicles, has announced that production operations will be temporarily suspended from Sept 26 to 30 due to parts shortage. In a stock filing on Wednesday, the company said it is currently experiencing low levels of raw materials and component inventory, besides facing ongoing supply chain challenges. This has resulted in a shortage of parts and