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.
Economy
IFC backs Engro Fertilisers with Rs33.6 billion local-currency guarantee
KARACHI: The International Finance Corp. has made its first local-currency investment in Pakistan, extending a credit guarantee to back financing for a major fertilizer producer in a move aimed at shoring up the country’s vital agriculture sector.
Pakistan enters top arms export league with $4bln Libya deal
ISLAMABAD: Pakistan has sealed a weapons deal worth more than $4 billion with the Libyan National Army, one of the largest arms sales in the country’s history, thrusting Islamabad into a select group of nations exporting conventional military hardware despite a longstanding United Nations embargo on Libya, Reuters reported.
ECC approves largest spectrum auction to pave way for 5G rollout
ISLAMABAD: The Economic Coordination Committee of the cabinet on Tuesday approved plans for its biggest-ever spectrum auction, setting the stage for the country’s first commercial 5G services and aiming to ease chronic internet congestion that has hampered the economy.
PIA sale heads to open auction as two bidders clear price bar, Arif Habib-led group tops at Rs115bn
ISLAMABAD: A consortium led by Arif Habib Corp. submitted the top bid of Rs115 billion for a controlling stake in Pakistan International Airlines, edging out a group spearheaded by Lucky Cement Ltd. with an offer of Rs101.5 billion, as the government pushed ahead with a long-delayed effort to privatize the debt-laden flag carrier.
Pakistan draws three bids for struggling national carrier in high-stakes privatisation push
ISLAMABAD: Three groups submitted bids to acquire a controlling stake in Pakistan International Airlines Corp. Ltd., the debt-laden flag carrier, in what the government touted as the nation’s largest-ever privatisation deal and a key plank of its economic overhaul under an International Monetary Fund bailout.
Three bidders vie for control of flag carrier PIA in long-delayed sale
KARACHI: The government is poised to kick off the long-awaited privatization of the national carrier, Pakistan International Airlines Corp., on Tuesday, with just three bidders in the running after Fauji Fertilizer Co. bowed out over the weekend.
Finance ministry rebuffs KP funding claims, details billions in transfers
ISLAMABAD: The federal government pushed back against accusations from Khyber Pakhtunkhwa’s chief minister that it was withholding funds critical for development in the province’s merged tribal districts, asserting in a detailed statement that it has disbursed billions of rupees on schedule and maintains no outstanding liabilities.
World Bank approves $700mln for Pakistan to bolster fiscal reforms and services
ISLAMABAD: The World Bank has approved $700 million in financing for Pakistan as part of a multi-year program designed to shore up the nation’s macroeconomic stability and improve public service delivery.
Factory output defies export slump with robust growth
ISLAMABAD: The large-scale manufacturing sector posted a solid 5.02% expansion in the first four months of the fiscal year through October, bucking a broader slide in exports and signalling resilience in domestic demand amid currency stability.