Business

ISLAMABAD: The federal government will provide subsidised seeds and fertilisers to farmers in flood-affected areas during the upcoming Rabi sowing season, Minister for National Food Security and Research Tariq Bashir Cheema announced on Thursday. “We plan to provide subsidised wheat and edible oil seeds, and one fertiliser bag per acre to farmers in the calamity-hit areas,” said Mr Cheema during …

ISLAMABAD: Pakistan on Thursday saw its economic growth rate falling massively to two per cent during the current fiscal year against the budgetary target of 5pc as floods have plunged the country into crisis, particularly in Sindh and Balochistan. The official estimate for a revised GDP growth rate at 2pc is in sharp contrast to the 3.5pc growth rate forecast by the …

Oil prices fell on Friday amid recession fears and a stronger US dollar, though losses were capped by supply concerns after Moscow’s new mobilisation campaign in its war with Ukraine and an apparent deadlock in talks on reviving the Iran nuclear deal. Brent crude futures fell 41 cents, or 0.5 per cent, to $90.05 per barrel at 0325 GMT, while …

Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country’s financial crisis, the Financial Times reported on Friday, citing a UN policy memo. The memorandum, which the UN Development Programme will share with the government this week, states that the country’s creditors should consider debt relief so that policymakers can prioritise financing its disaster response …

Finance Minister Miftah Ismail said on Friday that International Monetary Fund (IMF) Managing Director Kristalina Georgieva has “expressed agreement” with Pakistan’s request to ease the conditions imposed on the country under the Extended Fund Facility (EEF) programme. Speaking to Geo News, Ismail said the IMF official had also agreed to increase the amount Pakistan would receive in the next tranche. He …

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday revamped the Companies (Further Issue of Shares) Regulations 2020 for listed companies allowing the investors to make informed decisions and implement them at a faster pace. The SECP has said that the examination of the historical cases of right issues by listed companies indicated that risk disclosures were minimal …

ISLAMABAD: The governments of Japan and Pakistan have agreed on a debt deferral amounting to $160 million as the third and last phase of the ‘G20 Debt Service Suspension Initiative (DSSI)’. The total amount of deferred debt has now reached $730m, which will provide the fiscal space for the Pakistan government to restore its economy affected by the Covid-19 pandemic …

KARACHI: The State Bank of Pakistan has assured the business community of clearing all backlog import-related payments of less than $50,000 within two days, said a statement issued by the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) on Wednesday. Sharing this breakthrough with trade and industry, FPCCI President Irfan Iqbal Sheikh said the central bank had agreed to …

Pakistan’s current account deficit (CAD) fell to $0.7 billion in August, compared to $1.2bn in the previous month, the State Bank of Pakistan (SBP) said late on Wednesday night. This equates to a decline of 41.67 per cent month-on-month. For the first two months of the current fiscal year, the current account deficit narrowed by $0.5bn to $1.9bn compared to …

The Pakistan Stock Exchange (PSX) witnessed a bearish trend for the fourth consecutive session this week as investors reacted to the US Federal Reserve raising the key interest rate again. The benchmark KSE-100 index lost 489.30 points, or 1.19 per cent, by 12:50pm to reach 40,476.28 points. First National Equities Limited Director Amir Shehzad said equities across the world had fallen after …