The US dollar appreciated by 15 paisas against the Pakistani Rupee in interbank trade on the initial business day of the trading week.
The current value of the US dollar has risen to Rs278.35. On Friday, the American currency concluded at a value of Rs278.20. The investors eagerly anticipate the forthcoming monetary policy of the Central Bank of Pakistan.
China and Pakistan have reached an agreement to enhance their collaboration in mining and facilitate the execution of a pact aimed at reinforcing mining growth and industrial cooperation, as stated in a joint declaration by both nations.
Shehbaz Sharif, the Prime Minister of Pakistan, traveled to Beijing from June 4 to 8 with the aim of enhancing collaboration within the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a crucial component of Beijing’s Belt and Road Initiative.
As per the joint statement released by China’s foreign ministry, the nations will facilitate Chinese enterprises’ investments in Pakistan’s mining sector and enhance the development of mining industry parks, which will include advanced processing of ores.
The statement declares that China will enhance collaboration with Pakistan in sectors such as maritime oil and gas resources as well as natural gas hydrates. Furthermore, China will actively promote the involvement of Chinese companies in the exploration and development of offshore oil and gas blocks in Pakistan.
Chinese investment and financial assistance provided to Pakistan since 2013 have greatly benefited the suffering economy of the South Asian nation. This includes the extension of loans, which has allowed Islamabad to fulfill its external finance requirements during a period of dangerously low foreign reserves.
Prime Minister was informed about the potential of clean and low-carbon energy during a meeting with the chief of POWERCHINA.
Beijing has allocated more than $65 billion for road, infrastructure, and development projects as part of the China-Pakistan Economic Corridor, which is a component of the Belt and Road initiative.
