Australia has invested heavily in women's cricket over the past decade
cricket1 hour ago
Pakistan imports fell by more than a third in July after a ban on non-essentials, the finance minister said on Sunday, adding the improved trade situation will reduce pressure on the struggling rupee.
July imports fell to $5 billion, down 35% from June's record monthly high of $7.7 billion, Miftah Ismail told a news conference in Islamabad.
The central bank and Pakistan statistics bureau is yet to post its July data.
"This is very welcoming," Ismail said, adding it was the result of his government's ban on all non-essential imports. "It will remove pressure on rupee," he said.
The rupee traded up slightly at 239.37 to the dollar on Friday, after shedding about 5% last week and more than a quarter of its value this year.
The ban on the import of non-essential goods was lifted last week, except for automobiles, cell phones and home appliances.
Ismail said his government has resolved to bring down the current account deficit significantly and to post a surplus in a year or two.
The South Asian nation has fast-depleting foreign reserves and is struggling to finance a widening current account deficit, which saw a $2.3 billion surge in June, mainly due to rise in oil imports.
The deficit for the financial year ending June 30 stood at $17.4 billion against $2.8 billion the previous year.
Earlier in July, Pakistan reached a staff level agreement with the IMF for the disbursement of $1.17 billion under a resumed payment of a bailout package.
ALSO READ:
Australia has invested heavily in women's cricket over the past decade
cricket1 hour ago
Try some local food that'll enchant your taste buds with a mix of legacy and contemporary flair
food1 hour ago
DP World has been actively expanding its footprint across the region
business2 hours ago
The rule allows teams to bring in one substitute at any time for a player in the starting 11
cricket2 hours ago
Lawyers from two countries clashed at the court this month, with Nicaragua saying Germany was 'pathetic' for providing weapons to Israel and aid to Gazans
world2 hours ago
Nation allocated Dh200 billion to investments in clean energy projects locally until 2030
business2 hours ago
He will be making a comeback to the Indian film industry after seven years
entertainment2 hours ago
Key barometer shows 6.4% expansion in first quarter
realty2 hours ago