Business

ISLAMABAD: Strongly opposing the petroleum pricing deregulation model suggested by the Oil and Gas Regulatory Authority (Ogra), the oil refineries have started shutting down their refining units due to storage constraints caused by declining sales of domestic products and the rising influx of smuggled products throughout the country. “Why would oil marketing companies (OMCs) lift oil product from refineries, involving …

KARACHI: Foreign Direct Investment (FDI) jumped by 51.7 per cent to $258 million in March compared to $170m in the same month last year. Higher FDI inflows amid prevailing economic and political uncertainties, particularly after the general elections, would help the new government improve the country’s image abroad through economic reforms. However, the State Bank of Pakistan data released on …

KARACHI: The current account posted a nine-year-high surplus in March, making it possible for the country to bring down the overall deficit to below $1 billion during the July-March period of FY24. The March surplus was much higher than February’s $98m. The latest data issued by the State Bank on Monday shows the current account was $619 million in surplus …

WASHINGTON: The Executive Board of the International Monetary Fund (IMF) will meet on April 29 to finalise its last review of Pakistan’s $3 billion Stand-By Arrangement (SBA). “According to the IMF’s event calendar, the review meeting is set for 10:00am on April 29,” a diplomatic source informed Dawn. Earlier this week, the Fund published a schedule of the Executive Board’s meetings …

Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan’s foreign exchange reserves would reach “anywhere between $9 to $10 billion” by the end of June. Addressing the inaugural session of the seventh ‘Leaders in Islamic Business Summit’ in Islamabad, he said the expected position in June would be a “much better position in terms of where we were [in the …

ISLAMABAD: In the run-up to the finalisation of the federal budget for 2024-25, the Ministry of Finance has asked all ministries, divisions, departments, and self-governing entities to surrender by May 15 the funds that they think cannot be utilised within the current fiscal year, ending June 30, 2024. Under the Public Finance Management Act (PFMA) of 2019, all entities established …

Finance Minister Muhammad Aurangzeb has stated that Pakistan is on track to secure a new loan from the International Monetary Fund (IMF), adding that the money lender had been “very receptive in terms of agreeing to consider a larger, longer programme”. He made the remarks in an interview with The National published on Monday. The finance minister and his team were in …

Pakistan Stock Exchange’s benchmark KSE-100 index closed at a record high of 71,465 points, up 0.8 per cent, after breaching the key 71,000 level on Monday. The KSE-100 index gained 631.86, or 0.89 per cent, to stand at 71,541.76 points at 11:38am from the previous close of 70,909.90. The index closed at 71,433.46 points, up by 523.56 points or 0.74pc, …

Even though Israel and Iran have signalled their intention to walk back down the escalation ladder following their limited but direct ‘tit-for-tat’ strikes against each other since April 13, the world remains on edge due to concerns about the conflict swarming the entire Middle East. A crucial energy supplier and a key shipping passageway, the region has been in the headlines since …

WASHINGTON: Finance Minister Muhammad Aurang­zeb has stated that the process of privatising PIA will be finalised by the end of June or early July, with Islamabad airport potentially following suit shortly after. “The government has no business being in business,” the minister declared at a Saturday afternoon news briefing, explaining the government’s plan to divest from state-owned enterprises (SOEs). “We …