Business

PTI govt to consider strategic partner for PSM revival

PTI govt to consider strategic partner for PSM revival

ISLAMABAD: The government has decided to explore the possibility of finding a strategic partner for reviving Pakistan Steel Mills (PSM) as an expert group has estimated the restructuring cost at $1.04 billion that the public exchequer alone cannot sustain. The Economic Coordination Committee (ECC) of the cabinet took a briefing from the expert group, which had […]

Pakistan sets $1b target for export of auto parts over 5 years

Pakistan sets $1b target for export of auto parts over 5 years

KARACHI: The government of Pakistan, which is looking for various avenues to increase exports of the country, has set the export target of $1 billion for the manufacturers of auto parts over the next five years. This was stated by the leadership of the Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) in a statement on the occasion of […]

PM, French delegation discuss investment opportunities in Pakistan

PM, French delegation discuss investment opportunities in Pakistan

A delegation of French businessmen on Monday called on Prime Minister (PM) Imran Khan in Islamabad to discuss investment and business opportunities in Pakistan. The MEDEF is the largest association of French entrepreneurs having 750,000 members. The delegation evinced keen interest in investing in various sectors including manufacturing sector, agriculture, and energy. The PM welcomed […]

Country’s economy has been weaned off ICU: Asad Umar

Country’s economy has been weaned off ICU: Asad Umar

ISLAMABAD: Finance Minister Asad Umar said on Monday that talks with the International Monetary Fund (IMF) have entered the final stage, and the economy has been recovered from an “ICU state.” Reportedly, he addressed an event in Islamabad where he asserted that “the phase of crisis has ended” and now the country is heading towards development […]

Pakistan achieves over US$1billion disbursement from ADB

Pakistan achieves over US$1billion disbursement from ADB

The ADB will also provide programme lending facility to Pakistan to the tune of $2.3 billionISLAMABAD (Dunya News) – Asian Development Bank (ADB) Director General Strategy, Policy & Review Department Tomoyuki Kimura called on Finance Minister Asad Umar.During the meeting, the finance minister said that ADB’s continued support and pro-active approach has further strengthened its […]

As security situation improves, many UK firms eying Pakistan

As security situation improves, many UK firms eying Pakistan

KARACHI:The return of British Airways to Pakistan is the beginning of strengthening economic ties between the two countries as many more UK-based firms are considering entering ‘Naya Pakistan’ after improvement in the security situation.“We can’t ignore Pakistan…it is an essential destination,” British Deputy High Commissioner and Trade Director for Pakistan Elin Burns said while talking […]

Without prior approval: Despite austerity drive, NDRMF head buys luxury vehicle

ISLAMABAD: In complete disregard to Prime Minister Imran Khan’s austerity policy, the head of National Disaster Risk Management Fund (NDRMF) purchased a luxury vehicle and went on a foreign trip without seeking permission of the finance minister.The fund, which is expected to grow to $1 billion, was set up with a loan of $200 million from […]

Nawaz Sharif has no link to sons’ business, court told

Nawaz Sharif has no link to sons’ business, court told

ISLAMABAD:Former prime minister Nawaz Sharif has submitted new evidence in the accountability court pertaining to Hasan Nawaz’s property in Britain on Friday as the court adjourned hearing of the Flagship Reference against the Sharif Family till December 17.Accountability Court Judge Arshad Malik resumed hearing on graft reference against the former first family filed by National […]

Fitch downgrades Pakistan’s rating amid stable outlook

Fitch downgrades Pakistan’s rating amid stable outlook

KARACHI: Fitch – one of the three major global rating agencies – has downgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘B-’ from ‘B’ ahead of a major maturing Eurobond repayment worth $1 billion in April 2019.Besides, the country is to repay $7-9 billion in debt servicing per year over the next three years.The rating […]

Structural reforms will put national economy on right path: Khusro

Structural reforms will put national economy on right path: Khusro

(Web Desk) – Minister for Planning and Development, Makhdum Khusro Bakhtyar says quantum of consumption in Pakistan is at ninety three percent of GDP, the highest among the emerging economies.He was addressing the inaugural session of a three-day 34th Annual General Meeting and Conference of Pakistan Society of Development Economists that began in Islamabad.The Planning […]

USAID, WAPDA sign $78m deal for Mangla refurbishment

USAID, WAPDA sign $78m deal for Mangla refurbishment

LAHORE: Water and Power Development Authority (Wapda) and the United States Agency for International Development (USAID) signed project implementation letter – 2 (PIL) worth $78 million for Mangla refurbishment project. The USAID grant will be spent for undertaking various works of Package V, VI, VIII and IX of the project.The PIL-1 of $72 million for Mangla […]

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