IMF okay to immediately Pakistan to released first tranche of $1 Billion
The International Monetary Fund (IMF) board has approved the 37-month Extended Fund Facility (EFF) programme of $7 billion for Pakistan and has authorized the immediate release of the first tranche of about $1 billion.
Adil Aziz
International Partners & POSA organized Conference on the Insurance landscape of Pakistan
The Pakistan Society of Actuaries (PSOA) organized the Conference on “Insurance Landscape of Tomorrow” in collaboration with international actuarial professional organizations. The Institute and Faculty of Actuaries (UK), Society of Actuaries (US) and Casualty Actuarial Society (US) partnered with the PSoA for organizing the Conference. The President-elect of Institute & Faculty of Actuaries UK, Mr. Paul Sweeting, attended the conference in-person while President-elect of SoA joined virtually.
PIAC bidding process to be telecast on Oct 1
The National Assembly’s Standing Committee on Privatization was informed that the bidding process for Pakistan International Airlines Company (PIAC) will be shown live on media on October 1, 2024 after approval by the Cabinet.
SBP extends the date for imports of cash US dollar till June 30, 2025
The State Bank of Pakistan (SBP) has extended the deadline of import of cash US Dollars by exchange companies for their export consignments till June 30, 2025, in order to ensure adequate supply of cash USD in open market.
BMMC received approval for GEM board listing from PSX
Burj Modaraba Management Company (BMMC) has received approval from the Pakistan Stock Exchange (PSX) for listing Burj Clean Energy Modaraba (BCEM) on the Growth Enterprise Market (GEM), Pakistan’s First Green Energy Fund.
Chinese firm to set up textile parks in Pakistan
The Board of Investment and Chinese textile firm RUYI Shangdong signed a Memorandum of Understanding under which the latter would establish textile parks of international standards in Pakistan to boost country’s exports to $5 billion and create around 0.5 million jobs.
Banking sector grows 11.5% in H1CY24 with satisfactory performance, resilience: SBP
The State Bank of Pakistan (SBP), stated that performance and resilience of the banking sector for the period January to June 2024 remained satisfactory with a growth of 11.5 percent in collective balance sheet.
TMB wins “Best Microfinance Bank” award
Telenor Microfinance Bank, operator of Pakistan’s leading digital financial services platform, Easypaisa, received its double recognition at the renowned 21st Annual Excellence Awards by CFA Society Pakistan, having won the “Best Microfinance Bank of the Year 2023” and “Recognizing Gender Diversity at the Workplace Award 2024.”
Jazz leading Pakistan’s digital transformation
Jazz CEO Aamir Ibrahim has said that Jazz, a leading Telecommunication Company is playing a central role in advancing Pakistan’s digital and financial inclusion.
2 percent cut in interest rate not in line with declining trend in inflation
Acting President Karachi Chamber of Commerce & Industry (KCCI) Altaf A. Ghaffar, while commenting State Bank’s decision to reduce the interest rate by 2 percent to 17.5 percent, stated that although KCCI was expecting substantial reduction in interest rate by at least 5 percent but it has been reduced by 2 percent only which neither enough nor in line with the declining trend in inflation which has come down to single digit.