By Staff Reporter
ISLAMABAD: Weir Group Plc, a Glasgow-based mining technology company, secured a 53 million-pound ($69 million) order to supply equipment for the Reko Diq copper-gold project in Pakistan.
Economy
IMF board omits Pakistan $7bln bailout approval from August schedule
By Staff Reporter
ISLAMABAD: The International Monetary Fund’s (IMF) Executive Board has released its schedule until August 28, but Pakistan’s name is notably absent from the agenda, casting uncertainty over the final approval of the country’s much-anticipated $7 billion bailout package.
PIA trims fares on Karachi-Saudi routes by 30pc
By Staff Reporter
ISLAMABAD: Pakistan International Airlines (PIA) has reduced fares on flights from Karachi to Jeddah and Madinah by 30 percent, effective immediately, a spokesperson said on Monday.
Pakistan seeks to revive ties with UAE lender to bolster fragile economy
By Staff Reporter
ISLAMABAD: The finance minister on Monday pitched the country’s lucrative IT and agriculture sectors to Mashreq Bank, as the country seeks to revive ties with the UAE lender and tap into its investment potential to bolster a fragile economy.
Current account deficit narrows 78pc in July
By Staff Reporter
KARACHI: The current account deficit shrank 78 percent to $162 million in July from a year earlier, as exports and remittances surged, data from the State Bank of Pakistan showed on Monday.
Pakistan economy in “poverty trap”, requires policy overhaul – economist
By Staff Reporter
ISLAMABAD: Pakistan’s economy is stuck in a “poverty trap” due to decades of poor governance and policy mistakes, according to Atif Mian, a noted Pakistani-American economist, who warned that only a fundamental shift in policy can help the country escape its current economic woes.
IT minister denies state role in internet disruptions, points to VPNs
By Staff Reporter
ISLAMABAD: The government on Sunday contradicted its earlier stance on internet disruptions in the country, blaming virtual private networks (VPNs) for slowdowns after previously acknowledging that a new firewall had caused the problem.
FM Aurangzeb welcomes BYD’s Pakistan foray as sign of pro-business shift
By Staff Reporter
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Saturday hailed the launch of BYD, the world’s leading new electric vehicle manufacturer, in Pakistan as a testament to the government’s commitment to creating an environment conducive to economic growth led by the private sector.
Punjab offers Rs14/unit electricity subsidy in summer relief
By Staff Reporter
LAHORE: The provincial Punjab government announced a temporary subsidy of Rs14 per unit for electricity consumers using up to 500 units, seeking to provide some relief from high electricity bills during the peak summer months of August and September, at an estimated cost of Rs45 billion.
Govt to axe 28 departments, 150,000 Jobs in reform push
By Staff Reporter
ISLAMABAD: Pakistan’s government has embarked on a major overhaul of its bureaucracy, abolishing 28 departments across five ministries and proposing the merger of two ministries, in a bid to slash costs and enhance governance.