The IMF is on board, yet the rupee continues to decline. Previous assumptions pointed towards a prevailing lack of confidence in economic sustainability as the primary driver behind the consistent and steep deterioration in the rupee-dollar exchange rate. The expectation was that after the Stand-by Arrangement (SBA) with the IMF, the rupee-dollar exchange rate situation would improve. This did
Saudi Arabia will invest up to $25 billion in Pakistan over the next two to five years in various sectors, caretaker Prime Minister Anwaarul Haq Kakar said on Monday, adding his government would also revive a stalled privatisation process. The country is embarking on a tricky path to economic recovery under a caretaker government after a $3bn loan programme, approved by the International Moneta
Oil prices edged higher on Monday on expectations that Opec+ would keep supplies tight and speculation that the US Federal Reserve will cease its aggressive interest rate hike campaign. Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the Opec+ producer group comprising the Organisation of the Petroleum Exporting C
Pakistan’s export of services witnessed a year-on-year paltry growth of 2.17 per cent to $538 million in the first month of the current fiscal year. The uptick was unprecedented because the commodities exports dipped in July, according to data compiled by the Pakistan Bureau of Statistics. In rupee terms, the exports of services grew 30.84pc in July to Rs151.182 billion against Rs115.550bn
Sugar prices rose to record levels in various parts of the country on Monday, as members of the former ruling coalition continued to trade blame over who was ultimately responsible for the country’s dwindling stocks of the commodity. The growers, on the other hand, hold the recently dissolved PDM government responsible for its failure to stop the menace of smuggling which, they claim, sent almo