SEOUL: South Korea said on Monday it will halt all transactions with the Russia’s central bank in the latest series of punitive actions against Moscow over its invasion of Ukraine. The foreign ministry said in a statement it had decided to ban all financial dealings with the Central Bank of Russia “considering the international community’s … Read more
From the vantage of the equity market, we expect the recent political events, both on international and domestic front, to take a toll on investors’ sentiments where the KSE-100 Index has already corrected 2.1 per cent in the last 10 days. Pakistan’s macro fundamentals are still fragile though return to the International Monetary Fund (IMF) … Read more
WASHINGTON: WTO chief Ngozi Okonjo-Iweala has warned about the “economic impacts” of the war in Ukraine, a major wheat exporter, which will hurt consumers around the world. “There’s going to be a big impact with respect to wheat prices and prices of bread for ordinary people as well,” she said at a virtual event with … Read more
When the Group of 20 finance ministers and central bank governors gather in Jakarta, in person and virtually, this week, they can take inspiration from the Indonesian phrase, gotong royong, ‘working together’ to achieve a common goal. This spirit is more important than ever as countries are facing a tough obstacle course this year. The … Read more
KARACHI: The Pakistan government should take measures to achieve an annual 7 per cent GDP growth rate, which will not only help reduce the debt burden but also create job opportunities, said Mian Anjum Nisar, chairman of the Businessmen Panel. “There is a need for a reform agenda to achieve 7 per cent economic growth … Read more
COLOMBO: The International Monetary Fund warned crisis-hit Sri Lanka on Thursday that its foreign debt was ‘unsustainable’, and called for devaluation and higher taxes to revive the almost bankrupt economy. The pandemic pushed the South Asian Island’s tourism sector, a key foreign-exchange earner, off a cliff, and the government in March 2020 imposed a broad … Read more
KARACHI: The rupee is expected to remain under pressure against the dollar next week, owing to the Russian attack on Ukraine and the higher current account deficit. The rupee witnessed a significant decline in the last two days of the week (February 21 to 25), as Russia intensified attacks on the Ukrainian territory. The rupee … Read more
Dubai has cemented its position as one of the top cities for expatriates due to its high-quality lifestyle and safe environment, a latest survey showed. Referring to the survey conducted by InterNations in which more than 12,000 members participated, Zoom Property Insights noted in a report that Dubai has emerged as a popular destination for … Read more
WASHINGTON, Feb 24, 2022 (AFP) – The leaders of the World Bank and IMF signalled Thursday they were ready to help Ukraine while warning that Russia’s invasion will have repercussions for the global economic recovery. IMF Managing Director Kristalina Georgieva said she was “deeply concerned” about the fighting’s impact on the people of Ukraine, and cautioned … Read more
NAIROBI – The International Monetary Fund could stop its programme in Somalia in three months if long-postponed national elections encounter fresh delays, a senior official told AFP, as she began a mission to the troubled Horn of Africa nation on Tuesday. The IMF’s programme in Somalia is due for a review in mid-May, but election delays mean … Read more
WASHINGTON: After two weeks of talks, the IMF has said it has advanced efforts to secure an aid program to help Lebanon overcome its “unprecedented and complex” economic crisis, but more work is needed. The country will need fiscal reforms that ensure it can manage its debt load as well as measures to establish a … Read more
China rebounded strongly from the pandemic, but growth is losing momentum while remaining overly dependent on support from investment and exports. This imperils the nation’s long-sought transition to sustained high-quality growth that’s balanced, inclusive and green. While China’s many challenges have no easy answer, the key message of the IMF’s annual Article IV review of … Read more
Islamabad: In a country like Pakistan, which is surrounded by internal and external conflicts, managing the economy is an uphill task. Strained relations with India and continuous turbulent situation in Afghanistan never allowed Pakistan to realise its true potential. In the last 74 years, the country’s economy is moving like a see-saw between military and … Read more
KARACHI: The rupee declined 31 paisas against the dollar on Tuesday, as international oil prices recorded a further rise, dealers said. The exchange rate ended at Rs175.78 against the greenback, compared with the previous day’s closing of Rs175.47 in the interbank foreign exchange market. The dealers said the upsurge in the international oil prices put … Read more
KARACHI: Pakistan’s economy is again at crossroads mainly due to its inconsistent economic policies and weak implementation of structural reforms. This is evident from the Budget FY22, by way of which the fiscal policy became expansionary and several key EFF commitments were reversed to spur growth; which also included low petroleum development levy (PDL) and … Read more
ISLAMABAD: Prime Minister Imran Khan’s much-anticipated visit to Beijing has not only cleared the ambiguities over the viability of the China-Pakistan Economic Corridor (CPEC) projects, but also attracted investment worth billions of dollars in various sectors. During the visit, the two sides also chalked out a plan for CPEC’s Phase-II, which involves huge incentives for … Read more
Almost two years after the pandemic upended labour markets, job openings are plentiful in many advanced economies, yet workers have not fully returned. This gap, in which the employment rate is below its pre-Covid level, is playing out in the United States and the United Kingdom. Despite tight labour markets, as reflected in high vacancy-to-unemployment … Read more
The continuing global recovery faces multiple challenges as the pandemic enters its third year. The rapid spread of the Omicron variant has led to renewed mobility restrictions in many countries and increased labor shortages. Supply disruptions still weigh on activity and are contributing to higher inflation, adding to pressures from strong demand and elevated food … Read more
KARACHI: Pakistan needs viable and inexpensive electricity for socioeconomic development, but the situation is contrary, as the power regulatory authority on the dictation of the International Monetary Fund (IMF) has increased the tariff several times in the last few months, creating financial problems for the residential and industrial units alike. Pakistan Apparel Forum Chairman Javed … Read more
LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht said that Punjab is working with the federal government to increase revenue collections. The International Monetary Fund (IMF) representative for Pakistan, Esther Perez Ruiz called on Bakht at the Civil Secretariat on Thursday, where he said that the government will ensure implementation on the long-term reform for … Read more
KARACHI: The rupee gained 16 paisas against the dollar on Friday, amid demand for the foreign currency for import payments, dealers said. The exchange rate ended at Rs174.71 against the greenback from the previous day’s closing of Rs174.87 in the interbank foreign exchange market. The dealers said the rupee gained due to a fall in … Read more
KARACHI: The rupee gained two paisas against the dollar on Thursday on easing international oil prices, dealers said. The exchange rate ended at Rs174.87 to the dollar from the previous day’s closing of Rs174.89 in the interbank foreign exchange market. The dealers said that the local currency slightly recovered after the international oil prices showed … Read more
KARACHI: The government should reject the demand of the International Monetary Fund (IMF) for ‘unwinding’ the two key measures related to promotion of housing and construction activities, an official said. Association of Builders and Developers of Pakistan (Abad) Chairman Mohsin Sheikhani said that the suggestion of the IMF will further weaken the economy of Pakistan. … Read more
KARACHI: The rupee gained three paisas against the dollar on Tuesday, amid a surge in dollar demand for import payments. The exchange rate ended at Rs174.50 to the dollar from the previous day’s closing of Rs174.47 in the interbank foreign exchange market. The dealers said that the dollar demand had climbed up due to the … Read more
KARACHI: The rupee ended firmer against the dollar on Monday, amid foreign currency demand for import payments, dealers said. The exchange rate ended at Rs174.47 against the greenback from last Friday’s closing of Rs174.48 in the interbank foreign exchange market. The dealers said the market witnessed dollar demand for import payments, as the market opened … Read more
LAHORE: The flourishing illicit trades of tobacco, tea, tyres, lubricants and pharmaceuticals are denting the national exchequer with a loss of Rs320 billion annually in taxes. The lack of political will, corruption in tax administration and political influence of evaders are the main causes of the illegal trades. Unabated smuggling, counterfeit and non-duty paid production … Read more
KARACHI: Taking more than a normal course of time of two weeks, the International Monetary Fund (IMF) programme with Pakistan is slated to resume after the Executive Board meets on February 2, 2022, as the implementation of prior actions, related to fiscal and institutional reforms, are now complete after parliamentary approval of the State Bank … Read more
KARACHI: The rupee is expected to maintain the upward trend next week, owing to the positive sentiments and flows of the external receipts. The local currency may get support from the transfer of the International Monetary Fund (IMF) tranche and other external payments, besides ease in the demand for import payments. The exchange rate for … Read more
