Former finance minister Miftah Ismail believes that the default risk looming over Pakistan may not be over even if it secures the $1 billion tranche from the International Monetary Fund (IMF) as part of the $6.5 billion bailout. Ismail, while speaking during a talk show he, said that whichever government comes to power after the elections will need to secure …
KARACHI, Marc 3 (EW): The Pakistan rupees gained its ground against the US dollar after the market gained hope on Finance Minister Ishaq Dar’s assurances of striking a deal with the International Monetary Fund (IMF) next week. The local currency appreciated by Rs9.91 in the interbank market during the intraday trade and was changing hands at 275.18 against the …
WASHINGTON, Marc 3 (EW): The US House Foreign Affairs Committee voted on Wednesday along party lines to give President Joe Biden the power to ban Chinese-owned TikTok, in what would be the most far-reaching US restriction on any social media app. Lawmakers voted 24 to 16 to approve the measure to grant the administration new powers to ban the ByteDance-owned …
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has raised the key interest rate by 300 basis points, taking it to 20%, as it bids to control runaway inflation. “At its meeting held on 2nd March 2023, the MPC decided to increase the policy rate by 300 basis points to 20%,” it said in a …
Pakistan is expected to ink a staff-level agreement with the International Monetary Fund (IMF) by next week, said Federal Minister for Finance and Revenue Ishaq Dar. The senator took to social media, reiterating that Pakistan will not default on its payment obligations. “Anti-Pakistan elements are spreading malicious rumors that Pakistan may default. This is not only completely false but …
ISLAMABAD, Mar 3 (EW): A district and sessions court in Islamabad on Thursday ordered the immediate release of Lieutenant General (retd) Amjad Shoaib after he was arrested on allegations of inciting rebellion within institutions. In its decision today, the court nullified the three-day physical remand of Gen Shoaib, saying that “there was no corroborated evidence to prove the charges …
ISLAMABAD, Mar 2 (EW): Girders of an under-construction flyover in the Bhara Kahu area of Islamabad collapsed on Thursday, less than a week after the bridge’s shuttering came apart leaving two labourers dead and three injured. Islamabad police confirmed the incident in a tweet, adding that there were no injuries or casualties. “The girders of an under-construction bridge have …
ISLAMABAD, March 2 (INP): Inside the Thar Block-1 Integrated Coal Mine Power Project, an open-pit coal mine with an annual lignite output of 7.8 million tons and a total capacity of 1,320 megawatts, is providing the most cost-effective energy to millions of Pakistani households. Gul Hassan, a mining engineer with Sino Sindh Resources (Pvt.) Ltd. (SSRL), is carrying out …
ISLAMABAD, MAR 2 (EW): Desperate to revive the loan programme to stabilise the falling economy, Pakistan on Wednesday gave in to the International Monetary Fund’s (IMF) demand of imposing a power surcharge on the consumers in the next fiscal year. The Pakistani officials are baffled by IMF’s “Shifting goalpost” as the country makes hectic efforts to woo the lender …
The Pakistani rupee fell a massive 6.6% against the US dollar during the opening hours of the trading session on Thursday. At around 11:30am, the rupee was being quoted at 284.88, a decrease of Rs18.77, against the US dollar during intra-day trading. The rupee had plummeted against the US dollar on Wednesday as well but the fall was less sever …
