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Auto financing plunges for 20th straight month


March 22, 2024

KARACHI: Auto financing continued its downward trajectory for the 20th consecutive month, dropping to Rs242.9 billion in February 2024 from Rs246bn at the end of January. Car loans were at Rs325.8bn in February 2023. According to State Bank of Pakistan (SBP) data, the total decrease over the last 20 months amounted to Rs125bn, from Rs368bn at the end of June …

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Startups face steep funding downturn


March 22, 2024

KARACHI: The total funding raised by Pakistani startups in 2023 was $75.8 million, experiencing a sharp decline of 77 per cent compared to the preceding year, according to a Pakistan Tech and VC landscape report by Data Darbar and Indus Valley Capital. Similarly, the number of deals also decreased by 41.8pc to 39pc, the lowest since 2019. Consequently, the average ticket size …

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Pakistan receives $9.53bn in foreign loans


March 22, 2024

ISLAMABAD: Pakistan authorities could materialise about $6.68 billion in foreign economic assistance (FEA) in the first eight months of the current fiscal year, almost 38pc of the annual budget target. The borrowing avenues remained limited in the wake of poor credit rating and adverse conditions in the global financial markets despite the support of the International Monetary Fund (IMF), the …

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SBP reserves cross $8bn mark, again


March 22, 2024

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $105 million to reach $8 billion again. The SBP’s report on Thursday indicated that the reserves of both commercial banks and the SBP increased during the week ending March 15, showing the presence of excess dollar liquidity in the banking market, which also supports exchange rate stability. …

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Pakistan to discuss Extended Fund Facility with IMF next month, says finance minister


March 22, 2024

Finance Minister Muhammad Aurangzeb said on Friday that the matter of an Extended Fund Facility (EFF) with the International Monetary Fund (IMF) will be discussed in Washington next month as the country looks to alleviate a full-scale economic crisis. The standby $3 billion arrangement with the global lender expires on April 11, and the two sides reached a staff-level agreement regarding the …

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Key allies assure govt of support to shore up economy


March 21, 2024

ISLAMABAD: Pakistan’s key diplomatic allies have begun discussions with the new government’s economic team to foster bilateral and multilateral economic and financial cooperation. European Union Ambassador to Pakistan Dr Riina Kionka, US and China’s envoys Donald Blome and Jiang Zaidong met Finance Minister Muhammad Aurangzeb in the last four days. The three envoys met the finance minister at a time …

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Islamabad seeking 24th bailout, IMF confirms


March 21, 2024

ISLAMABAD: Announ­c­ing the staff-level agreement on the successful completion of the existing short-term facility, the International Monetary Fund (IMF) on Wednesday confirmed Pakistan was seeking a 24th medium-term bailout package for a permanent push towards longstanding structural reforms. In its end-of-mission statement, the IMF said that subject to the approval of its executive board, the staff-level agreement would enable Pakistan to access …

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Zardari asks Japanese businessmen to benefit from investment opportunities


March 21, 2024

ISLAMABAD: President Asif Ali Zardari on Wednesday called for expanding the scope of bilateral cooperation between Pakistan and Japan across a wide spectrum of areas, especially trade, investment, economy, culture and people-to-people contacts. “Pakistan is a huge market and Japanese businesses should benefit from the economic opportunities by investing in diverse sectors,” the president expressed these views while talking to …

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FDI returns to positive territory in February


March 21, 2024

KARACHI: Foreign Direct Investment (FDI) jumped 16 per cent year-on-year to $131.2 million in February, the State Bank reported on Wednesday. The increase in February inflows was also a welcome change from January’s dire situation, which saw a net outflow of $173m. However, the overall trend for the fiscal year remains troubling, with FDI falling by 17pc to $821m during …

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PM Shehbaz consults experts to bring financial stability


March 21, 2024

ISLAMABAD: With the country set to approach the International Monetary Fund (IMF) for a fresh programme, Prime Minister Shehbaz Sharif on Wednesday decided to include global experts and all stakeholders in a consultative process aimed at improving the country’s economic health and financial stability. Chairing a meeting on economic revival and reforms, the PM said he would oversee the implementation …

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