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Business

Pakistan current account deficit to shrink by 26%: IMF

ISLAMABAD -UNS– International Monetary Fund (IMF) has said that coronavirus has adversely affected economic activities in Pakistan as current account deficit is likely to shrink by 26% , exports by 7% and imports by 8%. The IMF in its recent documents on economy of Pakistan estimated that Pakistan’s exports to …

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Govt to pass on benefit of reduced oil prices in int’l market to public: Hafeez

ISLAMABAD -UNS– Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh on Tuesday said that the cost of energy and travel will decrease with the reduced oil prices in international market and the government will pass on the benefit of reduced oil prices to public. Talking to TV …

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Rs 75 billion package for unemployed, daily wagers

ISLAMABAD -UNS – The Economic Coordination Committee (ECC) has approved a package worth Rs 75 billion for the unemployed here on Monday. Minister for Industries and Production Hammad Azhar told that the government will grant Rs 12,000 to the deserving persons and pay three-month electricity bills of small businessmen. He …

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Petroleum imports reopen after one month

ISLAMABAD -UNS – Government has decided to reopen import of petroleum products as demand beings to rise due to relaxation in coronavirus lockdown. According to details, lockdown imposed by government to curb spread of coronavirus significantly reduced use of petroleum products; however, demand of petrol and diesel has started to …

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US Dollar declines further against Pakistani Rupee

KARACHI -UNS : The Pakistani Rupee (PKR) appreciated again on Thursday, rising by Rs0.66 against the US dollar (USD) in the interbank market. According to forex dealers, the rupee appreciated and is currently trading at Rs159.70. Currency dealers in the interbank market said demand for dollars is at its lowest …

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Pakistan received $1.39 billion under RFI from IFM

KARACHI -UNS – State Bank of Pakistan (SBP) on Wednesday received $1.39 billion under the Rapid Financing Instrument (RFI) from the International Monetary Fund (IMF) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic. The announcement was made on the central bank’s twitter …

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US oil bounces after crash but Asia stocks suffer big losses

HONG KONG (AFP) – US crude prices bounced back into positive territory Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut, while the commodity rout sent Asian equities sharply lower. West Texas Intermediate for May delivery was changing hands at …

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Pakistan’s debt, inflation to decrease over next five years: IMF report

ISLAMABAD -UNS: Global financial institution International Monetary Fund (IMF) has predicted a reduction in Pakistan’s debt and inflation rate. According to the IMF report, debt and inflation would start to decline by 2021 and over the next five years, loans would decrease from 90% to only 73% of the country’s …

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World Bank plans to approve $ 500 million for Pakistan

ISLAMABAD -UNS – The World Bank is planning to approve 500 million dollars for Pakistan by next month on Monday. According to details, the loan is aimed to strengthen civil registration and vital statistics like health and education. Earlier, the World Bank worked to increase funding to $1 billion through …

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Oil prices likely to drop Rs.15 as crude oil dives to 22-year low at $11: experts

ISLAMABAD -UNS – As the oil prices dived to 22-year lows at just $11 after crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic, the experts said that the price of petroleum products in Pakistan are likely …

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