While seeing a bumpy ride ahead, the business community believes the approval of a nine-month $3 billion Stand-By Arrangement will end a long-drawn-out period of economic uncertainty and volatility. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said securing the IMF programme was indispensable at this critical juncture of the country’s economic hi
The central bank’s foreign exchange reserves increased by $61 million to close at $4.52 billion during the week ended July 7, official data showed on Thursday. The reserves didn’t include the $4.2bn inflows the State Bank received earlier this week from the International Monetary Fund and two countries. Adding those inflows will take the bank’s reserves to $8.7bn, close to a level they were las
The Cybercrime Wing of the Federal Investigation Agency (FIA) on Friday said it has arrested nine suspects and booked 19 others for allegedly blackmailing citizens through loan-giving mobile applications (apps). The development comes a day after the agency launched an investigation into the death of a man in Rawalpindi — who purportedly ended his life — due to “threats” made by loan apps over h
The International Monetary Fund (IMF) has said that Pakistan’s new $3 billion loan programme would anchor the country’s immediate efforts to stabilise the economy and ensure that the current balance of payments need was fulfilled. Earlier this week, the global lender’s executive board green-lit the nine-month standby arrangement (SBA) in order “to support the authorities’ economic stabilisation
Equities underwent yet another bullish session on Wednesday with the benchmark index crossing the 45,500-point psychological barrier. Topline Securities said the much-awaited vote at the board meeting of the International Monetary Fund (IMF) on Pakistan’s $3 billion bailout package helped improve sentiments. Investors opted for strengthening their equity positions by putting more money ahead o