ISLAMABAD: Pakistan’s High Commissioner to Bangladesh Imran Haider met Chief Adviser Professor Muhammad Yunus on Sunday, expressing hope that direct flights between Karachi and Dhaka will commence in January as the two nations seek to deepen economic and people-to-people links.
Economy
Critical mineral supply chains shift as US buyers turn to Pakistan and Tajikistan – report
ISLAMABAD: American buyers are increasingly courting suppliers in Pakistan and Tajikistan for antimony, a critical metal used in munitions, batteries and flame retardants, as concerns mount over Beijing’s grip on global production, FT reported on Monday.
Pakistan looks to convert $1 billion UAE deposit into equity to cut debt burden
ISLAMABAD: Pakistan is pushing to transform $1 billion in deposits from the United Arab Emirates into equity investments as part of a broader strategy to pare back its external debt load, Deputy Prime Minister Ishaq Dar said, after high-level talks with the Gulf nation’s leader.
Pakistan, UAE reaffirm commitment to closer economic and strategic cooperation
ISLAMABAD: Sheikh Mohamed bin Zayed Al Nahyan, the president of the United Arab Emirates, concluded a one-day official visit to Pakistan on Friday, holding substantive talks with Prime Minister Shehbaz Sharif that underscored efforts to expand economic ties and cooperation in a range of sectors amid deepening fraternal relations between the two nations.
Pakistan secures $730 million ADB funding to fix energy grid, loss-making SOEs
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.
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 eyes April reset for PIA under new owner
ISLAMABAD: Pakistan’s government expects a new owner to take the helm of its flag carrier by April, injecting fresh capital into the beleaguered airline after a local consortium clinched a controlling stake with a Rs135 billion bid that topped expectations.
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.
Flag carrier PIA sold to Arif Habib consortium for Rs135bln in televised open auction
ISLAMABAD: Pakistan sold a controlling stake in its loss-making national airline to a consortium led by Arif Habib Corp. for Rs135 billion, the country’s first major privatisation in nearly two decades and a key step in efforts to revive the struggling economy under an International Monetary Fund bailout.