By Staff Reporter
ISLAMABAD: Pakistan’s IT and Telecom Minister Syed Amin ul Haque approved on Thursday the annual budgets of two state-owned funds that support the development of the telecom sector and innovation projects.
Economy
Pakistan, Italy extend debt swap deal for development projects
By Staff Reporter
ISLAMABAD: Pakistan and Italy have agreed to extend a debt swap deal that allows Pakistan to use part of its debt to Italy for development projects, the two countries said on Thursday.
UAE eyes renewable energy investment in Pakistan, offers oil and gas supplies
By Staff Reporter
ISLAMABAD: The United Arab Emirates (UAE) wants to invest in Pakistan’s renewable energy sector and is also interested in its conventional energy sources, a senior UAE official said on Thursday.
IMF confirms July 12 meeting on Pakistan’s $3 billion loan request
By Staff Reporter
ISLAMABAD: Pakistan’s $3 billion loan programme with the International Monetary Fund (IMF) will be reviewed by the lender’s Executive Board on July 12, local daily Business Recorder reported on Wednesday, quoting an IMF’s confirmation email to the media.
Pakistan’s public debt soars 32pc to Rs58.962 trillion
By Staff Reporter
KARACHI: Pakistan’s public debt surged 32 percent to Rs58.962 trillion in the year to May, central bank data showed on Wednesday, as the government borrowed heavily to finance its fiscal deficit and cope with a weakening currency
Meta, SBP to train 500 women entrepreneurs in Pakistan
By Staff Reporter
KARACHI: Meta, the parent company of Facebook and Instagram, and Whatsapp, has teamed up with the State Bank of Pakistan (SBP) to train and support 500 women entrepreneurs and other high value small businesses in the country, the company said on Wednesday.
Prime Minister Muhammad Shehbaz Sharif addressing a ceremony commemorating the 10th anniversary of signing of the agreement for CPEC. Islamabad on July 5, 2023.
PM Sharif confident of IMF board’s nod for $3 billion bailout next week
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday he expects the International Monetary Fund (IMF) to approve a $3 billion short-term bailout for his country on July 12, after eight months of negotiations to stave off a default.
Pakistan pays Rs142 billion to IPPs to ease circular debt
By Staff Reporter
ISLAMABAD: Pakistan paid Rs142 billion to more than 100 independent power producers to settle some overdue bills and ease the burden of the power sector’s circular debt, the energy ministry said on Wednesday.
Pakistan faces power crisis as forex crunch hits fuel imports
By Staff Reporter
ISLAMABAD: Pakistan is struggling to keep the lights on as a foreign-exchange crunch limits its ability to import fuel for power generation, a senior official said.
Electricity consumers to pay Rs1.25 more per unit from July to September
By Staff Reporter
ISLAMABAD: Power regulator NEPRA on Tuesday approved a quarterly tariff hike of Rs46.536 billion for the third quarter of the fiscal year 2022-23, to be recovered from most electricity consumers from July to September 2023.