Foreign investors have divested $430.4 million from debt assets in Pakistan and invested $150 million in the government papers during the first four months of the current fiscal year of 2020/21, it was learnt on Saturday. The country saw a huge equity and debt outflows of $279 million toward the end of October, according to the central bank’s data. Foreign…
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The government on Saturday reduced petrol price by Rs1.57/litre and diesel by Re0.84/litre, while kerosene and light diesel oil prices have been kept unchanged for the next fortnight. After the latest decision, the petrol price will come down from the earlier Rs103.97/liter to Rs102.40/ liter. Diesel price was also reduced from Rs104.06/litre to Rs103.22 per liter. Kerosene and LDO prices…
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The State Bank of Pakistan (SBP) returns to profitability after incurring loss in the preceding year (FY19). It earned highest-ever profit of Rs 1.16 trillion for the year ended June 30, 2020 (FY20), mainly due to stability in exchange rate and significant increase in interest income. The Board of Directors of the State Bank of Pakistan on October 26, 2020…
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KARACHI: Cement sales and exports are expected to post double-digit growth in October over the corresponding month a year earlier as the government’s incentives to real estate sector are boosting the construction activities, a brokerage said on Thursday. Sales and exports are likely to increase 15 percent year-on-year and 10 percent month-on-month to 5.7 million tons, according to Topline Securities.…
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The government has decided to borrow Rs3.5 trillion from the banking system till the coming January as it still needs resources to finance budget deficit despite growth in nontax revenue, it was learnt. The government aims to sell domestic debt up to the end of January 2021 to finance the budget deficit that stayed at Rs440 billion or 0.9 percent…
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ISLAMABAD: The Auditor General of Pakistan (AGP) has pinpointed more than Rs1.543 trillion worth of malfeasance and mismanagement of public funds by public sector entities, including the Petroleum Division and its subordinate oil and gas companies, during the fiscal year 2018-19. In an audit report, the AGP noted with serious concern the management weaknesses in the Ministry of Energy —…
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KARACHI: The government is trying to boost exports of halal meat and other perishable and non-perishable items to Saudi Arabia to further enhance economic diplomacy between the two countries, a senior official said this week. The country’s federal cabinet has recently approved export of livestock to Middle Eastern countries, especially Saudi Arabia and the United Arab Emirates, to earn foreign…
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ISLAMABAD: The government has adopted a unique way to seek go-ahead from International Monetary Fund (IMF) for signing the much-awaited amended power purchase agreements (PPAs) with independent power producers (IPPs) in line with some terms and conditions the government signed with the Fund under a $6billion loan programme, well-placed sources told The News. Pakistan sought approval of the IMF over…
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ISLAMABAD: Pakistan has reported 17 deaths in the last 24 hours due to novel coronavirus, taking the nationwide tally of fatalities to 6,823, said the National Command and Operation Centre (NCOC) on Sunday.According to the NCOC, 977 fresh infections emerged during this period, lifting the national tally of cases to 333,970. Around 27,655 samples were tested during the last 24…
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Byco Petroleum Pakistan Ltd. (BPPL), Pakistan’s largest oil refining company, Saturday reported financial results for the three months ended 30 September 2020. The company recorded a 23% decrease in gross sales to Rs 48.4 billion from Rs 62.9 billion in the same period last year, mainly due to a more than 30% decrease in oil prices in the international markets,…
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