Currency dealers in open market have offered loans of $24 billion to the government for the next two years to help it stay away from the International Monetary Fund (IMF) programme, which has badly hit Pakistan’s economy. Talking to The Express Tribune, Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said, “We have offered $1 billion a month in financing to the governme
For over three months, the Ministry of Finance has been sitting on the central bank’s inspection report against commercial banks in a foreign currency manipulation case, delaying action against them despite clear incidences of charging ‘higher spreads.’ The action against at least eight commercial banks has been put on hold despite Finance Minister Ishaq Dar’s repeated vows to impose heavy taxe
Pakistan claimed on Wednesday that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF) and said that it was not planning to prematurely quit the $6.5 billion programme. “We have received an indication from Saudi Arabia about getting something,” Dr Aisha Pasha, the Minister of State for Finance, said after at
Alibaba Group is planning to split into six units and explore fundraisings or listings for most of them, it said on Tuesday, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises. The US-listed shares of the Chinese e-commerce conglomerate, which have lost nearly 70% of their value since the curbs were imposed in late 2020, rose more than 14
Pakistan is experiencing frequent and severe climate change-induced natural disasters. The country has a long history of battling droughts and floods. Despite contributing less than 1% of global carbon emissions, the country is still grappling with the effects of climate change. Agriculture is the largest consumer of freshwater in Pakistan, using over 90% of the resource, but mismanagement has