The Economic Coordination Committee (ECC) of the Cabinet on Monday formally approved a Rs100 billion electricity subsidy package for five export sectors and deferred a decision to fix the minimum support price (MSP) of wheat for 2022-23 season. The meeting, presided over by Finance Minister Ishaq Dar, also approved more than Rs410 million for effective security arrangements ahead of PTI’s upcom
Oil prices slid on Tuesday, extending losses of nearly two per cent in the previous session, as a stronger US dollar and a flare-up in Covid-19 cases in China raised concerns of slowing global demand. Brent crude futures fell 27 cents, or 0.3pc, to $95.92 a barrel by 0342 GMT, after falling $1.73 in the previous session. US West Texas Intermediate crude was at $90.73 a barrel, down 40 cents,
Cascading global crises have left 54 countries — home to more than half of the world’s poorest people — in dire need of debt relief, the Unied Nations said on Tuesday. In a new report, the United Nations Development Programme warned that dozens of developing nations were facing a rapidly deepening debt crisis and that “the risks of inaction are dire.” UNDP said without immediate relief, at l
To secure greater breathing space in foreign loan repayments amid tight external account conditions, Pakistan is seeking rescheduling of bilateral debt, which now stands at around $27 billion. “Rescheduling of bilateral debt is fine,” said Finance Minister Ishaq Dar while ruling out rescheduling of international debt from wealthy western nations under Paris Club, multilaterals and international
Bulls dominated trading at the Pakistan Stock Exchange (PSX) during the outgoing week with four sessions closing in the green. Investors’ buying interest revived as soon as China agreed to refinance a $2.24 billion loan. Investors took fresh positions as the week began with positive news that the government was engaged in talks on rolling over Chinese SAFE deposits of $2 billion. The week saw l