Pakistan has informed the US about its decision to buy oil from Russia but only at terms that are favourable than offered to its arch-rival India, said Finance Minister Ishaq Dar on Wednesday. Dar, in his first public event after returning from Washington, also ruled out seeking any relief from the International Monetary Fund and “begging” from other countries for aid for the flood victims. But
Investment bank JPMorgan has called the slump in Pakistan’s bonds to just a third of their face value justified, following the country's devastating floods and recent warnings by officials that some debt payments may need to be suspended. "Pakistan's debt and fiscal dynamics flag rising solvency concerns," JPMorgan's analysts wrote in a note on Wednesday. "Political/fiscal, flood-related ext
Amid high energy costs and an impending energy crisis, the government has approved energy and conservation measures preventing the outflow of $1.15 billion per annum. The people of Pakistan are currently paying high electricity prices and yet are suffering from prolonged power outages in addition to circular debt of multi-billion rupees. In their electricity bills, consumers are paying several
The Pakistan Stock Exchange witnessed a bullish trend on Wednesday as investors welcomed lower international oil prices. Topline Securities said a statement from the US Department of State clarifying that the United States is confident of Pakistan’s ability to keep its nuclear assets safe and secure also helped the index close on a bullish note. The index traded in the green zone throughout
The dollar has disappeared from the open market run by the exchange companies and there are reports that the US currency is trading at a much higher price in a parallel grey market. “This is true. The dollar is not available in the open market, but the grey market is offering it for as high as Rs232, making the legal currency business meaningless,” said Zafar Paracha, the secretary general of t