Flash News

KARACHI: The Economic Coordination Committee (ECC) of the cabinet is all set to approve two stock market support funds worth around Rs25-30 billion to stabilise the Pakistan Stock Exchange (PSX) on Thursday. “ECC will consider approving the market support fund(s) on Thursday (May 30),” an official of the Securities and Exchange Commission of Pakistan (SECP) confirmed […]

ISLAMABAD: Amid a recent reshuffle in the finance team and economic uncertainty, the Pakistan Tehreek-e-Insaf (PTI) government has decided to present the budget for the financial year 2019-20 on June 11. This was announced by Prime Minister’s Special Assistant Dr Firdous Ashiq Awan in a press conference after a meeting of the federal cabinet. She […]

The current account deficit has narrowed down by 27 percent in the 10 months of the current financial year 2018-19, which is $4.2 billion lower than the deficit recorded in the last financial year. The reduction is mainly driven by import compression and a healthy growth in workers’ remittances. According to the data updated by […]

Fitch Solutions projects that the State Bank of Pakistan will maintain its benchmark interest rate at 12.25% throughout 2019. Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on a 39-month Extended Fund Facility (EFF) package of around USD 6 billion on May 12. According to the latest report issued by the research […]

ISLAMABAD: Pakistan could become a $2 trillion economy in the next 28 years if it remains steadfast in its reforms and manages to reduce its population growth rate to 1.2%. “With sustained reforms, Pakistan could be a $2 trillion economy when it will turn 100 in the next 28 years,” said the World Bank (WB) Country […]

KARACHI: China, the all-weather friend of Pakistan, has deposited $2.2 billion into State Bank of Pakistan’s (SBP) foreign currency reserves on Monday to help Islamabad in making international payments mainly on import and debt repayment counters. With this, Pakistan has so far received a total of $9.1 billion in financial assistance packages from friendly countries […]

ISLAMABAD: As the Asia/Pacific Group (APG) on Money Laundering begins ‘mutual evaluation’ to gauge Pakistan’s compliance with global anti-money laundering and counter-terrorism financing standards, the country faces the risk of being grey-listed by the APG due to a very high ratio of nearly 70% non-compliance. The Financial Action Task Force (FATF) has already grey-listed Pakistan […]

KARACHI: The State Bank of Pakistan (SBP) has projected deterioration in bank earnings, inter-bank borrowing, foreign currency market and external sector vulnerabilities in 2018. This carries a potential risk to dent financial stability of the country in the current calendar year. The central bank has, however, raised hope that commercial banks would meet almost all the […]

ISLAMABAD: A World Bank report warns that Pakistan’s external sector situation could become unsustainable due to a lack of policy actions. The report, however, appears to exaggerate the problem due to the claim that Islamabad needs $31 billion this year to meet foreign financial obligations. In its twice-a-year South Asia Economic Focus (SAEF) report, released on […]

ISLAMABAD: In an emerging development, Pakistan may soon become ineligible for financial assistance from one of the two main arms of the World Bank Group – the International Bank for Reconstruction and Development (IBRD), as the country’s official foreign currency reserves are rapidly getting slimmer. One of the key conditions for qualifying for IBRD loans is […]