ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has completed a hearing in the case between two credit rating agencies where one`s client joined the other without a no-objection certificate (NOC). The case relates to a complaint by JCR-VIS credit rating company against its client Faysal Asset Management Ltd (FAML). The SECP has directed […]

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has exempted mutual funds from International Financial Reporting Standards-10 (IFRS-10). The requirements of consolidation under section 237 of the 1984 Companies Ordinance and IFRS-10 will not apply to investment by companies in mutual funds established under trust structure, the SECP said in a statement on Friday. […]

ISLAMABAD: Pakistan’s debt affordability has weakened after it shifted to non-conventional loans by issuing $3.5 billion worth of international bonds, increasing its borrowing costs, according to the latest report by an international credit rating agency. The concerns of the Moody’s Investor Services about Pakistan’s debt affordability come just as the International Monetary Fund (IMF) has projected […]

LONDON: Investors pulled a combined $75 billion from US and emerging market equity funds in the third quarter, wiping a record $10 trillion off the value of global equities in the period, according to EPFR Global and Bank of America Merrill Lynch. In data released late on Thursday, Boston-based fund tracker EPFR Global said European […]

KARACHI: Trade Development Authority of Pakistan (TDAP) Chief Executive S.M. Muneer on Tuesday urged the government to immediately release outstanding funds of exporters and help end the liquidity crunch which was resulting in negative growth in exports. Addressing a seminar on ‘Enhancing Trade Benefits from GSP+’, he commented that even if the government has to […]

KARACHI: The government on Wednesday raised less than the targeted amount through the auction of Pakistan Investment Bonds (PIBs), even though more than 280 per cent higher amounts were offered by the banks. PIBs were the most attractive investment for banks and corporate sector and they were willing to invest Rs270 billion in this auction. […]

ISLAMABAD: Pakistan is likely to get over $1 billion a year for development projects during the three-year period (2015-17) of the ‘Country Business Plan’ of Asian Development Bank (ADB), a ‘quarterly portfolio performance review’ meeting was informed on Tuesday. Secretary, Economic Affairs Division, Muhammad Saleem Sethi, and ADB Country Director, Werner E. Liepach jointly chaired […]

ISLAMABAD: The International Monetary Fund announced on Thursday that it had approved the release of $1.05 billion for Pakistan, the fifth instalment of a $6.6bn loan. The Fund granted an Extended Fund Facility to Pakistan in September 2013 on the condition that it carry out extensive economic reforms especially in energy and taxation sectors. The […]

WASHINGTON – Vice President of World Bank’s South Asian Region Mr. Philippe Houerou has said that World Bank wishes to fast track funding of Dasu hydropower project and Tarbela power projects. He also reiterated his resolve to support Pakistan Government’s reforms agenda, especially ongoing energy projects. Mr Houerou was talking to Federal Minister for Finance […]

ISLAMABAD – The government has so far released over Rs.28.327 billion under Public Sector Development Programme (PSDP) for various projects against total allocations of Rs 525 billion for the fiscal year 2014-15. According to the latest data of Ministry of Planning, Development and Reforms, Rs 9015.6 million have been released for various projects of Pakistan […]