Business

President Zardari sought improved US economic ties

Published

2 months ago

Farwa

In addition to looking into joint venture options across a range of industries, President Asif Ali Zardari has emphasized the necessity of boosting trade and investment with the US.

According to a news statement, the president made these comments while speaking with US Ambassador to Pakistan Donald Blome, who paid him a visit at the White House.

According to President Zardari, US businesses ought to be urged to provide creative business concepts and investments to the Pakistan Stock Exchange in order to boost the nation’s economy.

The president stated that further strengthening of Pakistan’s extensive and well-established relationship with the United States, spanning more than seven decades, was necessary.

According to Zardari, Pakistan’s primary objective is to solve difficulties related to security and the economy and get its economy back on track.

The president also emphasized at the meeting that Pakistan was one of the nations most susceptible to the negative effects of climate change.

He informed the envoy that Pakistan aimed to enhance its farming industry by implementing contemporary irrigation methods to preserve water and lessen dependence on flood irrigation.

According to Ambassador Donald Blome, commerce and investment, agriculture, renewable energy, security, and climate change are areas where Pakistan and the US might strengthen their bilateral cooperation.

According to him, the US has finished the Sindh Basic Education Programme, which aims to create schools that are robust to climate change and bolster Pakistan’s educational system.

In addition, he complimented the president for taking up his position a second time.

DAR MEETS BLOME

Ishaq Dar, the foreign minister, also met with the US ambassador.

The two parties talked about bilateral relations during the meeting, particularly American cooperation and economic changes.

A representative for the US Embassy stated that the two leaders discussed commerce and investment, regional security, and the framework of the US-Pakistan Green Alliance.

The ambassador reaffirmed his dedication to collaborating with Pakistan, underscoring that the US places a high premium on Pakistan’s security and prosperity.

Business

Pakistan’s gold prices are still declining; see the most recent

Published

1 hour ago

Farwa

The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

Business

Pakistan and the IMF begin talks for a new loan.

Published

2 hours ago

Farwa

Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

Business

Petrol prices are likely to drop significantly beginning May 16.

Published

2 hours ago

Farwa

According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.