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Tag Archives: Pakistan

Inflation, unemployment to increase in Pakistan during current FY: IMF report

ISLAMABAD: The International Monetary Fund (IMF) has rung alarm bells for Pakistan’s economy, saying that inflation and unemployment will increase in the country during the current financial year. This was stated in the international money lender’s report on Pakistan’s economy. It said the country’s growth rate is expected to be 1.5% this year, while the government has forecast its growth ... Read More »

Gold prices fall by Rs950 to Rs104,450 per tola

ISLAMABAD: The price of 24 karat per tola gold decreased by Rs950 on Monday and was traded at Rs104,450 against its sale at Rs105,400, Karachi Sarafa and Jewellers Group reported. The price of 10 grams 24 karat gold also decreased by Rs814 and was traded at Rs89,550 against Rs90,364 whereas the prices of ten grams 22 karat gold went down ... Read More »

Pakistan, Afghanistan sign extension of APTTA

ISLAMABAD: Pakistan and Afghanistan signed a Protocol for three-month extension of Afghanistan-Pakistan Transit Trade Agreement 2010 (APTTA) for smooth functioning of transit trade between both sides. The Adviser to Prime Minister on Commerce and Investment , Abdul Razak Dawood and Minister of Industry and Commerce Afghanistan Nisar Ahmad Ghoriyani have signed the agreement, said a press release issued by Ministry ... Read More »

Khunjerab Pass to reopen for trade on April 1

PESHAWAR: After keeping the border remaining closed for over a year, Pakistan and China have agreed to reopen the Khunjerab Pass route for trade activities by April 1. According to a source privy to developments in this regard, concerned authorities on both sides of the border have been ordered to ensure strict implementation of the SOPs and screening of all ... Read More »

Pakistan receives US$ 498.7m third IMF tranche

ISLAMABAD: Pakistan has received the much-awaited tranche of US$ 498.7 million (SDR 350 million) from the International Monetary Fund (IMF). This was confirmed by the central bank in tweet. The donor agency so far had released $1.95 billion out of total amount of $6 billion. Last week, the International Monetary Fund approved a $500 million disbursement to Pakistan for budget ... Read More »

Pakistan, ADB to expand  cooperation in various fields

ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Monday agreed to expand cooperation in various sectors. The understanding came during a virtual meeting between Minister for Economic Affairs Makhdum Khusro Bakhtyar and Director General, the Central and West Asia Department of the Asian Development Bank Yevgeniy Zhukov. Both sides discussed and agreed to expand cooperation in the areas of trade ... Read More »

IMF approves $500m disbursement to Pakistan

WASHINGTON: The International Monetary Fund said it approved a $500 million disbursement to Pakistan for budget support after the IMF Executive Board completed delayed reviews of Pakistan’s $6 billion loan program. The IMF said in a statement that the latest payment brought total disbursements under the Extended Fund Facility to $2 billion since the program was first approved in July ... Read More »

Pakistan, Japan agree to further enhance bilateral economic cooperation

ISLAMABAD: Pakistan and Japan have agreed to enhance bilateral economic cooperation. The understanding came during the 7th Japan-Pakistan High-level Economic Policy Dialogue held in Islamabad in virtual format. The Pakistani delegation was led by Secretary Ministry of Economic Affairs Noor Ahmed whereas the Japanese delegation was led by Senior Deputy Minister for Foreign Affairs Mr. Hiroshi Suzuki. Both sides reviewed ... Read More »

Pakistan, Qatar agree to promote bilateral ties in customs & taxes

ISLAMABAD: Pakistan and Qatar agreed to promote bilateral relations in customs and taxes. Ambassador of Qatar in Pakistan, Sheikh Saoud Abdul Rahman Al-Thani Thursday called on Chairman Federal Board of Revenue (FBR), Muhammad Javed Ghani. Matters of mutual concern pertaining to cooperation on customs and tax were discussed in the meeting according to an FBR press statement issued here. It ... Read More »

Iran’s envoy calls for expanding investment, trade ties with Pakistan

ISLAMABAD: Deputy Head of Mission, Embassy of Iran in Pakistan Mohammad Surkhabi here on Thursday stressed the need for further cementing bilateral trade, investment and cultural ties between both the countries which would be mutually beneficial for the people of two counties. Talking to a delegation of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) led by its ... Read More »

Pakistan optimistic about rollover of $1b UAE loan

ISLAMABAD: The federal government is optimistic about the rollover of $1 billion UAE loan for another year. Senior officials of the finance ministry told that they are confident that UAE “will not withdraw its $1 billion loan as both countries are great friends and enjoy cordial relations”. The said that the payment of $1 billion UAE loan had matured this ... Read More »

Govt constitutes body to restore economic relations with US

ISLAMABAD: The government has formed an apex committee to work on finding and developing avenues to re-engage the United States in an economic relationship, including a possibility of seeking investment under the China Pakistan Economic Corridor (CPEC) project. According to a local media report, the 14-member ministerial apex committee, chaired by Foreign Minister Shah Mahmood Qureshi, will meet next week ... Read More »

Pak-Turkey freight train to resume operations from March 4

ISLAMABAD: The Istanbul-Islamabad freight train is likely to resume operations on March 4, connecting goods train business of three countries including, Turkey, Iran and Pakistan, after a gap of almost a decade. According to a report by a local media outlet that quoted a senior official of the Pakistan Railways (PR), the train is set to depart from Istanbul on ... Read More »

Pakistan committed to complying with FATF action plan: MoF

ISLAMABAD: Pakistan  reaffirmed its commitment to continue strengthening the AML/CFT regime in line with global standards and comply with the FATF’s action plan. The statement from the Ministry of Finance was issued after the Financial Action Task Force (FATF) appreciated Pakistan for the significant progress made by the country on the entire action plan. The plenary meetings of the global ... Read More »

Reduction in tax collection target by Rs350b to be sought from IMF

ISLAMABAD: Following the new round of talks with the International Monetary Fund (IMF) for the release of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF), Pakistan may consider bringing a mini budget to overcome the shortfall in tax collection by slapping more taxes or cut down expenditures in order to keep the budget deficit ... Read More »

Big diplomatic victory for Pakistan, UNSC nullifies Indian claim on Occupied Kashmir

UNITED NATIONS: For the first time since 1965, the UN Security Council (UNSC) held a meeting exclusively on occupied Jammu and Kashmir on Friday, nullifying India’s claim that this was an internal matter. China’s UN Ambassador Zhang Jun summed up the discussions, expressing serious concern over the situation. “The UNSC members are concerned about the human rights situation there and ... Read More »

IMF reaches staff-level agreement on economic policies with Pakistan for 3-year extended fund facility

ISLAMABAD: In response to a request by the Pakistani authorities, an International Monetary Fund (IMF) mission led by Mr. Ernesto Ramirez Rigo visited Islamabad, Pakistan from April 29 to May 11 to discuss IMF support for the authorities’ economic reform program. At the end of the visit, Mr. Ramirez Rigo made the following statement: “The Pakistani authorities and the IMF team ... Read More »

Navy thwarts Indian submarine attempt, Port Qasim prone to incursion

KARACHI: The Pakistan Navy (PN) thwarted an attempt by an Indian submarine to enter Pakistani territorial waters. But it is likely they could attack Karachi city and especially Port Qasim after two Indian Air Force MiG 21 aircraft were shot down by Pakistan Air Force, sources said. A section of media reported this morning that the Pakistan Navy thwarted an ... Read More »

Customs issues notice to Maersk for cancellation of license; goods loaded may not reach Pakistan

KARACHI: Model Customs Collectorate of Preventive, Karachi has issued a notice to M/s Maersk Pakistan (Pvt) Ltd as it started the process to cancel license of the company for sheer violation of the Customs Act 1969 and SRO 1220(I)/2015. Maersk Line and its subsidiary M/s Maersk Pakistan (Pvt) Ltd kept on harassing and blackmailing importers to get additional demurrage and ... Read More »

Shipping activity at Port Qasim

KARACHI: Following is shipping report of Port Qasim: Sailing of Vessels Ship Name PQA Reg No L.O.A Commodity Manifest Qty. (Import) (Export) Draft Aft (Meters) Draft Far (Meters) ETD Ship Agent Name Berth M.T- GP ASPHALT III 25166 95.50 BITUMEN 2230.000 4.9 4.9 11:30 GATEWAY M/W-II M.T- OOCL WASHINGTON 25190 322.97 CONTAINERS 11.8 11.8 13:00 OOCL PAKISTAN QICT-V M.V- DARANEE ... Read More »