Category: bussines

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Monday underscored the potential for boosting exports to Saudi Arabia, especially in the skilled labor sector as the kingdom’s ambitious vision 2030 objectives drive up demand for skilled workers. In an interview with Arab News during the AlUla Conference for Emerging Market Economies, the finance minister noted that this aligns with the Riyadh expanding workforce needs as it progresses toward its ambitious Vision 2030 objectives. “Saudi Arabia’s influence in regional economic transformation is expanding, with Pakistan acknowledging the kingdom’s progress under Vision 2030 as a…

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The chairman and members of the National Electric Power Regulatory Authority (NEPRA) have jacked up their salaries by a massive 220% without seeking any required clearance, sources told Geo News. According to Nepra sources, the salary hike, ranging from Rs2 million to Rs2.2 million, was made without following the mandatory protocol, sparking controversy. Sources disclosed that in some cases six-figure salaries were raised to seven digits without obtaining the required approval from the federal cabinet, increasing them under the headings of ad-hoc relief and regulatory allowance. According to an October 2023…

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A delegation of World Bank executive directors on Monday said Pakistan’s journey of economic reforms, under the leadership of Prime Minister Shehbaz Sharif was progressing at pace. The remarks came during a meeting between PM Shehbaz and a nine-member WB delegation, which is currently visiting Pakistan after a hiatus of 20 years. “The positive outcomes of the government’s ongoing reform initiatives are being felt which is a promising development,” noted the delegation. Speaking on the occasion, PM Shehbaz said that with the cooperation of the WB, several key development projects…

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The United States views trade ties with Britain “in a different light” because it does not have a large deficit with the country, but difficult issues remain on tariffs, a senior British cabinet minister said on Sunday. Since returning to power, President Donald Trump has sent shockwaves through global capitals by threatening or imposing high tariffs on imported goods into the US as part of his trade policy overhaul. Business Secretary Jonathan Reynolds told broadcasters Britain had a balanced trading relationship with the US and he reported “good engagement, good…

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Experts, at Geo News‘ exclusive Great Debate on the economy, stressed the need for a “cautious and measured approach” to achieve economic growth, calling for structural tax reforms and sustainable policies. The panel, comprising prominent economists, business tycoons, analysts, and industry leaders, broke down the many-sided challenges and suggested a wide range of strategies to move towards economic growth. Pakistan, currently bolstered by the International Monetary Fund’s (IMF) $7 billion Extended Fund Facility (EFF) secured in September 2024, is navigating a tricky path to recovery. The South Asian nation narrowly averted…

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The federal government on Saturday slashed the petrol price by Re1 per litre for the next fortnight in view of price fluctuation in the international market. As per a notification issued by the Finance Division on Saturday, the new price of petrol will be Rs256.13 per litre, down from Rs257.13. Similarly, the price of high-speed diesel (HSD) has been reduced from Rs267.95 to 263.95 after a reduction of Rs4 per litre. “The Oil & Gas Regulatory Authority (OGRA) has reviewed and adjusted consumer prices for petroleum products in view of…

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The landmark Pakistan-Turkiye agreement to expand preferential tariff lists under the Trade in Goods Agreement (TGA) is set to boost imports and exports by leaps and bounds, a joint statement said Saturday, as both nations pursue an ambitious target. The most important of the 24 memorandums of understanding (MoUs) signed during Turkish President Recep Tayyip Erdogan’s visit, the latest agreement will broaden TGA concessions list, setting the ground for striking deals on services, digital trade, and investment facilitation. Talking to Geo News, Pakistan’s Ambassador to Turkiye Yusuf Junaid, said that the…

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A $2 billion annual investment “is not a large number” for Pakistan, which needs infrastructure development in airports, energy, water, and ports, the chief of the International Finance Corporation (IFC) said on Thursday after key policy meetings with Finance Division officials in Islamabad. The IFC Managing Director & Executive Vice President Makhtar Diop’s maiden visit to Pakistan follows the World Bank’s plans to allocate up to $20 billion for Pakistan under a Country Partnership Framework (CPF) announced in January, with the IFC also slotted to invest the same amount. “Between…

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ISLAMABAD: The Economic Coordination Committee (ECC) has greenlighted the purchase of capital shares worth $582 million in the New Development Bank (NDB), with $116 million as paid-in capital. “The ECC approved Pakistan’s membership in the New Development Bank, established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the NDB, amounting to $582 million, with $116 million as paid-in capital,” the Finance Divisions said in a statement. Established in 2015 by BRICS countries, the NDB is a multilateral development bank aimed at mobilising resources for…

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An International Finance Corporation (IFC) delegation and Finance Division officials on Thursday hashed out policies, aimed at driving industry-led economic growth, focusing on export-based expansion, as Pakistan steps up efforts to secure financing in the $20 billion private sector investment programme. The visit follows a first-of-its-kind agreement with the World Bank for a plan to focus $20 billion in lending to the nation over the coming decade on development issues like the impact of climate change as well as boosting private-sector growth. This commitment of IFC is over and above…

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