Category: bussines

Prime Minister Shehbaz Sharif on Tuesday described the granting of a commercial licence to Raqami Islamic Digital Bank as a major milestone for the financial sector and a significant step towards strengthening economic cooperation between Pakistan and Kuwait. Addressing the concluding session of the licence awarding ceremony, the prime minister said strong political relations must be underpinned by meaningful economic engagement, stressing that lasting partnerships could not be sustained without trade, investment and financial collaboration. “Pakistan and Kuwait are brotherly countries bound by decades of strong cultural, political, and people-to-people relations,”…

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LAHORE: United Arab Emirates (UAE) Ambassador Hammad Obaid Ibrahim Salem Al-Zaabi has announced that Pakistan and the UAE are at the final stage of signing the Comprehensive Economic Partnership Agreement (CEPA), which will significantly boost bilateral trade and remove business obstacles. He said the current trade volume of around $8-10 billion did not reflect the true strength of relations and expressed his government’s resolve to double the figure as soon as possible. Speaking at the Lahore Chamber of Commerce & Industry (LCCI), the ambassador said the UAE was rapidly shifting…

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KARACHI: Pakistan received $3.46 billion in workers’ remittances in January 2026, maintaining strong external inflows despite mixed performance across major corridors, with Europe and Western economies showing robust growth while remittances from the United States and parts of Asia weakened, according to provisional data released by the State Bank of Pakistan (SBP). The January inflows were slightly lower than the $3.59 billion recorded in December 2025, but significantly higher than the $3 billion in January 2025, reflecting continued resilience in diaspora transfers amid global economic uncertainties and evolving migration trends.…

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ISLAMABAD: Pakistan is seeking to deepen trade and investment ties with Saudi Arabia while pressing for stronger global coordination to manage rising sovereign debt risks, as Finance Minister Senator Muhammad Aurangzeb highlighted both priorities during engagements at the AlUla Conference for Emerging Market Economies 2026. Speaking to Arab News on the sidelines of the conference, Aurangzeb described Saudi Arabia as a longstanding partner and said bilateral relations had remained resilient despite global geopolitical tensions, adding that Pakistan now wants to shift the focus of the relationship from aid and support…

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ISLAMABAD: Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan on Monday discussed the revival of Pakistan Steel Mills (PSM) and cooperation during a meeting with Pakistan’s ambassador to Russia, as the government seeks foreign investment to restart the asset. According to a statement issued by the Ministry of Industries and Production, the meeting focused on strengthening Pakistan-Russia economic ties, with emphasis on the revival and modernisation of PSM. Akhtar Khan said the government was pursuing Prime Minister Shehbaz Sharif’s vision of restoring the steel mills as a viable…

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KARACHI: Against the State Bank of Pakistan’s (SBP) confidence in the banking system, Moody’s has revised down the outlook for Pakistan’s banking system from “positive” to “stable,” citing structural vulnerabilities, particularly banks’ heavy exposure to government securities. SBP Governor Jameel Ahmad, in a recent in-camera briefing, stressed that local banks are “far better capitalised than what is required by international standards” and maintain buffers well above regulatory minimums, enabling them to absorb potential shocks. Pakistan’s banking sector lending is highly concentrated in government treasuries, said Sana Tawfiq, Head of Research…

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ISLAMABAD: Planning Minister Ahsan Iqbal on Monday ruled out renegotiating over $15 billion in Chinese energy debt deals and said that Beijing should not be victimised for Pakistan’s own faults, taking a clear stance after multiple attempts by the finance and power ministries to reopen these contracts failed. “Pakistan should honour its commitments and others should not be blamed for our past mistakes,” said Iqbal, while responding to a question during a press conference here. The minister clarified that reopening these deals would increase Pakistan’s financial risk premium and compromise…

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BEIJING: China’s central bank extended its gold buying spree for a 15th month in January, data from the People’s Bank of China (PBOC) showed on Saturday. The country’s gold holdings rose to 74.19 million fine troy ounces by the end of January, up from 74.15 million the previous month. The value of China’s gold reserves increased to $369.58 billion at the end of last month from $319.45 billion a month earlier, according to the PBOC. Gold, long seen as a safe-haven asset to hedge against political and economic risks, saw…

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ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan on Saturday underscored Pakistan’s push to expand bilateral trade and industrial cooperation with Uzbekistan as he inaugurated the Made in Uzbekistan Exhibition on the sidelines of the Pakistan-Uzbekistan Business Forum in Islamabad. According to an official statement, the inauguration ceremony was attended by Uzbekistan’s minister of trade, Federal Minister for Communications Abdul Aleem Khan, Federal Minister for National Food Security and Research Rana Tanveer Hussain, and Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan. The commerce…

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ISLAMABAD: The World Bank reaffirmed its commitment to Pakistan’s $20 billion development programme on Sunday, underscoring its continued support for the country’s reform and development agenda. Finance Minister Muhammad Aurangzeb met World Bank Group Managing Director Anna Bjerde on the sidelines of the AlUla Conference for Emerging Market Economies in Saudi Arabia. The meeting reviewed progress under Pakistan’s Country Partnership Framework (CPF) and followed up on the recent visit of the World Bank president to Pakistan. Discussions focused on key priority sectors, including energy, education, health, climate resilience, infrastructure, fiscal reforms, and…

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