Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country’s financial crisis, the Financial Times reported on Friday, citing a UN policy memo. The memorandum, which the UN Development Programme will share with the government this week, states that the country’s creditors should consider debt relief so that policymakers ca
The Pakistan Stock Exchange witnessed another bearish session on Wednesday despite a positive open zone. According to Arif Habib Ltd, continued pressure on the local currency hurt investors’ sentiments and pushed the KSE-100 index below the 41,000-pont level. “All eyes (are) now on the (US Federal Reserve) tonight and the quantum of (the interest) rate increase,” it added. Analyst Ahsan Meha
After a delay of six days, the government finally notified the revised prices of petroleum products in the early hours of Wednesday, raising the petrol price by Rs1.45. As per the standard procedure, the notification for revised prices is issued around midnight. However, this time, the notification by the Finance Division came two hours late, around 2am. According to the notification, the
Oil jumped more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $2.28, or 2.5pc, to $92.90 a barrel by 0707 GMT after falling $1.38 the previous day. US West Texas Intermediate crude was at $86.16 a barrel, up $2.22, or 2.
The Asian Development Bank (ADB) said on Wednesday that while Pakistan’s economic growth reached around six per cent in FY22, it was expected to slow down in the current fiscal year to 3.5pc because of double-digit inflation, climate headwinds and policy efforts. In the latest Asian Development Outlook update, the ADB revised Pakistan’s growth estimates from 4.5 to 3.5pc amid devastating floods