Business

IMF to begin search for new leader as Christine Lagarde resigns as of Sept 12

WASHINGTON: Christine Lagarde will resign from the International Monetary Fund on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank, she announced Tuesday. Her departure allows the IMF board to begin the search for her replacement. "With greater clarity now on the process for my nomination as ECB President and the...

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PTI led govt to arrange $2-3 bn stopgap financing from allies to avoid deepening economic woes

ISLAMABAD: Before an International Monetary Fund bail out package is not approved, the PTI-led government would have to arrange $2-3 billion of stopgap financing from friendly countries in the coming weeks, to avert a deepening of the economic crisis. According to the top officials of economic ministries privy to development,said that project financing from international donors had shrunk during the...

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Asian Development Bank, other DFIs leveraged blended concessional finance to support $9 bn in emerging markets

ISLAMABAD: The Asian Development Bank (ADB), together with other development finance institutions (DFIs) last year, used about $1.2 billion in concessional funds to support nearly $9 billion in private investment projects in emerging markets. These projects included $3.9 billion of commercial financing from DFIs as well as $3.3 billion from private lenders and investors, according to a new DFI report...

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Establishing peace necessary for international trade: FM Qureshi

DUSHANBE: Foreign Minister Shah Mahmood Qureshi on Friday said establishing peace is imperative to ensure sustained international trade. The foreign minister was addressing a meeting of the Shanghai Cooperation Organisation (SCO) in Tajikistan's capital Dushanbe. Qureshi further said the SCO could benefit from Pakistan's experience in combatting terrorism. "Pakistan has played an important role to combat terrorism and extremism," FM...

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Pakistan must disclose debts to avail bail out package: IMF

BALI: According to media reports, the International Monetary Fund (IMF) asked Pakistan to disclose its debts with absolute transparency to receive a bailout package. IMF Managing Director Christine Lagarde, a day earlier said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team whorequested financial assistanceto help address Pakistans economic challenges. Ahead...

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Dollars see a bit fall by Rs1.40 in inter-bank market

KARACHI: Following a unprecedented increase increase in the greenback’s price in the past week, the rupee on Friday made a recovery against the dollar in the inter-bank market. The Dollar was trading at Rs132.40 today, down Rs1.40, according to sources in the inter- bank. The decrease comes soon after the international lender asked Pakistan to disclose its debts with absolute...

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Pakistan has formally requested for financial assistance says IMF chief

International Monetary Fund (IMF) chief Christine Lagarde on Thursday said Pakistan has formally requested for financial assistance. In a statement, Lagarde said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team. "During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges," Lagarde said in the...

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US dollar being sold at Rs.136 in open market: Dealers

Web-Desk: On Wednesday, the US dollar continued to spike for a second day as it was being sold for Rs136 in the open market. According to General Exchange Companies Association of Pakistan Secretary Zafar Paracha said the dollar is being bought at Rs134 and sold at Rs136 in the open market. “The dollar has risen by a further Rs1.50 today,”...

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US Dollars rises to Rs 134 in interbank market

KARACHI: The US dollar, on Tuesday hiked to Rs134 in the interbank market. The unprecedented dollar rise was up to Rs9.75 as market opened today at Rs124.25. Due to the increase in Dollars the marker and key players are uncertain about future prospects. The rapid increase in the dollar is owing the government’s decision to approach the International Monetary Fund...

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IMF cuts global growth forecast to 3.7% for 2018, 2019 as risks rise

An upswing in economic risks due to rising trade tensions and debt levels has prompted the International Monetary Fund to cut its forecast for world growth for this year and next. With trade growth set to slow sharply amid a trade war between the United States and China, the IMF cut its outlook for global GDP by two-tenths to 3.7...

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PSX remains bearish as KSE-100 plunges over two-year lowest 1300 Points

KARACHI: The Pakistan stock exchange (PSX) on Monday continued on its downward spiral as the KSE-100 dipped over lowest 1,300 points till June 2016, during trading. KSE-100, the benchmark index of the Pakistan Stock Exchange decreased by 1,328.06 points or 3.39% to 37,898.29 points. Panic selling was witnessed in retail names on reported margin selling while index heavy MSCI scripts...

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Erdogan says Turkey is not facing any worrying economic problems

ANKARA: President Tayyip Erdogan said on Sunday Turkey was not facing any worrying economic problems and would not seek assistance from the International Monetary Fund, despite a currency crisis and likely economic slowdown. Turkey has “closed the book on the IMF, not be opened again,” Erdogan said in a speech to members of his AK Party. Reuters

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Pakistan Stock Exchange fell to a recorded decline of 1,772 points

ISLAMABAD : On Saturday,  Pakistan Stock Exchange recorded a free fall during the outgoing week where share values reached almost nine-month low mark with recorded a decline of 1,772 points. The reasons for such a fall is because of rising interest rates, worries on economic scenario, International Monetary Fund (IMF) strong words for the country’s economy and intense political temperature....

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CNG prices might increase to Rs104/kg across country

KARACHI: According to media reports, the owners of filling stations have decided to increase the price of CNG. The All Pakistan CNG Stations Owners Association is contemplating over keeping the price of gas at Rs98 per kilogramme. According to a head of the association. However, the price might go up to Rs100 per kilogramme in interior Sindh, Sources said the...

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Toyota announces new recall of 2.4 million hybrid cars after a technical problem arises

TOKYO: Japanese car giant Toyota said Friday it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after another recall affecting hybrids. The firm in September said it was recalling more than one million hybrid cars globally after uncovering a technical problem that could cause fires. The latest announcement affects several...

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OGRA increases gas prices by 143pc

Web Desk: The Oil and Gas Regulatory Authority (OGRA) on Thursday has increased gas prices by almost 143 percent for domestic consumers and an increase of 40 percent in commercial sector. According to the notification, Gas price for power generation companies was hiked by 57 per cent, whereas for rest of the industries went up by 40 per cent. For...

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Traders bet on oil at $100 as Iran sanctions loom

NEW YORK/LONDON: Oil traders have piled into wagers that US crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record US production growth and relatively flat global demand. But the imminent return of US sanctions on Iran and bottlenecks keeping US oil from getting to market have fuelled...

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