Category: bussines

Natalie Baker, Charge d’Affaires and acting US Ambassador to Pakistan, lauded Pakistan’s economic progress and government’s commitment to implement structural reforms. Her statement comes as she met Finance Minister Muhammad Aurangzeb in Islamabad on Friday, according to a statement issued by the Ministry of Finance. The meeting focused on matters of mutual interest, including avenues for enhancing economic cooperation and increasing US investment in Pakistan’s priority sectors, it added. During the discussion, the finance minister briefed Baker on the government’s macroeconomic reform agenda, in line with Prime Minister Shehbaz Sharif’s…

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ISLAMABAD: Pakistan is set to receive positive news from the IMF soon, as negotiations enter the final stages without major hurdles, Finance Minister Muhammad Aurangzeb said on Friday. Speaking to journalists, the minister reassured that Pakistan is on track to meet the IMF’s economic discipline targets. He emphasised that discussions with the global lender are progressing smoothly and that the ongoing talks will conclude soon. Aurangzeb underscored the government’s commitment to economic reforms, adding that Pakistan is adhering to the agreed-upon financial framework. He noted that the country remains focused…

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Karachi’s electricity consumers may not receive the expected Rs4.84 per unit relief as K-Electric has introduced additional costs, creating a major hurdle, Geo News reported. During a hearing on the matter, the National Electric Power Regulatory Authority (Nepra) found that KE had factored in extra expenses amounting to Rs13.5 billion, which it plans to recover from consumers. Under the fuel price adjustment (FPA) for January, KE consumers were supposed to receive a reduction of Rs4.84 per unit. However, the hearing revealed that ever since monthly FPA adjustments started lowering electricity rates, KE…

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The capital market continued its bullish momentum on Thursday, driven by surging investor confidence following reports of the International Monetary Fund’s (IMF) conditional approval of the government’s circular debt management plan. The rally was further amplified by discussions on the privatisation of state-owned enterprises (SOEs) and mounting anticipation of a reduction in industrial power tariffs. Prime Minister Shehbaz Sharif expressed satisfaction over the PSX reaching 119,000 points for the first time in history. He viewed the positive business trend as a reflection of increasing confidence among traders and investors in…

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Deputy Prime Minister and Foreign Minister Ishaq Dar on Wednesday deemed sugar prices of Rs178-180 per kg unacceptable, setting the retail rate at Rs164 per kg and capping the ex-mill price below Rs159 per kg. Announcing the major decisions after chairing a meeting to review sugar prices in a live broadcast on national television, he said a sub-committee was being formed to submit recommendations within one month to address the persistent issue. The top official said that the committee formed on the directive of Prime Minister Shehbaz Sharif to look…

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The capital market rocketed to a historic peak on Wednesday, propelled by surging investor confidence amid expectations of a potential breakthrough in circular debt resolution and a substantial cash injection into the energy sector. Investors responded positively to reports of progress in government-led reforms aimed at addressing the country’s long-standing power sector challenges. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 972.93 points, or 0.83%, to close at 117,974.02, up from the previous session’s 117,001.09. The index hit an intraday high of 118,243.63, while the session’s lowest point…

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The World Bank’s Board of Directors on Wednesday approved $102 million in in financing for the Resilient and Accessible Microfinance (RAM) Project for improving access to microcredit and support the resilience of the microfinance sector and its borrowers, in the face of climate-related challenges. “Microfinance is a critical tool for supporting the livelihoods of vulnerable populations in Pakistan,” World Bank Country Director for Pakistan Najy Benhassine said in a statement. This project, he said, would help strengthen the resilience of the microfinance sector, particularly in the face of growing climate risks, ensuring…

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The State Bank of Pakistan (SBP) on Tuesday announced that it had so far distributed Rs27 billion in new currency notes, of all denominations, to 17,000 bank branches for the public. The SBP stated this dismissing the report that it would not be printing new banknotes for Eid ul Fitr. “The SBP continues its longstanding practice of issuing fresh banknotes to commercial banks on the occasion of Eid-ul-Fitr, leveraging their extensive nationwide branch networks to facilitate public access to fresh banknotes,” it said in a handout. Likewise, it said, arrangements…

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The stock market maintained its positive momentum on Tuesday, closing 801 points higher as investor confidence surged amid key developments in circular debt resolution and steady progress in the International Monetary Fund (IMF) programme. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained 801.50 points, or 0.69%, to close at 117,001.09, up from the previous close of 116,199.59. The index touched an intraday high of 117,202.09, while the lowest level recorded during the session stood at 116,490.82. The energy sector, in particular, saw strong buying interest, as investors responded to…

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ISLAMABAD: Pakistan and the World Bank held a follow-up meeting on Monday to advance discussions on the 10-year Country Partnership Framework (CPF), which involves $20 billion in commitments for economic and fiscal reforms. The meeting, chaired by Minister for Finance and Revenue, Senator Muhammad Aurangzeb, focused on continued discussion on the WB’s investment financing for economic reforms, according to press release issued by finance ministry. During the meeting, the bank team presented their ongoing work regarding the preparation of a comprehensive National Growth and Fiscal Programme. This programme covers a…

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