Some of the world’s poorest countries face budget cuts topping $220 billion over the coming five years due to a debt crisis that has pushed dozens to the brink of default, according to an Oxfam International report released on Monday. Oxfam’s report, released at the start of the IMF-World Bank meetings in Marrakesh and drawing on IMF outlooks, also found that on current terms, low- and lower-mi
The World Bank (WB) on Monday urged Pakistan to close all tax exemptions and bring incomes from agriculture, properties and retail businesses under the effective tax net to generate an additional revenue of up to four per cent of GDP (about Rs4 trillion) in the short term. Speaking at a media briefing, WB’s Country Director Najy Benhassine and senior economist Tobias Haque said the people in tw
Oil prices jumped more than 4 per cent, gold gained and the US dollar edged up against the euro on Monday as military clashes between Israel and Hamas fuelled worries that the conflict could spread beyond Gaza. Emerging market stocks fell, while major US stock indexes were slightly higher in early afternoon New York trading, recovering from losses earlier in the day. Israel’s shekel weakened
The ongoing crackdown against illegal forex trading and smuggling has so far yielded up to $900 million surplus in the open market which was deposited in banks, said currency dealers. Currency dealers said the much-needed administrative measures produced extremely valuable results for the economy but the policy reforms for Afghan transit and smuggling of Iranian oil also supported saving the ha
Trading on the stock exchange commenced on a positive note in the outgoing week fuelled by the contraction of the trade deficit by 42 per cent on a year-on-year basis to $5.3 billion in the first quarter of 2023-24. Arif Habib Ltd said the expectation of robust financial results for the first quarter of the ongoing fiscal year kept the stock market participants’ interest alive. Urea and DAP sal