The power sector’s circular debt jumped to Rs2.65 trillion by the end of May from Rs2.25tr at the beginning of the previous fiscal year — a jump of Rs393 billion, or 18 per cent, in 11 months. It was in stark contrast with figures of FY22, when the debt fell by Rs27bn, from Rs2.28tr at the start of the year to Rs2.25tr by the close, data from the energy ministry’s Power Division showed. Acc
State Bank of Pakistan (SBP) Governor Jameel Ahmad unveiled on Tuesday a commemorative banknote of Rs75 to mark the 75 years of the central bank’s founding. The banknote is predominantly blue, which has been chosen to impart a sense of stability associated with a central bank. A distinctive feature of this new banknote is the inclusion of a stylised sketch of the SBP building by renowned callig
The subscription for Pakistan’s first gender bond, which will help a microfinance provider raise Rs2.5 billion for onward lending, will be complete in the next “four to six weeks”. Speaking to a group of reporters on Tuesday, InfraZamin Pakistan CEO Maheen Rahman said the privately placed bond will subsequently be listed on the Pakistan Stock Exchange within 180 days. InfraZamin, which is a
The executive board of the International Monetary Fund (IMF) will meet on July 12 to review, and possibly endorse, a $3 billion Standby Arrangement (SBA) for Pakistan, finalised last week. Pakistan expects the board also to release the first tranche of $1.1bn as part of the loan programme. The initial disbursement is contingent upon board approval. Pakistan was absent from an earlier schedul
The Pakistani rupee gained over Rs10 against the US dollar in the interbank market on Tuesday, in the first trading session after the country secured last-minute funding from the International Monetary Fund (IMF). According to the State Bank of Pakistan (SBP), the local currency closed at Rs275.44 per dollar, up 3.83 per cent. The rupee stood closed at 285.99 against the dollar on June 27. M