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
The government on Monday turned down the demand of sugar millers for export of 1 million tons of sugar and said that surplus stocks were not independently “verifiable”, staving off the pressure for now. A meeting between Finance Minister Ishaq Dar and the representatives of Pakistan Sugar Mills Association (PSMA) remained inconclusive. In the huddle, Minister for National Food Security and Rese
Turkey and Pakistan enjoy heart-to-heart relations and Ankara is keen to boost bilateral trade to at least up to $5 billion in the next two to three years. The current volume of trade is not reflective of the actual potential of both countries. This was stated by Turkish Ambassador Mehmet Pacaci while addressing the business community during his visit to Islamabad Chamber of Commerce and Indust
Nomura has warned that seven countries – Pakistan, Egypt, Romania, Sri Lanka, Turkey, Czech Republic and Hungary – are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil. It meant the su
The Pakistan Association of Large Steel Producers (PALSP) requested the State Bank of Pakistan (SBP) to compensate importers who were overcharged by banks in opening Letters of Credit (LC) at higher spot rates, making windfall profits in the process. In a letter addressed to the SBP governor, PALSP raised its concerns over the issue that has left the steel industry struggling to survive in this