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By month’s end, the IMF Board will accept the staff-level agreement: Aurangzeb

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During a keynote speech at a recent ceremony, he declared that the agreement reached with the International Monetary Fund (IMF) at the staff level is anticipated to get approval from the IMF Executive Board by the conclusion of this month. After obtaining this approval, the topic of climate money will be addressed.

Aurangzeb stated that climate financing will be addressed once the deal is approved by the IMF Executive Board. He stated that these deliberations will occur with the IMF and the World Bank during the annual conference in October.

“Pakistan is among the countries impacted by climate change,” he stressed, highlighting the importance of tackling environmental concerns in addition to managing population growth.

Aurangzeb emphasised the formidable obstacle presented by Pakistan’s burgeoning population, characterising it as a “population bomb” that has already detonated. He emphasised the necessity of implementing efficient strategies to alleviate the consequences of both population expansion and climate change.

“Pakistan needs to develop robust strategies for securing climate change funding from the IMF and World Bank,” he stated.

The finance minister identified numerous crucial sectors that necessitate enhancement to strengthen the country’s economic status, including the budget, tax policies, energy industry, and quality of life. He stressed that the ministries of finance and climate change, along with the IMF and the World Bank, are working closely together to improve the oversight of climate change initiatives.

Aurangzeb emphasised the need for enhanced monitoring of climate change programmes in partnership with the IMF and World Bank. He advocated for the formulation of significant climate change measures to mitigate its negative impacts and emphasised the crucial contribution of the private sector in enhancing Pakistan’s economy.

Aurangzeb emphasised the government’s dedication to developing efficient climate change funding strategies, including assistance from the IMF and World Bank. He implored all parties involved to contribute to the collective endeavour to tackle these urgent challenges.

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In interbank trade, the Pakistani rupee beats the US dollar.

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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