Oil prices rose on Wednesday after data showed US inventories and fuel supplies tightening and following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures rose 88 cents, or 1.2 per cent, to $77.72 a barrel by 08:37 GMT, while US West Texas Intermediate crude (WTI) gained 98 cents, or 1.3pc, to $73.89 a barrel. Saudi
Finance Minister Ishaq Dar on Wednesday asserted that the country was not on the verge of a financial crisis and “will absolutely not default”. Dar’s remarks comes amid growing fears of default, propelled by the country’s declining remittances and foreign exchange reserves, as well as a prolonged delay in reaching an accord with the International Monetary Fund for the release of a $1.1 billion
The exchange rate difference between open and interbank markets on Wednesday swelled to Rs22 per US dollar, strengthening speculations about another big devaluation of the local currency. On Jan 26, the exchange rate was uncapped and the rupee witnessed the largest single-day fall in over two decades. It lost 9.6 per cent, or Rs25 per dollar, to close at Rs255 the same day. The aim was to meet
With all the financial crunch and cuts in development expenditure, there appears to be no dearth of discretionary funds for political plans weeks before the conclusion of the current fiscal year as the government on Wednesday approved Rs20 billion more for parliamentarians’ schemes, taking it to a record Rs111bn. Presiding over a meeting of the Economic Coordination Committee (ECC) of the cabin
Two prominent Pakistani American scholars — an economist and a political scientist — have warned that the national economy is near collapse and needs immediate course correction. “To thump your chest and say, ‘see we have not defaulted’ means nothing if you continue to ignore the underlying crisis,” warned Atif Mian, a professor of economics, public policy and finance at Princeton University. “