Business

The International Monetary Fund (IMF) has approved loans of $4.7 billion to Bangladesh for disbursal starting immediately, making it the first to secure such funds out of three South Asian countries that applied last year amid economic trouble. The loans are a win for Prime Minister Sheikh Hasina ahead of a general election early next year and will help the …

Pakistan could face a crunch in fuel supplies in February as banks have stopped financing and facilitating payments for imports due to depleting foreign exchange reserves, traders and industry sources said. The country is facing a balance of payments crisis and the plummeting value of the rupee is pushing up the price of imported goods. Energy comprises a large chunk of the …

Shares at the Pakistan Stock Exchange (PSX) recovered on Tuesday as an International Monetary Fund (IMF) delegation arrived in Pakistan to discuss the revival of the stalled loan programme. The benchmark KSE-100 index jumped 801.79 points, or 2.01 per cent, to close at 40,673.06 points. It reached an intraday high of 845.99 points, or 2.12pc, around 3:04pm. Arif Habib Corporation Director Ahsan …

The rupee, which recently hit a record low, appreciated by Rs1.74 against the US dollar in the interbank market on Tuesday. The local currency closed at Rs267.89, up 0.65 per cent from yesterday’s close of Rs269.63. Tresmark’s Head of Strategy Komal Mansoor said the rupee’s appreciation could be attributed to exporters offloading some of their proceeds. Alpha Beta Core CEO Khurram …

The government and the International Monetary Fund (IMF) on Tuesday began discussions on the country’s economic and fiscal policies and the reforms required to complete the much-delayed ninth review of a $7 billion loan programme. A delegation of the international money lender led by IMF Mission Chief Nathan Porter held a meeting with Finance Minister Ishaq Dar and other officials at the …

Climate change manifests itself through rising temperatures, changing rainfall patterns, and increasing intensity and frequency of extreme weather events. It has enhanced the production risk of agricultural farming, a business which has already been inherently risky for farmers due to high dependency on favourable weather conditions and volatile prices of crops in the market. Even if we put aside the …

Does populism have a role in the making of the current economic crisis in Pakistan? The general perception in business circles is that it does. For many, delays in harsh but necessary policy decisions by the last and the current government are the most blatant expressions of the populist tendencies of rulers in Pakistan. The initial reluctance of former prime …

India’s Adani Group issued a detailed riposte on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures. The conglomerate led by Asia’s richest man, the Indian billionaire Gautam Adani, said last week’s Hindenburg report was intended to enable the US-based short seller …

Foreign exchange reserves of the State Bank of Pakistan (SBP) plunged to $3.678 billion on January 20 from $4.601bn due to external debt repayments. At this level, the reserves provide imports cover of three weeks against a standard minimum of three months. The SBP reported a new level of the forex reserves on January 26 and simultaneously removed the cap …

After plunging to a record low last week, the PKR depreciated by another Rs6.5, trading at Rs269.1 per dollar in the interbank market around 12pm on Monday, according to data shared by the Forex Association of Pakistan (FAP). This equates to a loss of 2.48 per cent from Friday’s close of Rs262.6. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha …