Egypt, UAE sign major $35bn deal to develop Ras al-Hekma

Representational image shows an aerial view of a luxury hotel complex in the Egyptian Red Sea resort city of Sharm el-Sheikh at the southern tip of the Sinai peninsula. — AFP/File In one of the largest agreements of its type, Egypt and the United Arab Emirates signed an economic partnership agreement of $35billion on Friday […]

Pakistan faces default risks sans IMF deal: Fitch

Board outside International Monetary Fund (IMF). —AFP Amid prevailing political uncertainty following the February 8 general elections marred by rigging allegations, Fitch Ratings has highlighted the default risks that Pakistan faces if it fails to secure the next bailout package by the International Monetary Fund (IMF). The global rating agency said on Monday that a […]

Fitch warns uncertain political situation threat to IMF deal | The Express Tribune

The closely contested outcome of Pakistan’s recent election and the ensuing political ambiguity may pose challenges to the nation’s efforts to secure a financing agreement with the International Monetary Fund (IMF), replacing the expiring Stand-By Arrangement (SBA) in March 2024, according to Fitch Ratings. Fitch warned on Monday that the uncertain political landscape in Pakistan […]

Govt asked to slow down work on ML-I financing deal | The Express Tribune

ISLAMABAD: The Economic Affairs Division (EAD) has advised the government to go slow in finalising a financing agreement for nearly $6 billion in Chinese loan for the Mainline-I (ML-I) project of the China-Pakistan Economic Corridor (CPEC) aimed at avoiding complications in the implementation of the mega scheme. The advice came amid serious objections raised by […]

Pakistan set to clinch free trade deal with GCC

Interim Commerce Minister Gohar Ejaz (centre) holds the final round of discussions with the GCC’s chief negotiator in Riyadh on December 2, 2023. — X/Gohar Ejaz ISLAMABAD: Information Minister Murtaza Solangi on Sunday confirmed that Pakistan and Saudi Arabia have agreed on the investment modalities, paving the way for the ratification of a free trade […]

IMF chief says deal with Pakistan on review likely this week

Managing Director of the IMF Kristalina Georgieva attends the annual meetings of the IMF and the World Bank Group (WBG), in Marrakesh on October 12, 2023. — AFP International Monetary Fund (IMF) Managing Director Kristalina Georgieva was hopeful of reaching a deal with Pakistan soon on the first review of the $3 billion stand-by arrangement. “I […]

EU, Japan reach deal on data flows | The Express Tribune

BRUSSELS: The European Union (EU) and Japan concluded an agreement on Saturday on cross-border data flows, which should drive business and may help shape global rules for data, the European Commission said. The European Commission said the agreement would benefit companies across a range of sectors, including financial services, transport, machinery and e-commerce, allowing them […]

Plan for G2G oil deal with Russia shelved | The Express Tribune

ISLAMABAD: The government has decided to shelve plans for a long-term oil import deal with Russia under a government-to-government (G2G) arrangement and has allowed refineries to strike direct commercial agreements with companies of the European nation. Earlier, Pakistan and Russia agreed to set up a Special Purpose Vehicle (SPV) with the objective of crude oil […]

Oil dips on report of US-Venezuela deal | The Express Tribune

HOUSTON: Oil futures fell on Monday on a report the US and Venezuela could soon reach a deal to ease sanctions on Venezuela if a presidential election date is set, while traders see the Israel-Hamas conflict not affecting crude supplies in the short term. Brent futures were down 59 cents, or 0.67%, at $90.27 a […]

Iran seeks extension in gas pipeline deal | The Express Tribune

ISLAMABAD: As the threat of billions of dollars in penalty looms, Iran has asked Pakistan to extend their gas pipeline deal to keep the project alive in future. Pakistan and Iran have not been able to execute the Iran-Pakistan (IP) gas pipeline project because of longstanding US sanctions against Tehran over the latter’s alleged nuclear […]

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