The State Bank of Pakistan (SBP) on Sunday announced that the Saudi Fund for Development (SFD) confirmed the rollover of a $3 billion deposit for one more year. The deposit was set to mature on December 5, the SBP tweeted, adding that the amount was placed with the central bank as part of its foreign exchange reserves. “This reflects continuing strong and special relationship between KSA (Ki
Pakistan’s cargo and freight forwarding industry remains in the limelight for its vivacity in serving the importers and exporters. Though the National Transport Policy 2018 and the National Freight and Logistics Policy (NFLP) 2021 set clear dogmas for the stakeholders, Pakistan International Freight Forwarders Association (PIFFA) has reported the economic pains of around 600 freight and logistics
The National Electric Power Regulatory Authority (Nepra) has rejected a request of the telecom and cellular ‘industry’ to change its power tariff from commercial to a cheaper industrial electricity tariff. Nepra reached the conclusion after the ministries of energy and finance opposed the telecom industry’s petitions due to an expected loss of over Rs20 billion in annual revenue and the resulta
Pakistan will “absolutely not” default on debt obligations despite catastrophic floods, the finance minister said on Sunday, signalling there would be no major deviation from reforms designed to stabilise a struggling economy. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people — creating concern that Pakistan will not meet debts.
Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose 60 cents, or 0.7 per cent, to $91.95 a barrel by 0330 GMT after settling up 0.5pc on Friday. US West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5pc. Th