Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, Petroleum Minister Musadik Malik said on Wednesday, highlighting the success of a first deal in helping the cash-strapped nation. Malik told reporters there was no scenario under which the country was “not benefiting” from Russian crude. “We are finalising another cargo,” he said. Malik said the first cargo
Commerce Minister Syed Naveed Qamar on Wednesday stressed the need for collective efforts to enhance pharmaceutical exports to over $5 billion by 2030. Speaking at the sixth Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023, the minister outlined the government’s plans to significantly increase pharmaceutical exports. The event, organised by the Pakistan Pharmaceuti
Pakistan received a much-needed inflow of $1 billion from the United Arab Emirates on Wednesday, hours before the formal approval of the $3 billion nine-month Stand-By Arrangement by the executive board of the International Monetary Fund. The UAE, our brotherly country and friend has deposited $1bn into the State Bank of Pakistan’s account,” Finance Minister Ishq Dar announced in a video messag
The International Monetary Fund (IMF) said on Wednesday that its executive board had approved a $3 billion loan agreement for Pakistan, unlocking crucial funding for the troubled economy. In a statement, the IMF said its executive board green-lit the nine-month standby arrangement (SBA) in order “to support the authorities’ economic stabilisation programme”. This follows a staff-level agree
Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises, such as the Covid-19 pandemic, with the burden being felt acutely by developing countries, a United Nations report said. Domestic and external debt worldwide has increased more than five times in the last two decades, outstripping the rate of economic growth, with gross domestic product only tr