The State Bank of Pakistan’s (SBP) foreign exchange reserves reached a two-year high, crossing the $9 billion mark after inflows from the International Monetary Fund (IMF). The central bank released the latest data about the foreign exchange reserves on Thursday, showing that the reserves went up to $9.120bn at the end of the week on May 3. “During the week, the SBP reserves increased by $1.
Pakistan Stock Exchange (PSX) on Wednesday continued its bearish momentum owing to across-the-board pre-budget uncertainty and profit-booking at high valuations. In the morning, the market opened with a spike, touching its intra-day high of 73,079.18 points, but the positive sentiment started weakening soon as market participants were concerned ahead of the budget announcement. An unstable p
Pakistan and the World Bank on Wednesday agreed to collaborate on a new, robust and ambitious Country Partnership Framework to carry forward the country’s reform and development agenda. The agreement was reached during a meeting between Prime Minister Muhammad Shehbaz Sharif and a World Bank delegation, led by its Regional Vice President for South Asia Martin Raiser. Welcoming the VP, PM She
The planned upgrade of existing oil refineries has been dealt a blow owing to the failure to sign implementation agreements as the Petroleum Division is seeking an extension in deadline for another six months. In this respect, the division has prepared a summary for taking approval of the Cabinet Committee on Energy (CCOE). Earlier, the deadline for signing plant upgrade agreements with the
A delegation of international investors, led by Ahmad Bozai, MD of Citibank Pakistan, called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday to explore investment prospects and economic dynamics in Pakistan. The finance minister welcomed the delegation and assured them that the government is committed to fostering an enabling business environment in Pakistan. S