Pakistan’s junior oil minister and the petroleum secretary have flown to Russia for talks on issues including oil and gas supplies, two people close to the matter told Reuters on condition of anonymity. The trip comes as the South Asian nation struggles to meet domestic gas supply needs as winter approaches while battling to contain a current account deficit swelled by energy payments, mostly f
Amid time running out, the International Monetary Fund (IMF) is still analysing Pakistan’s fiscal position particularly the flood-related expenditures that it viewed had changed the macroeconomic assumptions of the fund programme. The “IMF understands that the floods have changed the macroeconomic assumptions on which the programme was designed; therefore detailed analysis is being conducted by
Finance Minister Ishaq Dar announced on Tuesday that the Asian Infrastructure Investment Bank (AIIB) had transferred Rs500 million to the State Bank of Pakistan (SBP). “AIIB has transferred today, as per their board’s approval, to State Bank of Pakistan/Government of Pakistan $500 million as programme financing,” the minister said on Twitter Earlier this month, the finance minister had said
Already struggling for their survival amid multiple economic challenges mainly massive rupee-dollar fluctuation and severe energy shortages, the trade and industry leaders on Friday rejected the State Bank of Pakistan’s move to raise its policy rate by 100 basis points saying it would play havoc with the cost of doing business besides hitting exports hard. Federation of Pakistan Chambers of Com
The last few weeks have been particularly volatile for crypto — even by its own standards. In a matter of days, the space has seen one of the biggest players, FTX, plunge into bankruptcy from a valuation of $32 billion. Not only that, more drama is coming to the limelight as the layers of the onion are peeled. Forget for a minute that the crypto exchange held just $900 million in liquid assets