【Daily】30 Aug Brief of Pak BizNews
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KMI 30 70,290 ▼0.24%
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IMF approves much-needed $1.1bn payout
The Executive Board of the International Monetary Fund (IMF) on Monday completed the combined 7th and 8th reviews of a loan facility for Pakistan, allowing immediate disbursement of $1.1 billion to the country, said an official IMF announcement.
Floods inflict $10bn losses across Pakistan
The federal government has estimated a loss of at least $10 billion caused by weeks of torrential rains and subsequent floods, with Sindh, in particular, suffering damages of over $1.6bn (Rs355bn) as all major crops have been destroyed.
‘Veg-imports’ from India floated to control prices
While the country faces a severe shortage of various vegetables after massive floods destroyed standing crops on millions of acres, Finance Minister Miftah Ismail on Monday said the government is planning to allow the duty-free import of vegetables and other edible items from India through the Wagah border to minimise the negative impact of rising inflation on the people.
Petrol to stay dearer despite lower FOB price
The petrol prices on free on board (FOB) basis reflect a Rs20/litre fall for consumers in the next fortnightly rate review, but it is unlikely to go cheaper as the government may pile taxes on this petroleum products along with exchange loss adjustment, The News learnt on Monday.
Dollar gains Rs1.26 against rupee
The US dollar kept appreciating against the local currency as it gained Rs1.26 in the interbank market on Monday.
UIC launches life insurance company
The United Insurance Company of Pakistan Ltd, a general insurance provider, announced on Monday it’s going to launch a life insurance business.
Pak Suzuki extends plant shutdown
Pak Suzuki Motor Company Ltd (PSMCL) has extended its plant shutdown to Aug 29-31 due to State Bank of Pakistan’s restrictions that have adversely impacted clearance of import consignments, which resultantly affected the inventory levels, the company said in a stock filing on Monday.
Total loans, grants hit $185.6 million in July
Pakistan received a total of $185.6 million in July 2022 in the shape of loans and grants from all avenues including $100 million from Saudi Arabia under the oil facility on deferred payment in the first month (July 2022) of fiscal year 2022-23, official data showed on Monday.
Commodities and Currency: 1-Day Change