ISLAMABAD: Prime Minister Shehbaz Sharif landed in Kuala Lumpur on Saturday for a three-day official visit aimed at deepening economic and strategic bonds with Malaysia, a key partner in the Muslim world that has seen Pakistan’s investments swell to nearly $400 million this year.
Economy
Pakistan’s sovereign default risk plunges, ranking second globally in CDS improvement
ISLAMABAD: Pakistan has notched one of the sharpest drops in sovereign default risk worldwide, emerging as the second-best performer globally according to Bloomberg data on credit default swap (CDS)-implied probabilities, an adviser to the finance minister said on Sunday.
PIA to resume UK flights with Manchester-Islamabad route from Oct. 25 after five-year ban
ISLAMABAD: Pakistan International Airlines (PIA) will restart flights to the United Kingdom on October 25, launching nonstop service from Manchester to Islamabad, the carrier said Saturday, marking its return to British airspace after a five-year hiatus.
Pakistan courts US with pitch for new Arabian Sea port – FT
KARACHI: Advisers to Pakistan’s military strongman Asim Munir have approached US officials with an offer to build and run a port on the Arabian Sea that could give Washington a foothold in one of the world’s most sensitive regions, the Financial Times reported on Friday.
Govt cuts state share in new pension fund to 12pc to curb liabilities
ISLAMABAD: The government lowered its contribution to a new pension fund for federal workers while formalising the shift away from a traditional retirement system, aiming to curb soaring liabilities that have become a fiscal drag.
Pakistan poised to unlock over $1 billion IMF tranche despite fiscal slippages – report
ISLAMABAD: Pakistan is on track to secure more than $1 billion as the third tranche of its International Monetary Fund bailout, even with some fiscal shortfalls, as officials kick off policy-level talks with a visiting IMF review mission, Dawn newspaper reported on Saturday.
FBR uncovers Rs384 million customs fraud at Karachi airport
KARACHI: The Federal Board of Revenue has exposed a sprawling customs fraud at Jinnah International Airport in Karachi, involving the illegal removal of high-value electronic goods worth hundreds of millions of rupees without proper declarations or payment of duties, a statement said on Friday.
Trade gap widens 46 percent to $3.34 billion in September
ISLAMABAD: Pakistan’s trade deficit surged nearly 46 percent in September to $3.34 billion, official data released Thursday showed, driven by a sharp rise in imports and a steep drop in exports.
ECC approves Rs24 bln for security; reforms barter with Afghanistan, Iran, Russia
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved approximately Rs24 billion in supplementary grants on Thursday to fund security measures and urgent costs tied to the shuttered Roosevelt Hotel in New York, while endorsing reforms to a barter trade mechanism for commerce with Afghanistan, Iran, and Russia.
Procter & Gamble to exit Pakistan operations, shift to distributor model
KARACHI: Procter & Gamble Co. plans to shutter its manufacturing and commercial operations in Pakistan as part of a broader restructuring, joining a wave of multinationals scaling back in the South Asian nation amid economic headwinds.