An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new programme, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year. Pakistan last month completed a short-term $3 billion programme, which he
Asian Development Bank (ADB) President Masatsugu Asakawa has said the bank aims to support the region’s poorest and most vulnerable countries until 2028. "We will finalise the fourteenth replenishment of the Asian Development Fund [ADF]. This will allow us to support the region’s poore
The board of governors of the Asian Development Bank (ADB) has approved a $1.42 billion net income allocation from its ordinary capital resources, the highest in the bank’s history. The board also approved the bank’s 2023 financial statements on Sunday, reports UNB. The 2023 net
The Cuban government has announced that it will adopt a visa-free policy for Chinese citizens holding ordinary passports, starting this month. The announcement was made by Tourism Minister Juan Carlos Garcia on Saturday during the 42nd Cuban International Tourism Fair, which was held in the seasid
Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the US, the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices. Still, prices fell more than 3 per cent on Wednesday to a seven-week
The disbursement of $1.1 billion by the International Monetary Fund (IMF) will help Pakistan achieve greater economic stability, Prime Minister Shehbaz Sharif said on Tuesday, amid discussions for a new loan programme. The funding was the second and final tranche of Pakistan's $3.0 billion standby
India’s imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19, and the country’s share of India’s industrial goods imports has risen from 21% to 30% over 15 years, reports the Hindu citing Global Trade Research Initiative (GTRI) which reckons that Ch
The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023 to help Asia and the Pacific progress on sustainable development. The figure includes $9.8 billion for climate action, according to ADB's Annual Report 2023 published on Sunday. The $23.6 billion comprised loa
The Japanese yen jumped suddenly against the dollar on Monday, with traders on high alert for signs of intervention by Japanese authorities to boost the currency that is languishing near 34-year lows. The dollar fell sharply to 156.55 yen from as high as 160.245, and it was not immediately clear w
Oil prices were little changed on Thursday as falling fuel demand in the US, the world's biggest oil user, amid signs of a slowing economy contended with concerns for a widening conflict in the key Middle East producing region. Brent crude futures edged up 9 cents to $88.11 a barrel at 0420 GMT, a
The value of the global merchandise exports of the Least Developed Countries (LDCs) dropped by 4.60 per cent to US$ 256 billion last year from US$ 269 billion in 2022. The drop made the share of LDCs in world exports at 1.10 per cent last year which was almost similar in 2022. Merchandise i
Oil prices fell on Monday, dragged down by a renewed focus on market fundamentals as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran. Brent futures fell 67 cents, or 0.77 per cent, to $86.62 a barrel by 0415 GM
The International Monetary Fund's steering committee failed to issue a joint communique on Friday amid disagreements over wars in the Middle East and Ukraine, opting instead for a statement from the body's chair that acknowledged the economic risks posed by the conflicts, reports Reuters. In
