ISLAMABAD: Pakistan and the Asian Development Bank signed agreements on Thursday for $730 million in loans aimed at strengthening the country’s overburdened power transmission network and accelerating reforms in its state-owned enterprises, which have long been plagued by inefficiency and financial losses.
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Pakistan approves pilot power auction to foster competition, ends public procurement
ISLAMABAD: The government has greenlighted a pilot auction for 800 megawatts of electricity under a competitive trading model, a move aimed at injecting market forces into the power sector while scrapping future state-led procurement of generation capacity.
FM Aurangzeb flags growth shortfall as population pressures mount
ISLAMABAD: Pakistan’s economy is stabilising after years of turmoil, but a 2.7 percent growth rate in the last fiscal year falls short of what’s needed to keep pace with a burgeoning population, Finance Minister Muhammad Aurangzeb said.
Pakistan’s foreign inflows rise 14 percent in five months on IMF backing
ISLAMABAD: Pakistan’s inflows of foreign loans and grants rose 14% in the first five months of the fiscal year, driven mainly by support from the International Monetary Fund, as the cash-strapped South Asian nation works to shore up its external finances amid ongoing economic pressures.
ECC approves largest spectrum auction to pave way for 5G rollout
ISLAMABAD: The Economic Coordination Committee of the cabinet on Tuesday approved plans for its biggest-ever spectrum auction, setting the stage for the country’s first commercial 5G services and aiming to ease chronic internet congestion that has hampered the economy.
PIA sale heads to open auction as two bidders clear price bar, Arif Habib-led group tops at Rs115bn
ISLAMABAD: A consortium led by Arif Habib Corp. submitted the top bid of Rs115 billion for a controlling stake in Pakistan International Airlines, edging out a group spearheaded by Lucky Cement Ltd. with an offer of Rs101.5 billion, as the government pushed ahead with a long-delayed effort to privatize the debt-laden flag carrier.
Pakistan draws three bids for struggling national carrier in high-stakes privatisation push
ISLAMABAD: Three groups submitted bids to acquire a controlling stake in Pakistan International Airlines Corp. Ltd., the debt-laden flag carrier, in what the government touted as the nation’s largest-ever privatisation deal and a key plank of its economic overhaul under an International Monetary Fund bailout.
Three bidders vie for control of flag carrier PIA in long-delayed sale
KARACHI: The government is poised to kick off the long-awaited privatization of the national carrier, Pakistan International Airlines Corp., on Tuesday, with just three bidders in the running after Fauji Fertilizer Co. bowed out over the weekend.
World Bank approves $700mln for Pakistan to bolster fiscal reforms and services
ISLAMABAD: The World Bank has approved $700 million in financing for Pakistan as part of a multi-year program designed to shore up the nation’s macroeconomic stability and improve public service delivery.
Pakistan plans $250mln debut Panda bond in January to tap China’s yuan market
ISLAMABAD: Pakistan is set to issue its first-ever Panda bond next month, aiming to raise the equivalent of $250 million as part of a broader $1 billion program, as the cash-strapped South Asian nation seeks to diversify its funding sources and reduce reliance on dollar-denominated debt.