Women look at artificial ornaments at a shop in Karachi. File/Associated Press
Pakistan has kept its main policy rate unchanged at 7 per cent, the central bank said on Monday, as consumer price index inflation remained close to 9 per cent. It is the second time that Pakistan has kept its main policy rate
"While uncertainty remains high, the near-term economic impact of COVID-19 is expected to be significant, giving rise to large fiscal and external financing needs," the international lender said in a statement.
The International Monetary Fund Executive board approved a three-year, $6 billion loan package for Pakistan on Wednesday to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures.
Adviser to Prime Minister on Commerce Abdul Razak Dawood says Pakistan’s exports have increased by seven per cent as production line had gone up despite difficult environment. Talking to Chairman Faisalabad Industrial Estate Development and Management Company, Mian Kashif Ashfaq in Lahore,
Asian shares rose on Wednesday after a strong lead from Wall Street fuelled by hopes for additional U.S. economic stimulus and a coronavirus vaccine, but trade was choppy as some investors booked profits.
Healthy off-take on the back of festive season accelerated major automobile players’ year-on-year sales during November. However, some companies reported a slower off-take on the sequential basis.
Fitch downgraded Sri Lanka’s sovereign credit rating to ‘CCC’, warning the country’s debt levels were set to soar past 100% of GDP and that it was increasingly at risk of default.