The Asian Development Bank (ADB) committed $20.5 billion from its resources in 2022 to help Asia and the Pacific continue their recovery from the pandemic despite fresh economic headwinds and crises. The $20.5bn comprised loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. ADB mobilised an additional $11.4bn in co-financing,
Oil dropped by $2 a barrel on Tuesday after two sessions of gains as jitters about the global economic outlook and a firmer dollar countered optimism about demand in China and expectations of a drop in US crude inventories. Brent crude fell by $1.93, or 2.4 per cent, to $80.80 a barrel by 11:30 a.m. ET (1530 GMT). US West Texas Intermediate crude dropped $1.73 to $77.02. On Monday, both contrac
In Pakistan, standing in queues at petrol pumps has become a regular occurrence, particularly when people anticipate an increase in fuel prices. Waiting in these lines, one often reflects on the past when petrol used to cost under Rs100 per litre, a time that now seems distant, even though it was less than three years ago. These queues also serve as a sobering reminder of the potential conseque
Amid delays in the resolution of legal issues, the board of directors of defunct Pakistan Steel Mills (PSM) has refused to accept the unilateral evaluation of its land by Sui Southern Gas Company Ltd (SSGCL). The board in its meetings held on March 29 and April 7 “has shown great concern over delay in issuance of No-Objection-Certificate (NOC) for transferring PSM’s core operating assets to Ste
The history of well-established, principled and long-standing partnerships based on cooperation between China and Pakistan dates back to the earliest years when Pakistan was one of the first major countries to recognise the People’s Republic of China. This ‘time-tested and all-weather’ friendship is built on the strong pillars of bilateral cooperation on socio-economic grounds. Continuing the h