Business

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 […]

SBP asks Islamic banks to help execute housing plan

SBP asks Islamic banks to help execute housing plan

KARACHI: The State Bank of Pakistan (SBP) has suggested to the growing Islamic banking industry to partner with the Pakistan Tehreek-e-Insaf (PTI) government in executing its plan of constructing five million low-cost housing units at an estimated cost of Rs15-17 trillion.It would help the industry address the critical challenge of finding Shariah-compliant products for investing excess […]

Car sales fall on back of price hikes, curbs on non-filers

Car sales fall on back of price hikes, curbs on non-filers

KARACHI: Locally produced vehicle sales, especially cars of small engines, fell in November 2018 as multiple price hikes and restriction on non-filers of tax returns discouraged many buyers.Sales of the low-end vehicle segment, 1,000cc and below, dropped heavily on the back of a deteriorating macroeconomic situation in the country and challenges faced by the auto sector.Sales […]

‘Over $15b being remitted through illegal channel’

‘Over $15b being remitted through illegal channel’

ISLAMABAD:In order to increase foreign exchange reserves, the government plans to strengthen banking channels to convince Pakistani expatriates to send remittances through legal means, and ultimately discourage other means of transmission.Currently, more than $15 billion are being remitted through the Hundi system, which is the main impediment to the growth of gross domestic product (GDP). […]

PM Imran, businessmen agree to expand tax base

PM Imran, businessmen agree to expand tax base

KARACHI (Dunya News) – Prime Minister Imran Khan on Sunday met delegation of Pakistan Stock Exchange led by its Chairman Sulaiman Mehdi in Karachi. Officials of PSX and stock brokers were part of the delegation.During the meeting, the prime minister said that vast opportunities of investment are available in Pakistan, adding that foreign investors are […]

1 2 3 66