Remittances sent by overseas Pakistanis declined by 14 per cent in November this year. The inflows fell by 9.6 per cent during the first five months of the current fiscal year (FY23). The latest data released by the State Bank on Wednesday showed that the remittances kept falling and declined to $2.1 billion in November from $2.5bn during the same month last year. The inflows declined by 5pc co
The United States Federal Reserve moderated its all-out campaign to cool inflation on Wednesday, lifting the benchmark lending rate by a half percentage point though warning there is still “some ways to go”. America’s central bank has taken aggressive moves to ease demand in the world’s biggest economy, hiking rates seven times this year with interest-sensitive sectors like housing already reel
Share prices rose on Tuesday as investors reacted to the positive triggers of Saudi financial support package and flood-related assistance from Asian Development Bank. JS Global said investors carried out buying in selected stocks, which lifted the overall market sentiments. The news about the finalisation of the draft for upgrading the local refineries helped stocks in the refinery sector r
PRIME Minister Shehbaz Sharif on Monday came to the rescue of his finance team led by Ishaq Dar, amid continuing speculation that Pakistan was on the verge of a debt default. “Pakistan will not default,” he declared at a news conference as he explained that his administration was forced to accept tough IMF loan conditions because the multilateral lender no longer trusted Pakistan, thanks to the
The Asian Development Bank (ADB) approved on Tuesday a $100 million loan to help improve technical and vocational education and training (TVET) in Punjab and ensure skills training meets job demand in important economic sectors. A press release issued today by the ADB said that the “Improving Workforce Readiness in Punjab Project” will help enhance TVET’s quality and relevance to increase “grad