7 projects worth $1.44b under way in Gwadar on May 24, 2022Seven development projects under various modalities, worth $1.44 billion, are under implementation process in Gwadar. Advisor Maritime Affairs, Ministry of Planning, Development and Special Initiatives, Jawad Akhtar Khokhar said this while addressing a two-day media conclave and roundtable conference titled ‘CSR Initiatives in Gwadar (The Gateway to CPEC)’ co-organised by the Institute of Policy Studies […]
Pakistan secured $13.03b foreign loans in 10 months: EAD on May 24, 2022Pakistan has incurred foreign loans of $13.03 billion during the first ten months (July-April) of the ongoing fiscal year 2021-22 from multiple financing sources against the annual budget estimates of $14.09 billion for the entire fiscal year. According to the latest monthly bulletin released by the Economic Affairs Division (EAD) on Monday, the country got […]
Brent crosses $113 mark again as tight supplies keep oil up on May 24, 2022Crude oil futures rose on Monday, finding support from tight supplies that have driven fuel prices to record high levels in summer. As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.48 (+0.43 percent) to reach $113.03 a barrel. The West Texas Intermediate (WTI), the main oil benchmark […]
Dollar completes double ton as rupee’s rout continues on May 20, 2022The Pakistani rupee continued its month-long run of depreciation, with the currency reaching its all-time low of 200 against the US dollar on Thursday. The local currency has been setting all-time new lows for the last eight sessions. The State Bank of Pakistan said in a statement that the rupee opened at 198.39 against the […]
Brent falls to $107 as oil slips for second day on May 20, 2022Crude oil prices remained on the downward slide for the second day in a row on Thursday on supply uncertainties as the European countries failed to agree to ban Russian oil exports in the face of opposition from Hungary. As of 1240 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed […]
5.97pc GDP growth likely in 2021-22: NAC on May 19, 2022The provisional growth in the gross domestic product (GDP) for the financial year 2021-22 (FY22) is estimated at 5.97 percent against the growth of 5.74 percent in FY 2020-21. The National Accounts Committee (NAC) said this in a meeting on Wednesday. The meeting was held under the chairmanship of secretary Planning Commission. Based on the […]
IMF chief warns of acute food insecurity amid record inflation on May 19, 2022With inflation reaching the highest levels seen in decades, vulnerable households in low- and middle-income countries are most at risk of acute food insecurity. Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva stated this on Wednesday, following the publication of the ‘Joint International Financial Institution (IFI) Plan to Address Food Insecurity.’ She said […]
Rupee nears 196 vs dollar in interbank as rout continues on May 18, 2022ollarMaintaining its downturn for the eighth consecutive session, the Pakistani rupee continued to tumble against the US dollar and breached yet another important threshold of 195 in the interbank market to hit its new weakest level on Tuesday. The State Bank of Pakistan said in a statement that the rupee opened at 194.18 against the […]
Banks’ deposits decline 2.1pc to Rs20.1t in April: SBP on May 18, 2022The total deposits held by banks declined by Rs424 billion (2.1 percent) on a month-on-month basis to stand around Rs20.1 trillion in April 2022. According to the data released by the State Bank of Pakistan on Tuesday, investments jumped to Rs15.2 trillion in April, showing a growth of 22.5 percent on a yearly basis. The […]
$6.1b FDI recorded in telecom industry in over 3 years: Haque on May 18, 2022Federal Minister for IT and Telecommunication Syed Amin Ul Haque has said that foreign direct investment (FDI) in the telecommunication industry remained $6.1 billion from 1st July 2018 to 30th March, 2022. In his message on the occasion of the World Telecommunication and Information Society Day, the minister said that revolutionary steps have been taken […]