Month: March 2022

The rupee is expected to remain under pressure next week as uncertainty might persist regarding on-going political turmoil and negotiations with IMF on resumption of financial programme, traders said. The local unit faced continued pressure during the outgoing week. It started the week at 180.57 levels against the dollar and ended at Rs181.78 on Friday. Political uncertainty, deadlock over conclusion of talks with the International Monetary Fund (IMF), and depleting foreign exchange reserves of the country had had negative bearing for the rupee against dollar. Currency dealers and analysts anticipated…

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The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has welcomed the govt’s efforts to escape a penalty of $11 billion after reaching an out-of court settlement on the Reko Diq project in the Chagai district of Balochistan. The BMP chairman and FPCCI former president Mian Anjum Nisar observed that following the new deal the project would make Balochistan the largest recipient of foreign direct investment (FDI) in the country, as the agreement has been reached after several rounds of negotiations over the last three years. It…

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For ensuring diesel availability in the harvesting season amid volatile international market, the government on Friday allowed an increase in premium charged to Pakistani importers by spot traders for three months i.e. April-June. The decision to this effect was taken at a hurriedly called special meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Finance Minister Shaukat Tarin. The single-point meeting of the ECC was called at a short notice in the morning to address a challenging market situation. A senior government official said the ECC…

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Project spreads over 30-acre area with assisted living facility for elders in first phase New Jersey – USA The non-profit Imamia Medics International (IMI) has formally launched work on its flagship Dream Project in Robbinsville, New Jersey. An impressive ceremony was held in this connection at a hotel in New Jersey on 15th Shaban, Saturday 19th March. The event was attended by distinguished guests and dignitaries belonging to different walks of life. Notable guests included Consul General of Pakistan in New York, Ayesha Ali, Member of New Jersey General Assembly…

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