Category: bussines

The Ministry of Finance on Sunday categorically rejected claims regarding the country’s external debt and associated interest payments, calling the reports misleading and stating that the nation’s external debt profile remains predominantly concessional and long-term. “Pakistan’s total external debt and liabilities currently stand at $138 billion, while public external debt interest outflows increased from $1.99 billion in FY2022 to $3.59 billion in FY2025, representing an increase of 80.4 per cent, not 84 per cent as reported,” the ministry said in an official statement. The ministry stated that the overall average…

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ISLAMABAD: The anxiously awaited ruling of the US Supreme Court on Friday striking down the “reciprocal tariffs” represents a significant constitutional and political setback for President Trump. The tariffs, imposed under the Emergency Powers Act, had been central to his trade and foreign policy strategy. They were justified on the grounds that persistent trade deficits constituted a national emergency. The court rejected this expansive interpretation, ruling that emergency powers cannot override the constitution’s assignment of tariff authority to Congress, leaving the president no choice but to withdraw the duties. Yet…

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KARACHI: China has waived all duties on imports from 53 African countries, positioning itself as an anchor of stability amid chaos in the international “rules-based” trading system triggered by US President Donald Trump’s sweeping tariffs. Many African economies are grappling with the fallout from Washington’s trade measures. Against this backdrop, China’s blanket tariff relief has strengthened its position as a reliable economic partner for Africa. The zero-tariff announcement – made during a high-level meeting linked to the Forum on China-Africa Cooperation (FOCAC) in Changsha, China – marks one of the…

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ISLAMABAD: Pakistan’s policymakers often celebrate every rise in the stock exchange index and every uptick in foreign direct investment (FDI) as a vote of confidence in their economic policies. On the ground, however, no sustainable long-term policy exists beyond firefighting, struggling to secure rollovers of deposits from friendly countries, and obtaining short-term foreign currency loans at higher rates. Exports have failed to reach a comfort zone, and the external sector is being supported largely by overseas Pakistanis’ remittances and Roshan Digital Account inflows. The latest numbers tell a sobering story.…

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KARACHI: The Pakistan Stock Exchange (PSX) delivered a powerful performance on Wednesday as it staged a strong comeback, driven by heavy buying in banking and fertiliser stocks amid strong corporate earnings. The benchmark KSE-100 index surged 5,702.68 points, or 3.29%, and settled at 178,853.10. It touched the intra-day high of 178,974 and low of 174,329, reflecting heightened volatility. The rally was primarily led by major banking and fertiliser stocks as investors responded positively to encouraging earnings announcements. Institutional participation and renewed investor confidence helped push the market sharply higher after…

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ISLAMABAD: American tech giant Apple is set to start manufacturing iPhones in Pakistan after the government has agreed to offer incentives in the proposed Mobile and Electronics Manufacturing Framework. Apple has also agreed to refurbish iPhones in Pakistan for re-export under the new framework. The government expects $100 million from the re-export of refurbished iPhones in the first year. Apple management has asked for the provision of land at discounted rates, 8% performance incentive and plans to repair two to three-year-old iPhones. “We have included these three conditions in the…

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KARACHI: The State Bank of Pakistan (SBP) on Wednesday raised over Rs1.31 trillion through auctions of short-term treasury bills and long-term floating-rate Pakistan Investment Bonds (PIBs), reflecting continued government reliance on domestic debt markets to finance budgetary needs. According to the central bank, the government accepted Rs1.21 trillion against bids exceeding Rs1.26 trillion in the auction of Market Treasury Bills (MTBs) with settlement on February 19. Separately, the SBP raised Rs95.33 billion in the auction of 10-year floating-rate Pakistan Investment Bonds (PFL). In the MTB auction, the largest acceptance came…

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Gold and silver prices continued their upward trend on Thursday, widening the gap between precious metals and consumer affordability. The international bullion market saw gold rise by $79 per ounce to $5,012, prompting a surge in local rates. In Pakistan, the price of one tola of gold increased by Rs7,900 to Rs523,962, while 10 grams rose by Rs6,773 to Rs449,212. Silver prices also climbed, with one tola reaching Rs8,404, up Rs358, and 10 grams hitting Rs7,205, a gain of Rs205. Spot gold rose 0.7% to $5,012.83 per ounce by 0634…

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ISLAMABAD: Pakistan has decided to take a $600 million short-term loan from Standard Chartered Bank (SCB) to replenish its foreign exchange reserves, as disbursements on account of foreign commercial loans and sovereign bonds have so far remained well below official expectations. Government sources said the country has accepted a term sheet for a $600 million trade finance facility from SCB, London. The loan is being taken for a period ranging from six to nine months, they added. The facility carries an interest rate of around 6.3%, which is slightly lower…

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KARACHI: Gold prices in Pakistan declined on Monday, tracking losses in the international bullion market where prices slipped more than 1% in thin trading as major markets in the United States and parts of Asia remained closed for holidays, and a firm dollar weighed on sentiment. In the local market, the price of gold per tola dropped by Rs3,200 to settle at Rs523,762. Similarly, the price of 10-gram gold fell by Rs2,743 to Rs449,041, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. The latest decline comes…

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