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The perennial economic woes


March 25, 2024

In eight months and one week of this fiscal year — between July 1, 2023, and March 8, 2024 — the federal government’s budgetary borrowings from commercial banks more than doubled to about Rs4.2 trillion from Rs2.01tr. Meanwhile, the private sector’s net borrowings slumped to Rs73 billion from Rs246bn. Want to know more about why banks and bankers generally remain …

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Beijing told it faces ‘fork in the road’ as China Development Forum opens


March 25, 2024

BEIJING: China needs to “reinvent itself” with economic policies to speed resolution of its property market crisis and boost domestic consumption and productivity, the International Monetary Fund’s Managing Director Kristalina Georgieva said on Sunday. “China faces a fork in the road rely on the policies that have worked in the past, or reinvent itself for a new era of high-quality …

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Dar hopes PIA’s UK operations to resume soon


March 25, 2024

LONDON: Foreign Mini­ster Ishaq Dar has said PIA flights to the UK will res­ume “in weeks, not months”, and that he took up the matter of banned flights of the national carrier with British government officials here over the weekend. Mr Dar made this anno­uncement during a brief visit to London on his ret­urn from Brussels, where he attended the First Nuclear …

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Caretakers hiked project costs by 30pc before exit


March 25, 2024

ISLAMABAD: Just before the end of its tenure, the caretaker government allowed a cost escalation of about 30pc to “ongoing contracts” of hundreds of development projects, financed under the Public Sector Development Programme (PSDP) of the federal government. The country’s large development portfolio has always been subject to time and cost overruns, leading to repeated revisions in financial costs, besides …

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PM wants foolproof security for Reko Diq workers, logistics


March 25, 2024

ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to ensure foolproof security for workers of the Reko Diq gold and copper mining project and for the logistics and transport from the project’s site to Gwadar port. Mr Sharif issued the directive while chairing a meeting on the Reko Diq project in Lahore, the PM Office said in a statement on Sunday. A delegation from …

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‘Global warming to raise food prices’


March 24, 2024

PARIS: Global warming and heatwaves are expected to further increase food prices and overall inflation across the world in future, according to new research from scientists and the European Central Bank. The impact will vary but be felt everywhere, especially in developing nations, said the paper published in the journal Communications Earth and Environment this week. Extreme weather — including …

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India extends ban on onion exports indefinitely ahead of general election


March 24, 2024

MUMBAI: India has extended its ban on onion exports indefinitely —a surprise move that comes ahead of a general election and is set to exacerbate high prices in some overseas markets. Imposed by India — the world’s biggest exporter of the vegetable — in December, the ban was due to expire on March 31. Traders had anticipated it would be …

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Equities maintain bullish trend on steady policy rate, IMF deal


March 24, 2024

KARACHI: The stock market largely maintained a bullish tone in the outgoing week aided by a policy rate status quo and the reaching of a Staff-Level Agreement (SLA) with the International Monetary Fund despite some investor concerns about certain harsh conditions for the release of the last tranche of $1.1bn under the current Stand-By Arrangement (SBA). AKD Securities Ltd said the outgoing week commenced …

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PM Shehbaz Sharif hands over ECC to finance minister


March 24, 2024

ISLAMABAD: Only a day after announcing formation of seven committees of the cabinet, Prime Minister Shehbaz Sharif has decided to hand over the chairmanship of the Economic Coordination Committee (ECC) to Finance Minister Muhammad Aurangzeb, sources in the government told Dawn. The prime minister, however, will continue to head the Cabinet Committee on Energy (CCoE), they said, adding the prime minister took the …

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Challenges persist as gold trade crackdown lacks a silver lining


March 24, 2024

KARACHI: In the aftermath of a significant crackdown on the jewellery sector in September aimed at curbing speculation and smuggling, the only benefit that appears in sight so far has been the advancement of daily bullion rate announcements by three to four hours. Previously, these rates were released around sunset. However, a series of commitments made by the bullion trade representatives to …

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