Federal cabinet members remained divided on Tuesday over a proposed increase of up to 69% in gas prices, amid warnings that any delay beyond Thursday could cost Pakistan $1.2 billion, the last loan tranche from the International Monetary Fund. The Economic Coordination Committee (ECC) of the cabinet had to defer approval after supposedly pro-IMF programme cabinet members also spoke against the
The interim government spent Rs191 billion on development projects during the first seven months of this fiscal year – a sum that is over Rs300 billion or 61% less than the target and underscores the implications of tough economic conditions. The Ministry of Planning reported on Tuesday that the development expenditures amounted to just under Rs191 billion during July-January period of the curr
Bitcoin spiked above $50,000 on Tuesday for the first time in more than two years as investors grow optimistic that US approval of broader trading in the unit will ramp up demand. The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto with
The State Bank of Pakistan (SBP) on Tuesday suspended the licences of three prominent exchange companies. “The authorisation of AA Exchange Company (Pvt) Ltd, Glaxy Exchange Company (Pvt) Ltd and Al-Hameed International Money Exchange (Pvt) Ltd has been suspended with immediate effect on account of serious violation of regulations and instructions,” said the SBP circular. “All the aforementi
PTCL Group posted revenue growth of 25.8 per cent to Rs190.6 billion during 2023 from Rs151.5bn in 2022, but faced a higher net loss of Rs14.2bn versus Rs10.4bn in 2022. The company announced the financial results for 2023 at its board of directors’ meeting held on Tuesday. The biggest highlight for PTCL Group during 2023 was the signing of a Share Purchase Agreement with Telenor Pakistan B.