Despite mounting optimism for increased inflows and a new IMF bailout package, the US dollar strengthened in the inter-bank market while the State Bank’s reserves saw a slight decline. A financial team led by Finance Minister Muhammad Aurangzeb is currently in Washington seeking another loan package from the International Monetary Fund. Despite the minister’s hopeful outlook before departing
Prime Minister Shehbaz Sharif on Monday directed authorities concerned for robust renewable energy management to cut the country’s $27 billion oil import bill and improve the country’s existing electricity distribution system. “Ultimately, we have to move to renewable energy. The oil import worth billions of dollars can be controlled by using alternative resources like solar, wind and hydel. Ma
Finance Minister Muhammad Aurangzeb said on Monday that Pakistan doesn’t need too many policy prescriptions, it just needs to implement those policies. Speaking at the Atlantic Council think tank on his first working day in Washington, the minister also urged institutions such as the World Bank and International Monetary Fund (IMF) to help countries like Pakistan deal with the effects of climat
The rare record-breaking spree continued for the fourth session on the eve of Eidul Fitr, which was supported by two-year high remittances and Saudi Arabia’s commitment to expediting its investment plans in Pakistan, propelling the benchmark KSE 100 index to close at new high above 70,000 level on Tuesday. The Pakistan Stock Exchange (PSX) achieved a remarkable milestone during the outgoing hol
Late in December 2023, the United States Treasury warned that it would apply sanctions on foreign banks for evading the Russian price cap and called on them to boost compliance. Playing it safe, banks in China, Turkey and the United Arab Emirates (UAE) that work with Russia increased checks. They have now begun asking for extra documentation and have trained more staff to make sure deals were c