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Pakistan utilizes $375m of $4.5b credit line extended by KSA

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ISLAMABAD: Pakistan has utilized $375 million out of $4.5 billion oil financing facility extended by the Saudi-led Islamic Development Bank, officials said, part of a package to support dwindling public finances and avert a balance of payments crisis. “The facility has been operationalized and Pakistan has already utilized $375 million out of the $4.5 billion,” Dr. Khaqan Hassan Najeeb, spokesman, ... Read More »

NAB chairman takes notice of KP director archaeology and museums’s arrest


ISLAMABAD: National Accountability Bureau (NAB) chairman Justice (retd) Javed Iqbal on Saturday took notice of the arrest of Khyber Pakhtunkhwa (KP) Director of Archaeology and Museums Dr Abdul Samad. According to a notification issued by NAB, Justice (r) Iqbal has directed that Dr Abdul Samad be presented in Islamabad on February 18. The KP director of archaeology and museums should ... Read More »

FM Qureshi urges Germans to benefit from pro-investor policies


ISLAMABAD: Minister for Foreign Affairs Shah Mehmood Qureshi invited German companies to take advantage of Pakistan’s investor-friendly policies, especially in the fields of energy, infrastructure development and agriculture. During a meeting with his German counterpart Heiko Maas on the sidelines of the Munich Security Conference, the foreign minister also urged the German firms to take advantage of Pakistan’s investment policies ... Read More »

Russia trying to streamline banking links with Pakistan


FAISALABAD: Bilateral trade between Pakistan and Russia has not grown according to its potential due to artificial barriers, but serious efforts are being made to remove the obstacles after a meeting between Prime Minister Imran Khan and Russian premier Dmitry Medvedev late last year, stated Russian Ambassador Alexey Dedov. Speaking to business community at the Faisalabad Chamber of Commerce and ... Read More »

Pakistan will not overreact to MFN move: Razzak  Dawood


ISLAMABAD: Adviser on Commerce Abdul Razzak Dawood has said that Pakistan would not overreact to India’s latest step of withdrawing its most-favoured nation (MFN) status and would take action with great care. “We would not overreact. We have three options including unilateral, bilateral [action] under the South Asian Free Trade Area (Safta) and multilateral [action] under the World Trade Organisation ... Read More »

Pakistan’s debt & liabilities soar to Rs33tr

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ISLAMABAD: Pakistan’s debt and liabilities skyrocketed to Rs33.3 trillion at the end of 2018 with addition of Rs3.4 trillion in just six months, reported the State Bank of Pakistan on Friday. The Pakistan Tehreek-e-Insaf (PTI) government had promised to revive loss-making enterprises, but it is struggling to control these losses. By December, total losses of public sector enterprises (PSEs) surged ... Read More »

Govt plans to borrow another $1.44b to manage circular debt


  ISLAMABAD: Pakistan plans to borrow another 200 billion rupees ($1.44bn) to help clear power sector debt destabilising the finances of the government and private power producers, a senior official tasked with energy reforms said. Pakistan’s economy and society have been racked by a decade of chronic electricity shortages which have crippled its manufacturing sector and stoked voter anger in ... Read More »

Govt refuses to register 42 NGOs


ISLAMABAD: The federal government has rejected registration applications of 42 non-governmental organisations (NGOs) due to objections raised by the premier intelligence agency as Pakistan tightens control over inflow of foreign funding after being placed on the Financial Action Task Force’s (FATF) grey list. These organisations had submitted applications for signing Memorandums of Understanding (MoUs) with the Economic Affairs Division (EAD). ... Read More »

Pakistan imports mobile phones worth Rs55 in seven months


ISLAMABAD: Despite the government’s effort to curtail import bill the country imported mobile phones worth Rs55 billion during first seven months of current fiscal year. According to data released by Pakistan Bureau of Statistic (PBS) the import cell phones increased to Rs55.113 billion during July – January 2018/2019 as compared with Rs48.71 billion in the corresponding period of the last ... Read More »

Belt & Road project will pave way for new era of development: Khusro Bakhtiar


ISLAMABAD: Federal Minister for Planning and Development Khusro Bakhtiar has said that the Belt and Road project has given birth to a new concept of development. Addressing the inauguration ceremony for Friends of Silk Route organised by the Pakistan China Institute, he said the China-Pakistan Economic Corridor (CPEC) is above the interests and affiliations of the political parties. The energy ... Read More »

Holding company for state-owned enterprises launched: Asad Umar

LAHORE: January 28 - Federal Minister for Finance Asad Umar chairing a meeting of LCCI. APP photo by Tabasam Naveed

ISLAMABAD: Federal Finance Minister Asad Umar on Friday announced that Sarmaya-e-Pakistan, the holding company for state-owned enterprises, has been launched. Taking to Twitter, the finance minister said, “Sarmaya-e-Pakistan, the holding company for state owned enterprises, incorporated.” The main aim of the company is to turnaround state-owned enterprises. Umar added, “Turning around the state-owned enterprises and eliminating their losses which are ... Read More »

Top foreign banks bid for role in sale of two LNG plants

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KARACHI: JPMorgan Chase & Co, CLSA and Credit Suisse Group AG are pitching for a role on Pakistan’s biggest privatisation in a decade, expected to raise around $2 billion, according to a Bloomberg report. Citigroup Inc and Standard Chartered Plc made their own separate proposals, while Lazard Ltd is pitching with Pakistani brokerage Next Capital Ltd. According to experts privy ... Read More »

Air France to resume operations to Pakistan soon: Ghulam Sarwar


KARACHI:  Federal Minister for Petroleum and Natural Resources Ghulam Sarwar Khan has said that Air France is planning to resume its services to Pakistan, just like British Airways. “Pakistan is a country on the move and is looked upon favorably in the comity of nations. It has rebuilt and strengthened relations with its traditional friends and allies. Pakistan is a ... Read More »

Current fiscal deficit to cross 6.3pc of GDP: Finance ministry


ISLAMABAD: The government is anticipating the fiscal deficit for the current fiscal year to reach 6.3 per cent of gross domestic product (GDP) and miss the 5.1pc target set in September last year by a wide margin. According to finance ministry’s revised estimates for fiscal operations, the fiscal deficit has been worked out at Rs2.39 trillion in absolute terms against ... Read More »

Pakistan takes all five actions prescribed by FATF


ISLAMABAD: Pakistan has taken all the five actions prescribed by the Financial Action Task Force (FATF) ahead of its first review, but India is expected to play the spoiler’s role and may push the case to get tougher on eight proscribed organisations. The FATF’s plenary meetings would take place from February 17 to 22 in Paris. The global body that ... Read More »

NAB currently handling 44 cases of housing scams in Karachi


KARACHI: The National Accountability Bureau (NAB) on Friday revealed that currently, it is handling 44 cases of housing societies scams in Karachi alone. According to a press release, thousands of people were deprived of their rightful titles of properties in connivance with regulators and officials of the Sindh Cooperation Department. The accountability bureau is handling a total of 53 housing ... Read More »

Pakistan decides to export 500,000 tons of wheat


KARACHI: After producing surplus wheat in the past two years, Pakistan has decided to export 500,000 tons of the grain ahead of the arrival of new stock from March-April 2019. The government is expected to earn Rs16.4 billion (or $117 million) from the volume set aside for export as it has offered to sell the grain at Rs32,759 per ton. ... Read More »

Next stage of CPEC will focus and buy more from Pakistan: Envoy Yao Jing


ISLAMABAD: Chinese Ambassador Yao Jing said that China will focus on more investment and buy more from Pakistan in the next stage of CPEC. He expressed these views during his meeting with Prime Minister Imran Khan on Thursday. Ambassador Yao Jing said that Pakistan and China are closest friends and partners and reaffirmed his government’s resolve to work closely with ... Read More »

Pakistan foreign exchange reserves increase to $14.895b


KARACHI: Pakistan’s foreign exchange reserves have increased by $10 million to $14.895 billion by week ended February 08, 2019 as compared with $14.885 billion a week ago, State Bank of Pakistan (SBP) said on Thursday. The reserves held by SBP increased by $13 million to $8.205 billion by week ended February 08, 2019 as compared with $8.192 billion a week ... Read More »

Taking mega corruption cases to logical end foremost priority: NAB chairman


ISLAMABAD: National Accountability Board (NAB) Chairman Justice (r) Javed Iqbal has said taking mega corruption cases to its logical conclusion is the foremost priority of the bureau, according to media reports. Speaking at the executive board meeting of NAB, Justice Iqbal said the bureau is strictly following the principle of “accountability for all”. The chief of accountability watchdog said, “We, ... Read More »