Business

LAHORE: Resuming trade between Pakistan and India will pave the way for settling other political and territorial issues between the two largest South Asian nations, tycoon Mian Mohammad Mansha said on Thursday. Better ties with its neighbour might even help Pakistan come off the so-called grey list of the FATF anti-money laundering and terrorism financing watchdog and ease its difficulties …

ISLAMABAD: Struggling with current account challenges and foreign exchange reserves, the ousted PTI government borrowed about $15.4 billion in foreign loans in the first nine months (July-March) of the current fiscal year, more than 70pc higher than the foreign loans it received in the comparable period last year. In its monthly report on Foreign Economic Assistance, the Ministry of Economic …

ISLAMABAD: The Federal Board of Revenue (FBR) has launched the Inland Revenue Strategic Reform Plan (2021-25) to improve tax administration in the four strategic areas. The plan provides reform actions to improve tax administration in the four strategic reform areas which include improving tax compliance, strengthening tax administration, building institutional capacity, and reinforcing the legislative framework. The plan clearly sets …

KARACHI: The stock market witnessed another bearish session on Wednesday as the benchmark failed to keep itself in the green zone following profit-taking. According to Arif Habib Ltd, the KSE-100 index slipped to the red zone owing to the weakening of the rupee against the dollar. The local currency depreciated 0.8 per cent to 185.92 against the greenback on a …

The rupee’s downward trajectory against the US dollar continued on Thursday as the local currency plunged to Rs187 against the greenback in the interbank market at the start of trading. The value of the dollar rose by Rs1.30 against the rupee, which had closed at Rs185.92 in the interbank on Wednesday, to reach Rs187.22. In the open market, the dollar …

ISLAMABAD: Terming the China-Pakistan Economic Corri­dor (CPEC) a top priority, Minister for Planning Development and Special Initiatives Ahsan Iqbal on Wednesday expressed serious concern over the sluggish progress on CPEC-related projects. The minister showed displeasure over the waste of time and resources over the last four years at a meeting he presided over to review the progress on CPEC projects. …

Newly-appointed Finance Minister Miftah Ismail said on Thursday that he was leaving for Washington, where he was expected to meet International Monetary Fund (IMF) officials for the revival of a loan facility that was stalled following the premature end of the Imran Khan government earlier this month. Ismail, who has replaced Shaukat Tarin in the role of the country’s finance czar in the new …

WASHINGTON: The Inte­rnational Monetary Fund on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. The war is expected to further increase inflation, the IMF said in its latest World Economic Outlook, warning that a further …

KARACHI: March proved to be the worst month for Foreign Direct Investment (FDI) amid a deepening political crisis as the country witnessed a net outflow of $30.4 million against an inflow of $173.4m in the same period last year. The latest data issued by the State Bank on Tuesday is shocking for the country as the new government appeared as …

KARACHI: The US dollar on Tuesday gained another Rs1.90 against the local currency in the interbank market on strong demand for greenbacks amid tight supplies. Currency dealers were not sure for any immediate support to help out the local currency from frequent depreciation against the US dollar but waiting for good outcome from fresh talks with the IMF and foreign …