Finance Minister Ishaq Dar assured investors on Wednesday that “there’s no way Pakistan is going to default”, though he agreed that all was not well with the economy. “We’re in a tight position. We don’t have $24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault,” he told investors at a ceremony to mark the listing of Pakist
Pakistan’s overall development spending dropped 38 per cent to Rs130.64 billion in the first five months (July-November) of the current fiscal year from Rs209.53bn a year ago to create a cushion for rising current expenditures. According to data released by the Ministry of Planning and Development on Wednesday, the massive drop would not only slow down the economy but would take a toll on reven
The outflow of profits and dividends on foreign investment drastically declined during the first five months of the current fiscal year (FY23), reflecting both positive sign for lower repatriation of dollars and negative one for the poor economic growth. The latest data released by the State Bank showed that $128.7 million was paid on foreign investments in Pakistan during July-Nov FY23 compare
The Securities and Exchange Commission of Pakistan (SECP) on Wednesday restricted the digital lending platforms from taking coercive measures for recoveries and barred them from shifting borrowers’ data outside Pakistan. The SECP through circular no. 15 has directed the digital lenders that the borrowers’ data cannot be stored on any cloud infrastructure outside the jurisdiction of Pakistan.
Shares at the Pakistan Stock Exchange ended the day in the red on Tuesday, with the benchmark KSE-100 index facing resistance at the 40,000 mark, closing at 39,802.91 — down 352 points or 0.88 per cent. Fahad Rauf of Ismail Iqbal Securities said the investor sentiment was generally weak due to the delay in the International Monetary Fund (IMF) programme. “However, specifically, today the fer