Business

ISLAMABAD: Amid rising subsidy allocations, the oil industry is now facing challenges in arranging international finances for import of crude and oil products. Informed sources told Dawn that the Petroleum Division had informed the prime minister and finance minister that arrangements of oil imports were getting tough by the day as foreign banks were not providing financing against letters of credit (LCs) …

The coalition government led by the PML-N is in the process of finalising an agreement with the International Monetary Fund (IMF) for a fiscal adjustment of well over Rs 1.4 trillion in the upcoming budget. It would be looking at additional tax measures of no less than Rs300 billion besides expenditure cuts, primarily the development programme — the traditional victim. …

Unaddressed for long, numerous imbalances in many market economies, emerging or developed — aggravated by global geopolitics and the war in Ukraine — have turned into grave crises. But a high rate of current, unsubdued, persisting inflation has triggered politically the most sensitive ‘cost-of-living-crisis’ worldwide. In Pakistan, inflation has become a crucial political issue because of its possible fallout on …

The free fall of the rupee against the US Dollar and other major currencies has sent alarm bells ringing among the stakeholders of the agriculture sector, who rely on imported inputs like seeds, fertiliser, pesticides and machinery. They fear that an over 14 per cent drop in the value of the local currency since March 1 this year is set …

Within a month and a half, the State Bank of Pakistan (SBP) raised its key policy rate by 400 basis points — first by 250bps to 12.25 per cent on April 7th ahead of the scheduled policy review on May 23rd and again by 150bps to 13.75pc on the due date of policy review. The purpose was to contain galloping …

Continuing its recovery, the rupee on Monday appreciated by Rs1.2 against the US dollar in the interbank trade, a development which is largely being attributed to the change in market sentiments over the government’s expected deal with the International Monetary Fund (IMF) after it complied with its condition to raise fuel prices. According to the Forex Association of Pakistan (FAP), …

KARACHI: Uncertainty for foreign investors remained high in May as the outflows from domestic bonds reached over $99 million against an inflow of just $15m in the treasury bills (T-bills). The returns on T-bills and Pakistan Investment Bonds (PIBs) are highly attractive for investors, but the country is paying a heavy price for the political crisis and carrying a flood …

ISLAMABAD: The government is taking all possible measures to counter the downside risks associated with the economy, which has been facing challenges in sustaining growth achieved during the previous fiscal year, the finance ministry said in a report on Saturday. The challenges include accelerating inflation, high external deficits, exchange rate depreciation, declining foreign exchange reserves and mounting uncertainty. Although economic growth remained …

ISLAMABAD: The International Finance Corporation (IFC) will invest the equivalent of $25 million in Pakistani rupees in one of the country’s top fashion retailers to create jobs, promote gender equality and support the crucial textile sector post-pandemic. This investment is part of a broader effort by the IFC to support the development of Pakistan’s private sector, which is key to …

ISLAMABAD: Pre-empting shortage and rising prices, the Economic Coordination Committee (ECC) of the Cabinet on Saturday decided to import two million tonnes of wheat on a government-to-government (G2G) basis, while 1m tonnes through an international tendering process under the existing arrangement. The ECC meeting presided over by Finance Minister Miftah Ismail also approved supplementary grants of nearly Rs123 billion including …