Category: Business

Business news from Pakistan

ECC approves Rs 10 bn for procurement, logistics of flood relief items

ISLAMABAD, Sep 21 (APP):The Economic Coordination Committee (ECC) of the cabinet Wednesday approved funds of Rs.10 billion to National Disaster Management Authority (NDMA) for procurement and logistics of relief items for flood affected people. Moreover the ECC has directed to the Finance Division to immediately release funds of Rs.5 billion to NDMA. Federal Minister for… Continue reading ECC approves Rs 10 bn for procurement, logistics of flood relief items

Pakistan values ties with UAE in potential sectors: Naveed

APP03-210922 ISLAMABAD: September 21 - Federal Minister on Commerce & Investment Syed Naveed Qamar meeting with Ambassador of UAE at his office. APP

ISLAMABAD, Sep 21 (APP): Federal Minister for Commerce, Syed Naveed Qamar on Wednesday said Pakistan values its ties with the United Arab Emirates (UAE) in various potential sector. There is a lot of potential in agriculture, health, ready-made garments and solar sectors, he said. United Arab Emirates (UAE) Ambassador to Pakistan Hamad Obaid Ibrahim Saleem… Continue reading Pakistan values ties with UAE in potential sectors: Naveed

Govt ensuring to define KPIs for monitoring, evaluation of development projects: Ahsan

ISLAMABAD, Sep 21 (APP): Minister for Planning Development and Special Initiatives Professor Ahsan Iqbal on Wednesday said that the government was ensuring to clearly define the key performance indicators (KPIs) of each social sector uplift projects. He said that the government initiated these programs under its Public Sector Development Program to achieve desired results of… Continue reading Govt ensuring to define KPIs for monitoring, evaluation of development projects: Ahsan

Economy to slow to 3.5% in FY2023 amid strong climate headwinds, says ADB

ISLAMABAD, Sep 21 (APP): Pakistan’s economy is forecast to slow to 3.5 percent in fiscal year 2023 amid devastating floods, policy tightening, and critical efforts to tackle sizable fiscal and external imbalances, the Asian Development Bank (ADB) said in a report released Wednesday. The slowdown in FY 2023 (ending on June 30, 2023) has been… Continue reading Economy to slow to 3.5% in FY2023 amid strong climate headwinds, says ADB

Tea imports decline by 10.86 pc to $91.9 million in two months

ISLAMABAD, Sep 20 (APP):The tea imports witnessed a decrease of 10.86 percent during the first two months of the current fiscal year as compared to the corresponding month of last year. The tea imports during July-August (2022-23) were recorded at $91.914 million against the imports of $103.116 million during July-August (2021-22), according to data of… Continue reading Tea imports decline by 10.86 pc to $91.9 million in two months

Exports increase by 40.53 per cent to Rs.1.043 trillion in 2 months

ISLAMABAD, Sep 19 (APP): The exports from the country in rupee term witnessed an increase of 40.53 per cent during the first two months of current fiscal year (2022-23) as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported. The exports during July-August (2022-23) were recorded at Rs. 1,043,046 million… Continue reading Exports increase by 40.53 per cent to Rs.1.043 trillion in 2 months

Saudi Arabia confirms rollover of $3 bn deposit for 1 year

ISLAMABAD, Sep 18 (APP): The Saudi Fund for Development (SDF) has confirmed the rollover of $3 billion deposit maturing on December 05, 2022 for one year. The State Bank of Pakistan (SBP) said on its official twitter handle Sunday that the deposit is placed with SBP and is part of its forex reserves.  “This reflects… Continue reading Saudi Arabia confirms rollover of $3 bn deposit for 1 year

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Categorized as Business

Finance Minister for completing all prior actions required for WB’s RISE-II, PACE-II

ISLAMABAD, Sep 18 (APP):Federal Minister for Finance and Revenue Miftah Ismail on Sunday held a meeting with Country Director World Bank Najy Benhassine and Program Leader Energy WB Teuta Kacaniku, on World Bank Initiatives RISE-II and PACE-II programs here at the Finance Division. The Finance Minister was briefed on the progress in the second Resilient… Continue reading Finance Minister for completing all prior actions required for WB’s RISE-II, PACE-II

Pakistan to take advantage of Indonesia’s US$1 trillion market: Ambassador Adam

ISLAMABAD, Sep 17 (APP):Ambassador of Indonesia to Pakistan, Adam M. Tugio on Sunday said that Pakistan could take full advantage of Indonesia’s US$1 trillion economic market potential, which would increase economic cooperation between the two sides. The Islamabad Chamber of Commerce and Industry (ICCI) organized a Pakistan-Indonesia Joint Business Form (JBF) to discuss the potential… Continue reading Pakistan to take advantage of Indonesia’s US$1 trillion market: Ambassador Adam

ADB’s ongoing sovereign portfolio in Pakistan includes 48 loans worth $8.42 bln

ISLAMABAD, Sep 17 (APP):The ongoing sovereign portfolio of Asian Development Bank (ADB) in Pakistan includes 48 loans and three grands worth of $8.42 billion. According to the member fact sheet released by the ADB, in 2021, ADB’s loan and grant disbursements to Pakistan amounted to $1.31 billion, comprising $0.3 billion in program lending and $1.01… Continue reading ADB’s ongoing sovereign portfolio in Pakistan includes 48 loans worth $8.42 bln

Kitchen items’ prices ease as weekly inflation falls by 0.19%

ISLAMABAD, Sep 16 (APP): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on September 15 for the combined consumption group, witnessed a decrease of 0.19 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 221.14 points against 221.55… Continue reading Kitchen items’ prices ease as weekly inflation falls by 0.19%

POL import bill up by 6.97% to $3.3 billion in 2 months

During the period under review, the total imports of the petroleum group during July-August (2022-23) stood at $3,302.159 million, as against the imports of $3,087.113 million last year, according to the latest data issued by the Pakistan Bureau of Statistics (PBS). Among petroleum commodities, the import of petroleum products rose by 7.75 percent, from $1,539.417… Continue reading POL import bill up by 6.97% to $3.3 billion in 2 months

Foreign exchange rates

KARACHI, Sep 16 (APP):The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Exchange rates bulletin, here on Friday. CONVERSION RATES FOR SEPTEMBER 16, 2022 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE 25 DEPOSITS) SBP SETTLEMENT VALUE DATE SEPTEMBER 20, 2022 USD 235.7686 GBP 271.8883 EUR 235.2263 JPY 1.6418

Currency rates of NBP

KARACHI, Sep 16 (APP):Following are the selling/buying rates of major currencies issued by the National Bank of Pakistan (NBP), here on Friday. CURRENCY SELLING BUYINGUSD 238.81 233.59GBP 273.76 267.71EUR 238.73 233.97 JPY 1.6654 1.6289SAR 63.65 62.09AED 64.03 64.01

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