A day after finance minister Miftah Ismail’s announcement of the agreement of $2.3 billion loan from Chinese banks consortium, the Pakistani rupee showed a sharp recovery by Rs4.7 on Thursday morning in the interbank market. According to the State Bank of Pakistan, the US Dollar closed at Rs207.23 in the interbank market while the previous…
Y Combinator logistics startup Rider has raised $3.1million from YC Demo Day as it pursues to upgrade the logistics space in Pakistan and create next day delivery service just like Amazon. Apart from YC, investors including i2i Ventures, Flexport, Soma Capital and Rebel Fund also joined in the financing round. Global founders Capital, Fatima Gobi…
PayFast by APPS (“PayFast”) is pleased to turn into the first fintech in Pakistan to cooperate with worldwide installments pioneer Visa through Cybersource. Through this collaboration Cybersource is offering its powerful and dynamic computerized installment arrangement suite to PayFast. It incorporates E-business checkout, computerized vendor stage, Fraud Management, and SoftPOS. This drive clears the way…
Senior leaders from across the world attend the four-day FATF plenary to discuss a range of money laundering and terrorist financing issues. Finally The Financial Action Task Force (FATF) announced removal of Pakistan from grey list because Pakistan has fully met all 34 action items in its 2018 action plan. However, one last step is…
On Monday, Federal Minister for Revenue and Finance Miftah Ismail being hopeful claimed that the stalled International Monetary Fund’s (IMF) Extended Fund Facility (EFF) would be revived within a day or two. After a meeting held by Senate Standing Committee on Finance the finance minister declared that “I am very hopeful that the IMF programmed…
Being good with finances does not mean just meeting your ends, it means managing your resources or income in efficient way. Life is much easier when you have good skills of managing and organizing your finances. The way you organize your finances shows the impact of your credit score and amount of debt you carry…
On Friday, in the National Assembly the combined government has introduced the so called ‘progressive’ budget for the Fiscal Year 2022-2023 with an outlay of Rs9.5 trillion in the middle of strict conditions for the revival of $6 billion loan programme stalled for months over violation of policies, by International Monetary Fund (IMF). Finance and…
With a record amount deficit and spiraling inflation everyone had been apprehensively waiting for the budget, to see how the government would proceed in one of the worst time periods in Pakistan’s economic history. The government has put forth the budget policies ranging from controlling deficit to urgency of returning to IMF program and boosting…
The “progressive, pro-people and business friendly” budget for the Fiscal Year 2022-2023 approved by present government is all set to be rolled out on June 10, which is also focused on increasing revenues. Few months back the government was more inclined to revive its multi-billion dollar deal with International Monetary Fund (IMF) programme but with…
The International Monetary Fund (IMF) has demanded from Pakistan’s government to re-consult the China-Pakistan Economic Corridor (CPEC) energy deals before the payments of 300 billion to the Chinese power plants which has put Islamabad into tight position. These power plants were established under the 1994 and 2002 power policies under the CPEC framework agreement which…
On Thursday, Finance Minister Miftah Ismail, during a press conference held to review government’s economic performance, disclosed Economic Survey 2021-2022 with high expectation that the foreign exchange reserves at State Bank of Pakistan will rise to $12 billion in coming days after the inflow from China is recorded. This statement came a day before the…
Special Technology Zones (STZs), Systems Limited and Special Technology Zones Authority (STZA) have signed a contract to promote licensed domestic and global technologies companies for the development and implementation of the One Window Portal System. The signing ceremony took place in presence of Chairman FBR Asim Ahmad, senior representatives from both organisations as well as…
On June 8, Wednesday, in Singapore the oil prices have increased predicting a report of low U.S oil stocks while the demand would be high in upcoming driving season. Analysts expect data for last week to show another downfall in U.S crude inventories with the chances of distillate and gasoline stocks rising higher. OANDA analyst…
The World Bank on Tuesday has warned that due to Russian invasion in Ukraine has worsened the damage from Covi-19 pandemic and marked down its global growth forecast by nearly a third to 2.9% for 2022.The World Bank said in its Global Economic prospects report that the war in Ukraine has maximized the slowdown in…
Goldman Sachs has increased its Brent oil price for the second half of the year 2022 and first half of year 2023 by $10 to $135 a barrel reasoning that a structural supply deficit was still unresolved. Analyst at the ban reported on June 6 that prices would need to be increased for supply to…
The International Monetary Fund (IMF) has strictly demanded to end income tax exemptions in the upcoming budget. A government official on terms of remaining anonymous has told that no such proposal was under consideration. Sources have revealed that the government would increase tax on income earned through online gaming and social media applications including popular…
Forex Association of Pakistan data showed that on Tuesday, for the first time in the history Pakistani rupee broke all records by surpassing 205 threshold against US dollar after shedding RS 4 in the open market. The graph kept on falling downwards dropping to an all-time low of Rs202.75 in the interbank market during full…
The government of Pakistan is steadily gliding towards International Monetary Fund (IMF) programme for which preconditions are already being met. Recently, just within a time span of one week the discount rate has been increased by 150 basis points to 13.75% while petrol price has hiked to Rs60 per liter. These are just the initial…
The Pakistan Mobile Phone Manufacturers Association has requested the government to reinstate the permission to import mobile phone components and eliminate barriers to exporting mobile phones outside of Pakistan, therefore further promoting this sector at the government level. Exporting mobile phones can drastically cut Pakistan’s import bill and offer job possibilities for over 500,000 people throughout…
Lahore: Banking the unbanked population through digitized financial inclusion may bring positive change in the lives of the underprivileged populations and the national economy. This was stated by banking leaders and financial experts while sharing their views during a panel discussion “Digital Affairs: Financial Inclusion in Pakistan” hosted by Karachi Council on Foreign Relations (KCFR)…
Finance Minister Miftah Ismail took to his twitter handle to announce the ‘good news’ on Thursday that Chinese banks have agreed to refinance Pakistan with $2.3 billion funds which will “shore up Pakistan’s Foreign exchange reserves.” The finance minister further informed that after some routine approvals from both sides, the inflow is expected ‘shortly’ which…
At the moment, Pakistan is striving to come out of the economic crisis created by three and a half years of previous government. PDM government has assumed power for an undefined period of time would have to struggle to solve the problems created by domestic inadequacies as well as international market. The increase in petroleum…
ISLAMABAD: Chairman of the Special Technology Zones Authority (STZA), Amer Hashmi, said that the organization’s goal is to create a world-class technology ecosystem in Pakistan that would benefit small, medium, and big tech companies alike. He was addressing the Freelance Fest 2022 organized in Karachi by the Pakistan Freelancers Association (PAFLA). A report from the…
Federal Minister of Foreign Affairs Bilawal Bhutto Zardari along with many senior officials was the Chief Guest at the Pakistan Breakfast at Steigenberger Belvedere Hotel Davos. The Pakistan Breakfast a traditional interactive session is held at every meeting of World Economic Forum, and is a well-attended event due to the participants and speakers. . Pakistan…
Federal Minister for Foreign Affairs Bilawal Bhutto Zardari has marked his presence at traditional Pakistan Breakfast in sidelines of World Economic Forum at Davos on May 25, 2022. Pakistan Breakfast is Pakistan’s signature event which is held on every WEF annual meeting to discuss Pakistan’s economic & political situation. Pakistan Breakfast was hosted by a…
Canada’s Tim Hortons, one of North America’s most popular restaurant chains, has announced plans to open dozens of outlets in Pakistan this year. According to the company’s LinkedIn page, “Tims is opening in Pakistan this year as we continue to grow Tim Hortons around the world.” There will be dozens of new Tim Hortons restaurants…
Foreign direct investment of $6.1 billion were allured during July 1, 2018, to March 30,2022 by the telecom industry: As reported by Federal Minister for IT and Telecommunication Syed Amin ul Haque. On the event of “World Telecommunication and Information Society Day”, the aforesaid Minister reported that the number of active cellular SIMs reached 193…
According to an industry source, Petrochina submitted the lowest bids in response to a Pakistan LNG Limited (PLL) procurement seeking two spot cargoes of liquefied natural gas (LNG) for delivery in June. Petrochina offered prices of $23.96/mmbtu for a delivery on June 1-2 and $22.49/mmbtu for a delivery on June 28-29. PLL had advertised the…
Punishments of Rs 108.93 million have been levied on four major banks by the State Bank of Pakistan (SBP) for violations of several regulatory regulations during the quarter ending March 31, 2022. With regard to the most recent action by the banking watchdog, Albaraka Bank (Pakistan) Limited received the maximum penalty of Rs 40.901 million…
According to the findings of the Labour Force Survey (LFS) published by the Pakistan Bureau of Statistics, Pakistan’s economy created 5.5 million jobs over the last three years – on an average of 1.84 million jobs per year, which is far higher than the yearly average of new job creation during the 2008-18 decade (PBS)….