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Outstanding amount increases to Rs350bn Business
  • March 25, 2023

Chinese IPPs Circular debt: Outstanding amount increases to Rs350bn

ISLAMABAD: With increasing pressure to pay the backlog, the current outstanding payment on account of circular debt for Chinese Independent Power Producers (IPPs) has increased to Rs350 billion. “The outstanding backlog of Chinese IPPs is Rs350 billion; 14% of it is being accounted for, while the other 86% is being paid on schedule. During a CPEC review meeting conducted here…
Mobile phone imports decreased Business
  • March 24, 2023

Mobile phone imports decreased by over 68% in eight months

ISLAMABAD: Imports of mobile phones into the country fell by 68.29% during the first eight months of the current fiscal year (2022-23) compared to the same period last year. According to the Pakistan Bureau of Statistics, Pakistan imported mobile phones worth US $ 447.855 million from July-February (2022-23), compared to US $ 1412.445 million from July-February (2021-22), representing a 68.29%…
China finances $2 billion loan to Pakistan Business
  • March 24, 2023

China finances $2 billion loan to Pakistan

ISLAMABAD: China has rolled over its $2 billion safe deposit with Pakistan on the same terms as before, saving Islamabad’s foreign exchange reserves from further decline. China has rolled over $2 billion to secure a staff-level agreement with the International Monetary Fund (IMF), according to finance ministry sources. Pakistan needed to confirm external financing with the IMF in order to…
IMF bailout package not linked to elections Business
  • March 24, 2023

IMF bailout package not linked to elections, Officials assure

ISLAMABAD: International Monetary Fund (IMF) clarified on Thursday that the ninth review of the lender’s Extended Fund Facility (EFF) program with Pakistan was not contingent on elections. “Decisions regarding the constitutionality, feasibility, and timing of provincial and general elections rest solely with Pakistani institutions,” Esther Perez Ruiz, the IMF’s Resident Chief in Pakistan, said on Thursday. According to the official,…
SBP likely to increase interest rate in order to unlock IMF loan Business
  • March 22, 2023

SBP likely to increase interest rate in order to unlock IMF loan

ISLAMABAD: In order to restart the stalled IMF loan program, the State Bank of Pakistan (SBP) is expected to hike interest rates by 2% at the next meeting of the Monetary Policy Committee (MPC). The IMF and Pakistan were supposed to reach a staff-level agreement on February 9. The Shehbaz Sharif-led administration is making desperate attempts to secure much-needed funding,…
Pakistan Iran power tariff agreement Business
  • March 21, 2023

Pakistan, Iran sign power tariff agreement

GWADAR: On Monday, Pakistan and Iran signed a contract establishing a price range of Rs. 8.4 to 12.4 per unit for the supply of 100 MW to Gwadar and the Gwadar Port. The two initially agreed to negotiate a tariff that would be effective immediately for both the new Polan-Gabd energy transmission line and the old Jakigur-Mand interconnection line, ranging…
Nisab of Zakat set at Rs103159 Business
  • March 18, 2023

Nisab of Zakat set at Rs103,159

KARACHI: The Ministry of Poverty Alleviation and Social Safety announced the Nisab of Zakat the minimum amount in bank accounts from which zakat will be deducted on Friday. On the first day of Ramadan, banks will deduct 2.5% of the total amount as zakat. If the amount standing to the credit of an account in respect of assets is less…
Textile exports fell by 30% in February Business
  • March 18, 2023

Textile exports fell by 30% in February

KARACHI: Pakistan’s textile exports fell for the fifth month in a row, with shipments falling 29.9% year on year to $1.20 billion in February 2023. Tahir Abbas, Head of Research at Arif Habib Limited said that textile exports were at their lowest since May 2021, when they totaled $1.05 billion. “The main reason for the drop was administrative measures to…
SBP issues Rs50 coin Business
  • March 18, 2023

SBP issues Rs50 coin to commemorate Pakistan Senate’s golden jubilee

ISLAMABAD: To commemorate the Golden Jubilee of the Senate, the Upper House of Pakistan’s Parliament, the State Bank of Pakistan released an Rs. 50 commemorative coins on Friday. The year 2023 commemorates the golden jubilee of the Senate and, in this regard, the federal government has permitted the central bank to issue an Rs50 commemorative coin, the SBP stated in…