The World Bank’s board of executive directors approved $435 million in financing for three projects in Pakistan, ie the Pakistan Housing Finance project, Punjab Urban Land Systems Enhancement project and Punjab Affordable Housing Programme, according to a statement. These projects will expand access to housing finance, particularly for the low-income households, improve land tenure rights and facilitate affordable housing development...
They have also urged the government to turn the mechanism into a long-term solution in a bid to enable the expatriates and foreigners to manage their overseas businesses besides connecting with their loved ones while they are in the country. PTA is in the process of developing and testing the system to ensure its robustness and technical functionality, stated a...
Taking advantage of the potential for trade with the Central Asian states, Pakistani exporters have kick-started export of Halal meat to Uzbekistan through the land route. The first shipment, containing 18 tons of meat, was exported to Tashkent on Wednesday. Parliamentary Secretary for Economic Affairs Sheikh Yaqub was present at the time of shipment. Shaheen Group Chief Executive Officer Malik Sher...
The government has shared its initial assessment of the economy with the IMF during ongoing talks, sources said. However on Tuesday, it postponed a scheduled meeting between the finance minister and Nathan Porter, new Mission Chief of the IMF, due to pressing engagement of Shaukat Tarin. The government’s economic and legal team had another meeting at the same time in which...
Europe’s stock markets sank Monday after world powers imposed fresh sanctions on Russia over its invasion of Ukraine, while President Vladimir Putin put nuclear forces on a higher alert. In early deals, London’s FTSE 100 index of top companies shed 1.4% to 7,384,68 points. BP´s share price slumped 6.0% after the British energy giant signalled its exit from Russia. BP announced Sunday...
FRANKFURT: Russian President Vladimir Putin's invasion of Ukraine has added an extra layer of complexity to the decisions facing European Central Bank policymakers as they meet on Thursday. Already managing record inflation figures and a fragile recovery from the impact of the coronavirus pandemic, members of the bank's 25-member governing council now have to reckon with the impact of war...
On February 25, the foreign currency reserves held by the SBP were recorded at $16,462.3 million, down $344 million compared with $16,806.5 million on February 18. The central bank gave no reason for the fall in reserves. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $22,875.1 million. Net...
The sector attracted $202 million in foreign direct investment (FDI) and contributed Rs226 billion to the national exchequer, according to Pakistan Telecommunication Authority’s (PTA) annual report for 2021. During the year, an amount of $486 million was generated through spectrum auctions and licence renewals in the country. Broadband service subscribers surged to 110 million, the report said, adding that around 50%...
These posts are actually the modern version of traditional kitchen services that have existed for a long time. You don’t know the kitchens where the food items of your choice are prepared but you get them and pay on delivery. These are “ghost kitchens” in the true sense of the word – and are technically not exactly the same as...
A brief meeting of the Economic Advisory Group was held on Friday in which State Bank of Pakistan (SBP) Governor Dr Reza Baqir shared his views on the proposal to increase the minimum wage to Rs25,000 per month, according to sources. Finance Minister Shaukat Tarin had recommended to increase the minimum monthly wage of labourers from Rs20,000 to Rs25,000....
