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Govt refuses WB, ADB loan

ISLAMABAD: In a rare display of defiant courage, the country’s financial managers have turned down a $2 billion loan from the Asian Development Bank (ADB) and another $1 billion loan from the World Bank (WB), which according to sources stunned the ADB in particular as …

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Edibles’ imports up 63pc during 1st quarter

KARACHI: The imports of the edibles bulged 63 percent during the first quarter of current fiscal year, owing mainly to the burgeoning prices of edible oil in international market and reduction in local production of sugar,. According to Federal Bureau Of Statistics (FBS), the food …

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Traders stem onion import from India, Iran

KARACHI: Buoyed by the arrival of onion crops from Sindh and Balochistan, the traders have halted the onion imports from India and Iran. Talking to Geo News, Karachi Wholesale Vegetable Market President Haji Shahjahan said the onion is still short in the local market and …

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Fair, equitable,corruption-free tax system primary objective: Hafeez Shaikh

ISLAMABAD: Minister for Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh said on Sunday that a fair, equitable and corruption-free tax system is a primary objective of the government The minister said this while chairing a day-long meeting of the Tax Reform Coordination Group …

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Fiscal deficit soars to Rs270b

KARACHI: The fiscal deficit during the first quarter of the current fiscal year bludgeoned to Rs270 billion far beyond the set target of Rs32.

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Proposal for export of 2m metric tons of wheat deferred

ISLAMABAD: The Economic Coordination Committee of Cabinet (ECC) has deferred the proposal for export of 2 million metric tons of wheat submitted by the Ministry of Commerce.

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Oxfam calls for writing off $55 bn Pak debt

KARACHI: Oxfam the international aid agency has called for Pakistan’s debts to be dropped because of the destruction caused by the flooding and the massive costs of relief and reconstruction.

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Dollar hits fresh 15-yr low against yen

TOKYO: The dollar fell to a fresh 15-year-low against the yen in Tokyo on Thursday amid growing speculation that the U.S. Federal Reserve will ease monetary policy next month.

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Pak forex reserves slide by $23.7 mln

KARACHI: Pakistan’s foreign exchange reserves have registered a decline of 23.7 million dollars in one week, Geo News reported quoting spokesman State Bank of Pakistan (SBP).

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Gold prices hit all time high

Gold prices hit all time high in the local as well as international markets on Wednesday. Local prices surged to a record Rs 43,750 per tola. According to the Sindh Sarafa Association, an increase of 325 rupees per tola was witnessed in the local markets …

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