Finance Minister Miftah Ismail announced Thursday a massive hike in the price of petroleum products after the International Monetary Fund (IMF) emphasised abolishing the subsidies on the commodities. In a press conference, the finance minister said the government has decided to hike the price of petrol, diesel, kerosene oil, and light diesel by Rs30, effectively مزید پڑھیں

Pakistan and the IMF have worked out the outlines for the release of over $900 million in funds that would come through once Pakistan removes its fuel subsidies, a government source directly involved in talks in Qatar said, requesting anonymity. The talks in Qatar’s capital Doha on the resumption of a funding programme concluded on مزید پڑھیں

The International Monetary Fund (IMF) late Wednesday delayed the revival of the stalled $6-billion programme under the External Financing Facility (EFF) for Pakistan. The revival was expected to bring stability to the financial markets, the fast-weakening Pakistani rupee, and the depleting foreign exchange reserves, as the government had pinned hopes on the programme’s resumption. Pakistan مزید پڑھیں

The Pakistani rupee dropped to a historic low of Rs202 against the US dollar on Wednesday as an ongoing political crisis rocked confidence in the currency. The rupee has been declining for months, but the fall became precipitous in March when the then opposition parties tabled a no-confidence motion against Imran Khan that led to مزید پڑھیں

Asian markets fluctuated Wednesday, with little sign of any relief from recent dour performances as investors remain fearful about the economic outlook owing to the impact of inflation, higher interest rates, China’s slowdown and the Ukraine war. A series of weak indicators around the world and downbeat forecasts from big firms have chilled trading floors مزید پڑھیں

Saudi Arabia is finalising the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters. “We are currently finalising extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos. Last year, Saudi Arabia deposited $3 billion in Pakistan’s central مزید پڑھیں

Asian stocks retreated Tuesday on concerns over the impact of China’s Covid restrictions on the world’s second-largest economy as investment banks slashed their forecasts. A strong rally on Wall Street, where the Dow closed 2.0 percent higher, did not carry over to Asia, and Beijing’s announcement of a fresh raft of measures to stimulate the مزید پڑھیں

The State Bank of Pakistan (SBP) hiked the benchmark policy rate by 150 basis points to 13.75 per cent on Monday to “keep inflation expectations anchored and contain risks to external stability”. In a statement, the SBP’s Monetary Policy Committee (MPC) said the move, along with fiscal consolidation, would help moderate demand to a sustainable مزید پڑھیں

US Dollar’s rate is continuously rising as compared to Pakistani Rupee and has risen by Rs1.06 in the Interbank on Monday. Enduring the rough patch amid weakening macros has kept the dollar demand elevated and after the increase, the greenback is now being traded Rs.201.2. Read more: Inflation rises with 1.42 pc gain The local currency مزید پڑھیں

Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while U.S. مزید پڑھیں