Finance Minister Miftah Ismail released the 2021-22 Pakistan Economic Survey (PES), showing a growth rate of 5.97% compared to the target of 4.8%. However, the growth story of this country, which recovered from the pandemic during economic downturn and maintained a V-shaped recovery with real GDP growth of 5.97%, contracted in the face of a … Read more
Prime Minister Shehbaz Sharif on Tuesday stressed the need for an economic charter, saying all stakeholders must work together in formulating a framework to achieve economic growth. He made these remarks while speaking at a one-day pre-budget business conference hosted by the government to explore the path to consensus-based economic action. In his speech, the … Read more
The Pakistan Stock Exchange (PSX) witnessed selling pressure on Monday as the benchmark KSE-100 index fell more than 500 points in the first hour of trading. According to the PSX website, the KSE-100 index fell more than 400 points immediately after opening at 43,100.71 points. After around 9:30 AM, the exchange saw a brief correction … Read more
Data from the Pakistan Foreign Exchange Association (FAP) showed that the US dollar closed at a surprising milestone of Rs200 in interbank trading on Thursday afternoon, moving up Re1.00 from the previous day’s close of Rs199. According to FAP data, the US currency reached an all-time high of Rs200.10 in the interbank market around 1:45pm … Read more
The Pakistan Stock Exchange (PSX) witnessed extreme selling pressure on Wednesday, with the benchmark KSE-100 index dropping nearly 1,000 points two days after losing nearly 1,500 points in intraday trading. According to the PSX website, the KSE-100 index started at 43,504.36 points. By 1 p.m., it fell nearly 1,000 points (2.28%) to 42,513.78 points. Raza … Read more
Finance Minister Miftah Ismail promised on Friday that the International Monetary Fund would push for structural reforms to boost the economy in crisis as the International Monetary Fund agreed to a recommendation to cut fuel subsidies and end corporate tax exemptions. In 2019, the IMF approved a three-year loan of $6 billion to Pakistan, but … Read more
Prime Minister Shehbaz Sharif rejected a proposal from the Oil and Gas Regulatory Authority (Ogra) to raise prices for petroleum products on Friday. At an Iftar dinner for the coalition partners of the new government, Shevaz said: “As you know, the price of petroleum products is revised every 15 days. [proposed] Rs21 and Rs50 increase … Read more
Karachi-based B2B commodities market Zaraye said in a statement released by the company that it had raised $2.1 million in a pre-seeding round led by Tiger Global and Zayn Capital. Other investors include +92 Ventures, Alan Rutledge, Jack Rizvi, and current and former Careem employees. This is Tiger Global’s first pre-seed investment in Pakistan, the … Read more
The benchmark KSE-100 index on the Pakistan Stock Exchange (PSX) registered a rally of relief on Friday and traded more than 700 points in intraday trading as political uncertainty persisted for days after the Supreme Court restored parliamentary results. has risen. . The market started off on a positive note, with the index rising nearly … Read more
COLABS, a Lahore-based startup that provides small businesses, entrepreneurs and freelancers the space and technology platform to build and grow their businesses, has raised $3 million in a seed round. Indus Valley Capital, Zayn Capital and Fatima Gobi Ventures led the round, and three Pakistan-focused venture capitalists (VCs) jointly invested in the startup. “This is … Read more