Pakistan government and the Asian Development Bank (ADB) signed on Thursday two loan agreements totaling $730 million aimed to “transform the country’s state-owned enterprises (SOEs), and enable the power transmission network to uptake affordable and clean energy”, the ADB said in a statement. Pakistan’s Ministry of Economic Affairs said they signed two major initiatives with the ADB: i) the Se
Pakistan needs urgent structural reforms to reduce its reliance on fossil fuels, enhance export competitiveness, and accelerate the pace of industrial growth in order to effectively respond to the challenges posed by climate change. These views were expressed by experts from various sectors while speaking at a seminar titled “Driving a Just Industrial Transition: Role of Multilateral Developmen
Oil prices rose slightly on Friday after the US put greater economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of the government in Abuja. Brent crude futures rose 6 cents, or 0.1%, to $62.30 per barrel at 0456 GMT. US West Texas Intermediate (WTI) crude was also up 6 cents at $58.41. Both Venezuela
The Pakistani rupee strengthened against the US dollar, appreciating 0.06% during the opening minutes of trading in the inter-bank market on Friday. At 10am, the local currency was hovering at 280.03, a gain of Re0.17 against the greenback. On Wednesday, the local unit closed at 280.20. Globally, as the new year approaches, investors are focused on when the US Federal Reserve might furthe
Positive momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 300 points during the opening hours of trading on Wednesday. At 10:45am, the benchmark index was hovering at 171,410.93, an increase of 337.20 points or 0.20%. Buying interest was seen in key sectors, including commercial banks, fertiliser, oil and gas exploration companies, OMC