Pakistan's timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, when it was hit by floods e
A “breakthrough” between Pakistan and Russia on the projects agreed between the two countries in the energy sector is expected in December. According to Express News, way has been paved for the import of petroleum products, crude oil and gas from Russia, as refineries in Pakistan have expressed their willingness to produce yields from the Russian crude oil. In this regard, State Minister for
The shares market witnessed yet another range-bound session on Wednesday as a lack of participation from investors pushed the index down even though the start of trading was on a positive note. Arif Habib Ltd said market participation remained comparatively lower than the previous session as volumes were dry on the main board. However, third-tier stocks recorded decent volumes. According to
IT and Telecommunication Minister Syed Aminul Haque on Wednesday stopped short of criticising the finance ministry and said that the State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR) needed to understand the issues faced by the IT & telecom sector. “Digital growth is not only essential for the overall strengthening of the economy but one of the basic conditions for modernisat
Oil prices fell more than 4 per cent on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where it is currently trading and as gasoline inventories in the United States built by more than analysts’ expected. Brent futures for January delivery fell $3.67 to $84.69 a barrel, a 4.2pc loss, by 11:07 a.m. ET (16:07 GMT). US crude fell $3.56, or 4.4pc, to $77.39