Business

Pak-Saudi relationship starts new chapter of mutual ties: Razak Dawood

ISLAMABAD: Adviser to Prime Minister (PM) on Commerce Abdul Razak Dawood says a new chapter has begun in bilateral relations of Pakistan and Saudi Arabia. "The Saudi announcement of huge investment in various sectors of Pakistan will improve our economy" he said while addressing Pak-Saudi business conference in Islamabad. Saudi Minster for Commerce Majid Al-Qassabi said his delegation comprising representatives...

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NBP joins hand with Microsoft

Karachi: National Bank of Pakistan (NBP) partnered with Microsoft to continue and enrich its relationship in order to embrace technological. The signing ceremony was held at the NBP head office, Karachi. Shahid Saeed, SEVP/CIO, who was present at the ceremony, said the digital transformation of IT is a long-term commitment and a journey, presenting multiple and complex challenges, for which...

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Last time approaching IMF: claims Asad Umar

KARACHI: On Saturday, Pakistan's Finance Minister of Pakistan, Asad Umar claimed that this would be last time the government is approaching International  Monetary Fund (IMF) for the bail out package to address economic woes. "This will be the last IMF programme," the finance minister assured while addressing an event at Pakistan Stock Exchange, here at metropolis. Furthermore Asad Umar clarified...

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Inflation to rise further, predicts SBP in economic review report

KARACHI: On Thursday, Pakistan's central bank has forecast economic growth to remain below the target and an increase in the inflation rate.  The State Bank of Pakistan (SBP) in its economic review report noted that Pakistan would be unable to achieve its gross domestic product (GDP) target of 6.2 percent in the ongoing fiscal year. It further added that the...

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Rupee to depreciate further, USD-PKR upcoming projections spell doom

PKR has depreciated another 7% over the past week amid a rising import bill led by higher oil prices. PKR REER has now corrected by c.20% since early 2017, and is approaching its long-term average. We expect further PKR depreciation following the government decision to approach the IMF for a bailout, the report states. The report goes on to forecast USD-PKR...

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PM Imran discusses economic issues with business leaders

ISLAMABAD: Prime Minister Imran Khan Wednesday met his council of business leaders and discussed with them proposals for strengthening the country's economy, development of industrial, agriculture and IT sectors and ways to boost exports. Apart from Finance Minister Asad Umar, Advisor to the prime minister on Commerce Abdul Razzak Dawood, Chairman BOI, Governor SBP senior officials the council members included...

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Punjab Govt unveils remaining 8 months Budget of FY2018-19

LAHORE: Punjab budget for the remaining eight months of fiscal year 2018-19 with a total outlay of 2026.51 billion rupees was presented in the Punjab Assembly amid protest by opposition on the arrest of Shehbaz Sharif. The budget was presented by Finance Minister Hashim Jawan Bakht. In his speech, the Finance Minister said that PTI’s first hundred days agenda will...

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US Dollar rises by Rs1.60 in interbank market

KARACHI: The rate of the U.S. dollar has increased on Monday, by Rs1.60 after which its value was recorded as Rs133.50 in interbank market. The unprecedented dollar rise was up to Rs1.60  after which its value was recorded as Rs133.50 in interbank market. During previous week, the dollar recorded an unprecedented increase of Rs9.39 after opening on October 9. Due...

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World Bank provides $1 billion standby facility for Indonesia disaster relief

NUSA DUA: The World Bank on Sunday announced funding of up to $1 billion for Indonesia after it was rocked by a string of recent disasters, including a deadly earthquake-tsunami that killed thousands. CEO Kristalina Georgieva unveiled the funds at Indonesian holiday island Bali, where the Bank and the International Monetary Fund have been holding their annual meetings. A 7.5-magnitude...

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In full offensive on China, Trump goes for end-game

WASHINGTON: Donald Trump has escalated his feud with China into a full-press offensive that has drawn comparisons to the Cold War. Now the question on both sides of the Pacific is, how will it end? In recent weeks, Trump has slapped $250 billion worth of tariffs, boosted military support for rival Taiwan, accused China of interfering in US elections, stepped...

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PTI led govt to arrange $2-3 bn stopgap financing from allies to avoid deepening economic woes

ISLAMABAD: Before an International Monetary Fund bail out package is not approved, the PTI-led government would have to arrange $2-3 billion of stopgap financing from friendly countries in the coming weeks, to avert a deepening of the economic crisis. According to the top officials of economic ministries privy to development,said that project financing from international donors had shrunk during the...

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Asian Development Bank, other DFIs leveraged blended concessional finance to support $9 bn in emerging markets

ISLAMABAD: The Asian Development Bank (ADB), together with other development finance institutions (DFIs) last year, used about $1.2 billion in concessional funds to support nearly $9 billion in private investment projects in emerging markets. These projects included $3.9 billion of commercial financing from DFIs as well as $3.3 billion from private lenders and investors, according to a new DFI report...

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Establishing peace necessary for international trade: FM Qureshi

DUSHANBE: Foreign Minister Shah Mahmood Qureshi on Friday said establishing peace is imperative to ensure sustained international trade. The foreign minister was addressing a meeting of the Shanghai Cooperation Organisation (SCO) in Tajikistan's capital Dushanbe. Qureshi further said the SCO could benefit from Pakistan's experience in combatting terrorism. "Pakistan has played an important role to combat terrorism and extremism," FM...

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Pakistan must disclose debts to avail bail out package: IMF

BALI: According to media reports, the International Monetary Fund (IMF) asked Pakistan to disclose its debts with absolute transparency to receive a bailout package. IMF Managing Director Christine Lagarde, a day earlier said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team whorequested financial assistanceto help address Pakistans economic challenges. Ahead...

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Dollars see a bit fall by Rs1.40 in inter-bank market

KARACHI: Following a unprecedented increase increase in the greenback’s price in the past week, the rupee on Friday made a recovery against the dollar in the inter-bank market. The Dollar was trading at Rs132.40 today, down Rs1.40, according to sources in the inter- bank. The decrease comes soon after the international lender asked Pakistan to disclose its debts with absolute...

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Pakistan has formally requested for financial assistance says IMF chief

International Monetary Fund (IMF) chief Christine Lagarde on Thursday said Pakistan has formally requested for financial assistance. In a statement, Lagarde said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team. "During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges," Lagarde said in the...

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US dollar being sold at Rs.136 in open market: Dealers

Web-Desk: On Wednesday, the US dollar continued to spike for a second day as it was being sold for Rs136 in the open market. According to General Exchange Companies Association of Pakistan Secretary Zafar Paracha said the dollar is being bought at Rs134 and sold at Rs136 in the open market. “The dollar has risen by a further Rs1.50 today,”...

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