KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) experienced a further decline of $54 million during a week, exacerbating the vulnerability of the exchange rate. This marks the second consecutive drop in the central bank’s reserves, with a $63m decrease reported last week, highlighting imbalances in the outflows and inflows of dollars. The SBP regularly purchases do
ISLAMABAD: Pakistan’s trade deficit with the Middle East narrowed 41.31 per cent to $5.674 billion in the first seven months of the current fiscal year mainly due to low imports of petroleum products from the region. In absolute terms, the value of Pakistan’s exports to the Middle East rose 36.18pc to $1.769bn between July and January 2023-24 while imports dipped 31.69pc to $7.443bn, showing a
KARACHI: A consortium of Engro Fertilisers Ltd (EFL), Fatima Fertilisers and Fauji Fertilisers will invest over $300 million in the Gas Pressure Enhancement Facilities (GPEF) project at the Mari network to ensure the availability of gas for domestic urea production and safeguard the food security. “Our expected share in capital expenditure in this project is over $100m, Engro Fertilisers Chief
WASHINGTON: The US State Department has conveyed a clear message to Pakistan’s new rulers, emphasising the importance of collaboration with the International Monetary Fund (IMF) and economic reforms for stability. In response to a set of questions from Dawn, a State Department spokesperson underscored the enduring partnership between the two nations, stating, “We value our long-standing partne
KARACHI: After a positive start on Wednesday, the stock market came under selling pressure as a weaker rupee and surging external debts amid uncertainty about new IMF conditions kept investors nervous as a result the benchmark KSE 100-share index closed in the red. Cautious investors opted to stay on the sidelines as the new government was preparing to start the final IMF review under the $3bn