The Economic Coordination Committee (ECC) of the Cabinet was informed on Wednesday that receivables of the national fuel supplier – Pakistan State Oil (PSO) had crossed Rs612 billion and it was struggling to manage remittances to its foreign suppliers. The meeting of the ECC presided over by Finance Minister Ishaq Dar, however, did not immediately approve Rs17bn urgently demanded by the PSO to
Oil prices climbed for a fourth straight day on Thursday with United States crude, heating oil and jet fuel stocks growing tighter just as a wintry blast hits the US and travel is set to soar for its holiday season. Brent crude futures gained 44 cents, or 0.54 per cent, to $82.64 at 0422 GMT, extending gains of around 2.7pc from the previous session. US West Texas Intermediate (WTI) crude futur
The central bank has lowered its projected GDP growth from the previously announced range of 3-4 per cent for the current fiscal year, citing flood-induced destruction and the stabilisation policy as major factors in its flagship economic health report released on Wednesday. However, in its Annual Report on the State of Pakistan’s Economy, which mostly discussed the previous financial year that
Shares at the Pakistan Stock Exchange (PSX) plunged for the second consecutive day on Tuesday on the back of continued political and economic turmoil. The benchmark KSE-100 index closed at 39,832.45 points, down 1138.37 points or 2.78 per cent. The index reached an intraday low of 1,437.79 points, or 3.51pc, around 3pm. According to Arif Habib Limited, the index closed at a five-month low, a
The Pakistani diaspora in the United States asked Islamabad on Tuesday to work out a long-term strategy to ensure predictability in policymaking along with ensuring ease of doing business to attract investment in the manufacturing sector. The diaspora at a panel discussion on US-Pakistani Diaspora’s Commercial Investments in Pakistan shared current and future opportunities and challenges in se