The outstanding auto financing continued to decline for the eighth consecutive month in February dipping almost 9 per cent to Rs326 billion from Rs357bn in the same month last year, data released by the State Bank of Pakistan (SBP) showed on Tuesday. Samiullah Tariq, head of Research Pak Kuwait Investment Company, said car financing would remain depressed in coming months due to a massive rise
Pakistan has received $242 million from the United States to support flood relief, recovery efforts, disaster resilience and food security and the US-Pakistani diaspora contributed about $42m to the total. On Tuesday, US Ambassador to Pakistan Donald Blome highlighted the valuable contributions of the diaspora and the private sector at a US Agency for International Development (USAID) conferenc
An emergent meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a special grant of Rs27 billion (about $100 million) for payments to Kuwait Petroleum Corporation to avoid a formal default of the national fuel supplier — Pakistan State Oil (PSO). The meeting presided over by Finance Minister Ishaq Dar also sanctioned Rs2.9bn in additional supplementary grant a
THE International Monetary Fund (IMF) was not consulted on the government’s recent move to announce a fuel subsidy, the lender’s key official in Islamabad has said, adding that it was seeking “greater details” on the scheme, Bloomberg reported. The statement from Esther Perez Ruiz, the IMF’s resident representative for Pakistan, came two days after the government unveiled a Rs50 subsidy on each
Stock prices slightly went up as trading began on Monday before bears took over the exchange on the negative news flow. Arif Habib Ltd said the benchmark of representative shares of the Pakistan Stock Exchange lost steam because of continuous economic and political uncertainties. Negative triggers plunged the index to an intra-day low of 420.71 points. Investors chose to be cautious while