The country’s current account turned to a surplus of $654 million in March — a big monthly figure and the first surplus in over two years — against a deficit of $36m in February. This helped contract the ongoing fiscal year’s current account deficit (CAD) by a massive 74 per cent year-on-year to just $3.37bn in July-March. This decline in the current account deficit was the outcome of $11.25
In an apparent deviation from the law, the State Bank of Pakistan (SBP) is reported to have extended Rs239 billion credit to the PMLN-led coalition government in January-February to meet ballooning debt servicing requirements of the domestic commercial banks. Under the State Bank of Pakistan Act amended in 2022 on the dictation of the International Monetary Fund (IMF), government borrowing from
Share prices rose on Tuesday as investors remained hopeful for the release of the delayed loan tranche from the International Monetary Fund (IMF). Arif Habib Ltd said investors’ activity increased marginally while the trading volume rose across the board slightly, with third-tier companies topping the volume board. Analyst Ahsan Mehanti said stocks closed higher as the earnings season r
The Organic Meat Company Ltd (TOMCL) on Tuesday successfully secured the required approvals to export “pet chews” to Canada and meat products to Uzbekistan. The company informed the Pakistan Stock Exchange (PSX) that it has become the first company from Pakistan to export such products to Canada. The approvals also included the supply of meat and meat products (chilled and frozen) to Uzbekis
Pakistan Telecommunication Company Ltd (PTCL) group achieved a 23.2 per cent revenue growth in the January-March quarter over the same period last year. The PTCL group’s revenue was recorded at Rs43.2 billion during the first quarter of 2023, however, the group posted a net loss of Rs5.7bn. The key challenges faced by the company were increasing energy and fuel tariffs and restrictions impos