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.
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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.
Imran Khan’s sister joins protest as PTI rallies against jail visit bans
RAWALPINDI: Supporters of the imprisoned former prime minister, Imran Khan, including his sister Aleema Khan, staged a defiant sit-in on Tuesday outside a police barricade in Rawalpindi, protesting what they described as the government’s unlawful denial of access to him at Adiala Jail.
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.
Security forces kill eight militants after ambush that martyred five policemen
ISLAMABAD: Security forces killed eight militants on Tuesday in a sweeping operation launched after an ambush that left five police officers dead in a remote, gas-rich area of northwestern Pakistan, officials said, as the country grapples with a sharp rise in attacks along its volatile border with Afghanistan.
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.
Trump again praises army chief, Calls Field Marshal Munir ‘highly respected’
ISLAMABAD: President Trump again praised Pakistan’s top military leader, Field Marshal Syed Asim Munir, as a “highly respected general,” the latest in a string of compliments that underscore a striking thaw in relations between Washington and Islamabad during his administration.
PM Sharif offers talks to jailed Imran Khan’s party but rules out pressure tactics
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday renewed his invitation for talks with the opposition Pakistan Tehreek-e-Insaf party, insisting that dialogue could proceed only on legitimate issues and warning against any attempts at blackmail, as political tensions continued to roil the country amid deepening economic woes and polarization.