Pakistani currency failed on Wednesday to sustain the little gains made against the US dollar a day ago as it resumed the downtrend amid increased demand for the greenback for import payments and foreign debt repayment. The rupee dropped 0.17% (or Rs0.39) to close at a six-week low at Rs223.81 to a dollar in the inter-bank market. The government’s priority to gradually relax its administrati
The success of Pakistan’s privatisation programme has remained limited to only generating $11 billion in sale proceeds, as the country could not achieve the post-privatisation objectives of improving efficiency and competition, says a new independent study. The findings come amid the International Monetary Fund’s (IMF) push for approval of the State-Owned Enterprises (SOEs) Bill to improve effi
The Group of Seven nations (G7) are looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union (EU) diplomat said on Wednesday. Views in the EU are split, with some pushing for a much lower price cap and other arguing for a higher one. The G7, including the United States, as well as the whole of the EU and Australia, are slated to implement the price cap
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