Category: Business

Business news from Pakistan

Current Account Deficit falls to $0.7 billion in August

ISLAMABAD, Sep 22 (APP):The current account deficit shrank to $0.7 billion in August compared to $1.2 billion in July 2022, largely reflecting a continued moderation in overall imports, a data released by State Bank of Pakistan (SBP) said on Thursday. Cumulatively, in Jul-Aug of current fiscal year (FY23), Current Account Deficit (CAD) declined by $0.5… Continue reading Current Account Deficit falls to $0.7 billion in August

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ADB approves $100 mln to improve secondary healthcare in KPK

ISLAMABAD, Sep 22 (APP):The Asian Development Bank (ADB) has approved a $100 million results-based loan to help strengthen the quality of secondary health care in Khyber Pakhtunkhwa province in Pakistan. The program will help improve the delivery of health services at secondary hospitals by modernizing infrastructure and equipment; ensuring clinical protocols, standards, and guidelines are… Continue reading ADB approves $100 mln to improve secondary healthcare in KPK

Pak-Qatar Asset Management Company announces approval of Shariah Compliant Collective Investment Schemes

ISLAMABAD, Sep 22 (APP): Pak-Qatar Asset Management Company Limited (PQAMCL) recently announced that the Securities and Exchange Commission of Pakistan (SECP) has accorded approval for the launch of its Shariah Compliant Collective Investment Schemes (Mutual Funds). PQAMCL is going for IPO of its funds. PQAMCL obtained its license to operate as an Asset Management Company… Continue reading Pak-Qatar Asset Management Company announces approval of Shariah Compliant Collective Investment Schemes

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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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

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