The receipt of a fresh loan worth $500 million to Pakistan from the Asian Infrastructure Investment Bank (AIIB) helped the rupee close unchanged at Rs223.95 against the US dollar in the interbank market on Tuesday. The rupee stayed stable on the second consecutive working day, as it inched up by one paisa on Monday. Experts, however, warned that the rupee may lose its value against the greenbac
China-Pakistan Economic Corridor (CPEC) energy projects have improved the electricity sector in Pakistan and contributed to economic growth by increasing power supply with high efficiency and at lower cost, remarked Tauseef H Farooqi, said Chairman of National Electric Power Regulatory Authority (Nepra). According to Farooqui, total installed capacity of CPEC energy projects, including that of
Three days after the central bank increased the interest rates to arrest inflation, the Ministry of Finance hoped for a marginal slowdown in the inflation rate but warned that the country will also see less than the targeted production of wheat. In its monthly economic outlook report, the finance ministry also said that expenditure will remain higher than last year due to additional flood-relat
Bulls made a comeback to the Pakistan Stock Exchange on Tuesday after a major drop in share prices a day ago owing to the unexpected increase in the key interest rate. The index moved in the positive zone throughout the trading session as investors’ sentiments improved after the government received $500 million from Asian Infrastructure Investment Bank, said Arif Habib Ltd. The inflow of d
Pakistan has been named the biggest contributor to the popular ride-sharing app Careem for achieving the milestone of completing one billion rides globally, the company said in a press release on Tuesday. According to the statement, Careem celebrated 1bn ride-hailing trips across the Middle East, North Africa, and Pakistan. “Careem captains have driven over 9bn kilometres across more than 80