KARACHI: Pakistan will roll out 5G wireless services within months, starting in seven major cities, as the cash-strapped South Asian nation seeks to bolster its digital infrastructure and draw foreign investment through a new defence pact with Saudi Arabia.
Economy
Pakistan to meet all IMF targets ahead of key review, brokerage says
KARACHI: Pakistan is poised to satisfy all seven quantitative performance criteria set by the International Monetary Fund before the second semi-annual review of its $7 billion Extended Fund Facility program, according to a report from brokerage Topline Securities.
Foreign investor profit repatriation surges to $592.7 million in July-August
KARACHI: Foreign investors repatriated $592.7 million in profits and dividends in the first two months of Pakistan’s current fiscal year, more than doubling the $274.7 million recorded in the same period last year, central bank data revealed on Friday, reflecting improved corporate profitability and easing restrictions on capital outflows.
Pakistan extends airspace ban for Indian aircraft until October 24
ISLAMABAD: Pakistan on Friday extended its ban on Indian aircraft using its airspace until October 24, the Pakistan Aviation Authority (PAA) said, marking the fifth extension of a restriction first imposed in April amid heightened tensions between the two nuclear-armed neighbors.
Pakistan launches competitive electricity market to stabilise prices, boost industry
ISLAMABAD: The Power Division on Friday launched the Competitive Trading Bilateral Contract Market (CTBCM), a long-delayed reform aimed at creating a transparent electricity market and addressing decades of structural inefficiencies.
CDWP endorses Rs18.14 billion health project for Khyber Pakhtunkhwa
ISLAMABAD: The Central Development Working Party (CDWP) on Friday recommended a Rs18.14 billion health project for Khyber Pakhtunkhwa to the country’s top economic body for final approval, aiming to strengthen primary care services for local communities and refugees.
Foreign investment slumps 22% in early fiscal year on China pullback
KARACHI: The foreign direct investment tumbled 22% in the first two months of the fiscal year, signalling persistent challenges in attracting capital amid economic headwinds and a sharp retreat from its largest investor.
Pakistan textile exports up 10pc to $3.2 bln, IT exports climb 18pc in July-Aug
ISLAMABAD: Pakistan’s textile and apparel exports, the linchpin of the nation’s economy, rose nearly 10% year-on-year to $3.2 billion in the first two months of the fiscal year, driven by robust demand for knitwear and readymade garments, official data showed.
Pakistan draws Citigroup, global consortia for Roosevelt Hotel privatization
KARACHI: Citigroup Inc. is among seven international consortia competing to advise Pakistan on the privatization of New York’s Roosevelt Hotel, a move that signals Islamabad’s drive to unlock value from state-owned assets under a $7 billion International Monetary Fund program, a senior official said.
ECC approves $390 million railway funding for Reko Diq copper-gold project
ISLAMABAD: The government on Thursday approved $390 million to fund a 1,350-km railway network for the Reko Diq mining project in Balochistan, a key step to develop one of the world’s largest untapped copper-gold deposits, the Finance Division said.