Only way to save country from default is to approach IMF: Miftah Ismail

KARACHI: Former Finance Minister Miftah Ismail has said that the only way to save the country from default is to approach the IMF. According to the details, Miftah Ismail said during a conversation on a private TV program that the

No cut in flour price despite reduction rates

PESHAWAR: The price of bread has not been reduced by the bakers, despite the reduction in the price of flour. The price of flour has been reduced in Khyber Pakhtunkhwa including Peshawar, the price of an 80 kg bag of

Several union employees protest against inflation in Belgium

BRUSSELS: The European country Belgium has been hit by global inflation, and hundreds of union employees participated in a protest march in Belgium. According to international media, demonstrators in Brussels protested against poor working conditions, rising energy prices, and rising

Political confrontation to further weaken Pakistani rupee: Bloomberg

KARACHI: Bloomberg, an American magazine that monitors economic affairs, has said that if the political confrontation between the government and Imran Khan continues like this, the Pakistani rupee will fall further, which will cause further inflation in the country. Bloomberg

Chinese investors show interest in mangoes of Karachi

KARACHI: Chinese investors have expressed interest in mango varieties of Sindh province. Recently, a delegation of Chinese investors visited the Sindh Agricultural University, where they interacted with scientists and progressive farmers about business opportunities in the mango-growing areas of Sindh,

Pakistan beats Sri Lanka in inflation race

ISLAMABAD: The list of the most expensive countries in the world has been released, in which Pakistan has surpassed Sri Lanka, the default country. A list of countries around the world related to food inflation has been released by the

Rupee depreciates slightly amid Moody’s warning of possible default

KARACHI: The Pakistani rupee experienced a slight decline of 0.02% against the US dollar in the inter-bank market on Tuesday. As per forex dealers, the local currency lost five paisas and was being quoted at 283.90. This comes after the

Local cement sales fall 16% in April

ISLAMABAD: All Pakistan Cement Manufacturers Association (APCMA) has stated that cement sales decreased by 16 percent in April. APCMA said that the total consumption of cement in April was Rs 29,51,000 metric tons while last April’s cement consumption was 35,36,000

Unemployment in Pakistan will reach 9% next year: Report

LONDON: The Economist Intelligence Unit has expressed fear that the unemployment rate in Pakistan will increase further next year. According to the Economist Intelligence Unit report, unemployment rose to 6.9 percent this year and will rise to 9.9 percent next

Punjab aims to boost cotton cultivation as countrywide products registers 34% decline

LAHORE: The Punjab government has set a target of cultivating cotton on four million acres of land during the current season in the wake of the Pakistan Cotton Ginners Association’s (PCGA) recent announcement that the country’s cotton production has declined

Dar holds virtual meeting with President Asian Infrastructure and Investment Bank

ISLAMABAD: Finance Minister Mohammad Ishaq Dar held a virtual meeting with Asian Infrastructure and Investment Bank (AIIB) President Jin Liqun on Saturday, as part of the International Monetary Fund (IMF) and World Bank Spring meetings 2023. The meeting was aimed

Karachi’s electric bus fares doubled without notice, passengers furious

KARACHI: The recently launched electric buses in Karachi have doubled their fares without any prior announcement, leaving passengers furious. The original fare for the electric buses was Rs. 50, but on Friday, passengers were charged Rs. 100 for the same

SSGC suspends gas supply to industries, power plants

KARACHI: The Sui Southern Gas Company (SSGC) on Thursday has suspended gas supply to captive power plants and industries owing to the widening gap between supply and demand. In a notification issued today, the gas utility said that the decision

IMF chief urges wealthy nations to help others with debt woes

BOAO: Countries in a relatively stronger position should help vulnerable nations especially those under debt distress, International Monetary Fund managing director Kristalina Georgieva said on Thursday. The IMF chief said such assistance would be particularly important against the backdrop of

EU removes Pakistan from List of High Risk Third Countries

ISLAMABAD: The European Union has removed Pakistan from its List of High Risk Third Countries. This was announced by Federal Minister for Trade Syed Naveed Qamar in a Twitter post the other day. The  move, originally happened on March 15,

Pakistan needs $3 billion in last quarter of current FY to pay loans

ISLAMABAD: Amid dwindling foreign exchange reserves held by the State Bank of Pakistan (SBP), the country’s external debt servicing requirements for repaying principal and mark-up in dollar amounts will be standing at approximately $3 billion in the last quarter (April-June)

Pakistan approves barter trade model to address dollar woes

ISLAMABAD: Federal Cabinet has approved a policy to promote barter trade for increasing Pakistan’s regional trade. Federal Minister for Commerce Syed Naveed Qamar has appreciated barter trade model, which he said could promote overall exports from the country. He said

Beijing may allow foreign financial firms to list in China – ex-finance minister

SHANGHAI: China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when “conditions are ripe”, local media quoted a former finance minister as saying on Saturday. Such

Organizers set up convenience bazaar in Karachi

KARACHI: A public convenience bazaar has been organized by Pakistan Central Muslim League Karachi in Gulshan Iqbal where all the essential items are being sold at special subsidized discounts. According to the details, the convenience bazaar will operate from 9

Ethiopian Airlines set to start 4 weekly flights between Addis Ababa and Karachi

ADDIS ABABA: Ethiopian Airlines, the largest network operating carrier in Africa, has announced that it has finalized preparations to launch direct flights to Karachi, Pakistan as of 1 May 2023. Commenting on the resumption of services to Karachi, Ethiopian Airlines

NA committee recommends comprehensive super tax based on profits

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue recommended a comprehensive super tax applicable to all entities, which would be based on the limit of profits, as proposed by the Federal Board of Revenue (FBR). The Government is

Cigarette prices increased manifold across Pakistan

ISLAMABAD: As a result of the supplementary finance bill, tabled in the parliament by the finance minister this week, suggesting to impose extra taxes and duties of Rs 170 billion on luxury goods such as cigarettes,the prices of various cigarette

Oil rises as Russia cuts output after Western price cap

Oil contracts rebounded after Russia announced it would slash its crude output in response to a Western price cap that was imposed on exports after Moscow’s invasion of Ukraine. Brent, the international benchmark, and its US counterpart WTI, which had

2 PSDP funded power projects of GB cleared in CDWP

GILGIT: Two PSDP funded power projects of GB namely “Regional Grid GB Phase-1” and “26 MW Shagarthang HPP” have been cleared in the Central Development Working Party (CDWP) forum under the Chair of Minister for Planning and Special initiative Pakistan

Dubai tourism sees massive 97% rise, receives 14.36 million visitors in 2022

DUBAI: One of the prominent Middle Eastern travel destination Dubai received 14.36 million international overnight visitors in 2022, growing 97 per cent year-on-year from the 7.28 million tourists that arrived in the emirate the previous year. The Dubai Media Office

Devaluation of Pakistani rupee against US dollar continues

KARACHI: The devaluation of the Pakistani rupee (PKR) against the US dollar continued as the greenback traded at 230.89 rupees in the interbank, according to the State Bank of Pakistan (SBP). Since the opening of business this morning, the value of the US dollar

Pakistan Business Council (UAE) calls on PM Shehbaz

ABU DHABI: Prime Minister Shehbaz Sharif on Friday said his visit to the United Arab Emirates (UAE) would help turn the bilateral relations between the two countries into a strategic partnership. Talking to a delegation of the Pakistan Business Council

Pakistan, Saudi Arabia expected to ink one billion dollar agreement in oil sector

ISLAMABAD: Pakistan and Saudi Arabia are expected to ink an agreement of over US one billion dollars in the days ahead in the oil sector, through the Saudi Development Fund, a Saudi news channel said on Wednesday. فيديو | سفير

New gas reserves discovered in Sindh

ISLAMABAD: Mari Petroleum Company Limited (MPCL) has made a gas discovery at its exploratory well Mari Ghazij-1, located in Mari D&PL in Sindh Province. Also read: New reserves of Gas, Condensate discovered in D.I Khan MPCL is the Operator of

Small cars manufacturing equipment’s customs duty reduced

ISLAMABAD: The government has reduced the duty imposed on the import of equipment for the manufacture of small cars, revenue division has issued a notification in this regard. Customs duty on the import of equipment for manufacturing 1000cc new model