Business

mer ISLAMABAD: The government has been supporting demands of the business community for revival of industrialisation as it is essential for economic growth in the country, Minister for Planning, Development and Special Initiatives Asad Umar said whilst addressing a delegation of Islamabad Chamber of Commerce and Industry (ICCI). “The government is fully focused on reviving industrialisation to achieve rapid economic …

ISLAMABAD: Members of the federal cabinet on Thursday announced a Rs600 billion package for development projects in south Balochistan. The announcement was made by Minister for Planning and Development Asad Umar along with Information Minister Senator Shibli Faraz, Minister for Defence Production Zubaida Jalal and Minister for Communication Murad Saeed. The projects will be implemented in nine districts of southern …

ISLAMABAD: Pakistan’s textile and clothing exports posted a paltry growth of 3.78 per cent year-on-year to $4.76 billion in July to October FY21 compared to $4.58bn, data released by the Pakistan Bureau of Statistics (PBS) showed on Wednesday. In October, export proceeds were up by 6.18pc from a year ago. In September, they grew by 11.03pc while a decline of …

ISLAMABAD: The Asian Development Bank (ADB) has raised Rs1.83 billion ($11.4 million) local currency ‘Karakoram bonds’ and promised its continued support for Pakistan’s development efforts and Covid-19 pandemic response. This is a first issue of local currency ‘Karakoram bonds’ by a multilateral development bank of which Pakistan is a member, said the ADB in a statement. A Karakoram is an …

t KARACHI: The State Bank of Pakistan (SBP) expects GDP growth to stay within the range of 1.5–2.5 per cent in FY21 against the target of 2.1pc set by the government, said the annual State of the Economy report for 2019-20 issued on Wednesday. This year-on-year improvement is expected to come from a steady performance of agriculture and a recovery in the …

The Securities and Exchange Commission of Pakistan (SECP) has granted approval for the launch of a peer-to-peer lending platform under the first cohort of its technology-driven initiative ‘Regulatory Sandbox’. The move is aimed at supporting and encouraging a financial technology revolution in the country, a press release said on Wednesday. “Peer-to-peer lending is an innovative, alternative digital platform that connects borrowers with …

The country’s current account witnessed a surplus for the fourth consecutive month in October, rising to $382 million or 1.6 per cent of the gross domestic product (GDP), data released by the State Bank of Pakistan (SBP) showed on Thursday. Compared to the same month last year, the surplus witnessed an increase of 423pc from $73m, while on a month-on-month basis it …

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet on Monday approved four major supplementary grants totalling Rs38 billion for security expenditures. It also approved Voluntary Separation Scheme (VSS) for the staff of Pakistan International Airlines (PIA). Presided over by Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh, the meeting was attended …

ISLAMABAD: After a gap of few years, Pakistan and Afghanistan has resumed formal talks on improving bilateral economic relations. An official announcement said that Adviser on Commerce to Prime Minister Razak Dawood left for a three-day talk on Monday. Soon after reaching Kabul, the adviser called on Speaker of Afghan Wolesi Jirga in Kabul and discussed strengthening of trade and …

ISLAMABAD: Prime Minister Imran Khan on Monday said that at a time when the global economy was being battered by the adverse effect of Covid-19 pandemic, Pakistan’s economy has been recovering at a pace rivaled by none in the region. Chairing a meeting to review the economic situation, PM Khan reiterated the government’s resolve to improve macroeconomic condition of the …