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Bridging The Gap
Monetary policy: SBP hikes interest rate by 150bps to 12.25% Monetary policy: SBP hikes interest rate by 150bps to 12.25%
KARACHI: The State Bank of Pakistan (SBP) has hiked key interest rate by 150 basis points to 91-month(nearly eight years) high at 12.25% in anticipation of acceleration in inflation under the International Monetary Fund’s (IMF) loan programme on Monday. The monetary policy committee at the central bank tightened the policy keeping in view the rising inflationary pressure due to rupee deprecia...
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Opposition puts up 'grand show' at Iftar-dinner in Islamabad Opposition puts up 'grand show' at Iftar-dinner in Islamabad
Opposition parties put up a grand show at an Iftar-dinner hosted by Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari in the federal capital on Sunday. This is the first occasion when Bilawal and Maryam Nawaz met face to face as key leaders of their respective parties. The daughter of three-time prime minister Nawaz Sharif was leading a delegation of PML-N leaders including former...
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No oil, gas reserves found off Pakistan shore No oil, gas reserves found off Pakistan shore
ISLAMABAD: The 18th attempt to find hydrocarbons off the shore of Pakistan has been futile as no oil and gas reserves have been found. Around four months ago, Italian firm ENI, the operator of the Kekra-1 offshore block, started drilling in a joint venture with US firm ExxonMobil — one of the world’s largest oil and gas firm — and the Oil and Gas Development Company Limited (OGDCL). “Howev...
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PPP leader Kaira's son dies in road accident PPP leader Kaira's son dies in road accident
A teenage son of Pakistan People’s Party (PPP) leader Qamar Zaman Kaira died in a road accident in his hometown Lalamusa, Punjab on Friday. Rescue sources said Usama Qamar’s vehicle was moving at a high speed when it rammed into a tree, resulting in fatal injuries. Kaira was informed of the accident during a press conference. The deceased was a student at the Government College Lahore. ...
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Rupee suffers battering in interbank Rupee suffers battering in interbank
KARACHI.: Barely a day after Prime Minister Imran Khan formed a committee to control devaluation of the local currency and capital flight from the country, the dollar on Thursday rocketed to a new all-time high against the rupee in the interbank market. The greenback was traded at Rs148.50 to the US dollar in the wee hours before being settled at Rs146.52. Accordingly, the local currency f...
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Rupee hits record low at 146.25 in open market Rupee hits record low at 146.25 in open market
KARACHI: The rupee hit a new intra-day low of 147 to the US dollar in the open market on Wednesday and closed at a record low at 146.25 as demand for dollars remained high, primarily in anticipation of a further depreciation of the local currency in the wake of a loan agreement with the International Monetary Fund (IMF). Prime Minister Imran Khan held a meeting during the day with major curre...
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PTI govt's first tax amnesty scheme approved PTI govt's first tax amnesty scheme approved
The Pakistan Tehreek-e-Insaf government announced on Tuesday its first tax amnesty scheme — Asset Declaration Scheme — after it was approved by the federal cabinet. The announcement was made by Adviser to the Prime Minister on Finance Hafeez Shaikh. “The main objective purpose of the scheme is not to generate revenue but to document the economy and to bring dead assets into the economy,” he ...
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Pakistan, IMF strike $6 billion deal: Hafeez Shaikh Pakistan, IMF strike $6 billion deal: Hafeez Shaikh
The government has struck a deal with the International Monetary Fund (IMF) on financial packages for about $6 billion, PM’s Adviser on finance Dr Abdul Hafeez Shaikh announced on Sunday. He said this while speaking to state-run Pakistan Television (PTV). The staff level agreement on economic policies, which could be supported by a 39-month Extended Fund Arrangement (EFF) aimed to support Pa...
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Bailout talks with IMF hit last-minute snag Bailout talks with IMF hit last-minute snag
In a last minute hitch, talks between Pakistan and the International Monetary Fund (IMF) have reached a deadlock due to change in goalpost by the fund and the prime minister’s reservations over heavy taxation, resulting into extension in parleys. There were at least three main sticking points that led to inconclusive talks till the last day of the IMF visit, said sources in the Ministry of Fina...
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China to support Pakistan in crackdown against human traffickers China to support Pakistan in crackdown against human traffickers
Beijing on Friday said that if any organisation or individual commits a crime in Pakistan under the guise of cross-border marriage, China will support Pakistani authorities in cracking down on such activities in accordance with Pakistani law. In a statement – days after incidents of human smuggling involving Chinese gangs emerged – a spokesperson of the Chinese Embassy in Pakistan said, “We hav...
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