Pakistan lost over $4 billion in remittances sent by overseas Pakistan in FY23, much higher than the amount the PMLN-led coalition struggled to secure from the International Monetary Fund (IMF) during the outgoing fiscal year. Data issued by the State Bank of Pakistan (SBP) on Monday showed that the remittances month-on-month slightly increased by 4pc to $2.183bn in June while it witnessed a 22
The Pakistan Stock Exchange (PSX) has issued “guidance notes” for listed companies about the disclosure of material information and reporting obligations under the existing PSX regulations. The PSX notified the guidance notes — intended to provide “greater clarity and transparency” — at a time when many listed companies seemingly fail to timely inform the exchange about material information tha
The International Monetary Fund’s (IMF) nine-month $3 billion Stand-By Agreement (SBA), to be approved by the executive board hopefully this week, offered Pakistan a desired breather and allayed the fear of default in a troubled economy amid political and judicial turmoil. Businesses heaved a sigh of relief, and the market reacted positively. Should distressed commoners also rejoice the SBA?
In June, Pakistan used China’s currency to pay Russia for a 100,000-tonne discounted crude oil purchase. That was a first: Islamabad has never used yuan before to settle cross-border trade transactions with a third country, although it has invoiced part of its Chinese imports in Renminbi (RMB) for the last several years. The development signifies Pakistan’s increasing reliance on Beijing as it
Something odd is happening in the oil markets. Efforts by major oil producers to prop up oil prices above the current levels seem faltering — at least for the time being. Both Riyadh and Moscow, the oil heavyweights, need higher oil prices. Saudi Arabia needs Brent crude to trade at around $81 a barrel to balance its budget, the International Monetary Fund estimates. Moscow, too, needs addition