Pakistan, Russia reaffirm commitment to strong economic ties
The eight session of Pakistan-Russia Inter-Governmental Commission (IGC) on Trade, Economic, Scientific and Technical Cooperation concluded, reaffirming the commitment to a strong and comprehensive bilateral economic relationship. The three-day IGC meeting, co-chaired by Russia’s Energy Minister Nikolay Shulginov and Pakistan’s Minister for Economic Affairs Ayaz Sadiq, was attended by senior level delegates including ministers and…
Adil Aziz
Boosting trade, a major challenge for economic revival
Amidst persisting economic crunch and diminishing foreign exchange reserves, boosting country’s exports is direly needed for strengthening economy and favorable exchange rate. Over the years, the non–consistent policies of the respective government gradually dragged the country to the verge of economic recession posing challenges like low growth rate, import-export imbalances, trade and current account deficit…
Pakistan-China crossing at Khunjrab Pass to be open from Jan 30 to Feb 10
The Pak-China border crossing at Khunjrab Pass will be temporarily open for trade from January 30 to February 10 to facilitate crossing of important Pakistani supplies stuck on the Chinese side. In the first phase, the Khunjrab Pass was temporarily opened on Tuesday and Wednesday to facilitate local trade and key hydropower projects. During the…
Government firm to revive IMF programme: Ayesha Ghous Pasha
State Minister for Finance and Revenue, Ayesha Ghaus Pasha highlighted that the government wants to continue programme with the International Monetary Fund (IMF) in such a way that the common man should not bear the burden of tough decisions to be made as per the Fund’s condition. Speaking to the media here after attending the…
World Bank rebuts news of delaying loans for Pakistan
The World Bank rejected the news published in a section of press saying that the Bank had not delayed approval of any loan for Pakistan. “The press reports that refer to a World Bank decision to delay approval of potential Bank operations in Pakistan are unfounded”, Country Director of the World Bank for Pakistan Naje Benhassine…
Current Account Deficit falls to $3.66 Billion in July-December
The Current Account Deficit shrank by 60 percent to US$3.66 billion during first half (Jul-Dec) of current fiscal year as against the deficit of $9.1 billion recorded during same period of last year. In December, after posting decline for five consecutive months, the current account deficit edged up to $0.4 billion as compared to $0.252…
US wants to see Pakistan in ‘economically sustainable’ position: State Dept
The United States wants to see Pakistan in an economically sustainable position, State Department spokesperson Ned Price has said, noting that Islamabad was in negotiations with the International Monetary Fund (IMF) and other global financial institutions. Asked about Pakistan’s dwindling foreign exchange reserves, he told reporters at his daily press briefing, “This is a challenge…
Preparing for the worst as Amazon, Microsoft cut jobs
AMAZON is starting the biggest round of job cuts in its history. Microsoft plans to reduce its workforce by 5 per cent. Goldman Sachs is laying off over 3,200 people, and several Wall Street banks are considering cutting their bonus pools by as much as 30 per cent. The frenzied, pandemic-era burst of hiring across…
Faysal Bank Eyes on Growth through Automation
Faysal Bank Limited (FBL) has always kept abreast with the latest developments in Digital Banking Technology and has aggressively implemented the same in all the segments, wherever required. In continuation of this endeavor In line with the bank’s core value of “Innovation” through Process automation, FBL Faysal Bank Limited has entered into Agreement with Messrs….
Rupee closes at Rs 228.90 against USD
The exchange rate of the Pakistani rupee depreciated by 25 paisa against the US dollar in the interbank trading on Wednesday and closed at Rs 228.90 against the previous day’s closing of Rs 228.65. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded…