KARACHI: Pakistan is targeting a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is prepared to sell a minority stake in the prime Manhattan property as it searches for a redevelopment partner, Reuters reported, citing a senior Pakistani official.
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Pakistan scraps duties, to tender 350,000‑tonne sugar import to stabilise market
ISLAMABAD: Pakistan plans to import 350,000 tonnes of sugar in two phases via its state-owned Trading Corporation to stabilise domestic prices, the National Food Security Ministry said Wednesday, as retail rates climb to nearly Rs200 per kilogram in some regions.
Pakistan to cut bank rewards for remittances, risks informal flows
ISLAMABAD: Pakistan is cutting rewards for banks and exchange companies that process overseas remittances, a move that risks pushing funds back to informal channels even as official inflows hit a record $38.3 billion in fiscal year 2025, the State Bank of Pakistan (SBP) told a Senate panel on Wednesday.
Nepra slashes fuel costs for KE, ex-Discos power consumers in July
ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has rolled out substantial fuel cost reductions for electricity consumers, delivering a financial breather in the July billing cycle for customers of K-Electric (KE) and ex-Wapda distribution companies (Discos).
Pakistan kicks off Beijing roadshow for debut Panda Bond
KARACHI: Pakistan has launched investor meetings in Beijing this week to lay the groundwork for the nation’s inaugural Panda Bond issuance, targeting a debut later this year, the finance ministry said on Wednesday, marking a bold step to tap China’s onshore capital market and broaden its funding base.
Pakistan, Turkiye to set up special economic zone, target $5 billion trade
ISLAMABAD: Pakistan and Turkiye are planning to establish a Special Economic Zone in Karachi for Turkish entrepreneurs and aim to boost bilateral trade to $5 billion, as part of a broader push to deepen cooperation in energy, defense, and strategic infrastructure amid growing regional instability, officials said.
Dubai Islamic Bank seals $1 billion Islamic finance deal with Pakistan
KARACHI: Dubai Islamic Bank PJSC (DIB), the largest lender in the United Arab Emirates, has finalized a $1 billion syndicated term finance facility with the Government of Pakistan, a deal signaling fresh confidence in the country’s economic rebound and boosting the global reach of Shariah-compliant funding.
Pakistan’s remittance inflows hit record $38.3 billion in FY25
KARACHI: Pakistan’s inflow of overseas workers’ remittances surged to a record $38.3 billion in fiscal year 2024-25, a 27% jump from the previous year, offering a lifeline to the nation’s economy as it navigates persistent challenges, data from the State Bank of Pakistan (SBP) showed on Wednesday.
Pakistan approves four bidders for stake in debt-laden PIA
ISLAMABAD: Pakistan has cleared four parties, including prominent business groups and a military-backed conglomerate, to bid for a controlling stake in Pakistan International Airlines (PIA), advancing a high-stakes privatization tied to a $7 billion International Monetary Fund bailout.
Pakistan accelerates debt retirements, cuts debt‑to‑GDP to 69 percent in FY25
KARACHI: The government has retired Rs1.5 trillion in public debt ahead of schedule in fiscal year 2025, a move that slashed the debt-to-GDP ratio to 69% from 75% in FY23 and saved Rs 830 billion in interest costs.