PM Imran Khan launches multi-billion ‘Kamyab Pakistan Programme’

ISLAMABAD: Prime Minister Imran Khan launched Kamyab Pakistan Programme (KPP) on Monday worth Rs1400 billion rupees aimed at uplifting and providing financial assistance to 3.7 million poor households. Speaking on the occasion, the prime minister termed it a landmark initiative

Increasing tax burden

Pakistan has made a commitment with the IMF to increase taxes by a massive Rs1.272 trillion, roughly 1.28 percent of the GDP. The government will meet a dozen conditions in six months to remain in the bailout programme which is

Economy and IMF agreements

Pakistan and the International Monetary Fund (IMF) finally reached an agreement to revive the $6 billion programme which was suspended in April last year due to the coronavirus pandemic and policy disagreements. The global financial institution reached a staff-level agreement

Pakistan to seek debt relief from China on power project loans

ISLAMABAD: Pakistan is seeking to gain debt relief on Chinese loans taken to fund power projects that Beijing has financed over the last eight years. Pakistan is the latest developing nation that’s struggling to repay debt under President Xi Jinping’s

Pakistan signed new agreements worth $10.5 bn in FY20

ISLAMABAD: The government signed new agreements worth $10.447 billion of new foreign loans from multilateral institutions and commercial banks during the fiscal year 2019-20. This is according to the Annual Report on Foreign Economic Assistance 2019-20 released by Ministry of

Debt suspension

The Group of 20 nations, representing the world’s biggest economies, have agreed to extend the suspension of debt payment for an additional six months to support vulnerable countries in the fight against the coronavirus pandemic. The decision gives developing countries

Banks deferred Rs.651 billion loan payments for one year: IMF

ISLAMABAD: The International Monetary Fund (IMF) has said banks deferred a total of Rs. 651 billion of principal on loans for one year to maintain the banking system and sustain economic activity. This was done under the State Bank of

Pakistan received $3.7bn for COVID-19 relief efforts: Senate body informed

ISLAMABAD: The Senate Standing Committee on Plannning, Development and Special Initiatives was informed that Pakistan received US$3.7 billion worth of grants and loans from various countries to support the country’s corona relief efforts. The senate standing committee’s meeting was held

Govt signs $750 million agreements with World Bank, AIIB

ISLAMABAD: The government has signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB). The World Bank will extend financing of $500 million and Chinese-headquartered AIIB will provide co-financing of $250

Pakistan receives $500 million from Beijing-based AIIB

KARACHI: State Bank of Pakistan (SBP) has received $500 million from Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), as part of efforts to shore up the country’s reserves. This brings the total amount received from multilateral institutions this week to around

Pakistan receives $500 million each from World Bank, ADB

KARACHI: Pakistan has received $1 billion in fresh loans from two international financial institutions for overcoming the shortfall in budgeted expenditures and fight the coronavirus pandemic. “State Bank of Pakistan (SBP) has received $1 billion today – $500 million each

Reason of low rate of loans is due to lack of planning: FBR

ISLAMABAD: The chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi has said that the reason of the low rate of loans to the small and medium-sized sector (SMEs) was due to lack of planning. Shabbar Zaidi said that

FM Qureshi dismisses US concerns on CPEC

MULTAN: Foreign Minister Shah Mehmood Qureshi has stated that China-Pakistan Economic Corridor (CPEC) is inevitable for the development of country and will be further expanded. While speaking to media on Sunday, the foreign minister said that CPEC is a game

US-China rift on CPEC

The US-China trade war and political rivalry is getting more intense as it drags on, keeping the business world on edge. Another controversy has risen as both countries have now issued conflicting statements about CPEC – a key part of

Asad Umar dismisses US concerns regarding CPEC-related loans

KARACHI: Minister for Planning, Development, and Reforms Asad Umar has said the assertion of US Acting Assistant Secretary for South and Central Asian Affairs Alice Wells regarding CPEC-related loans is not based on facts. The federal minister, while addressing media,

Pakistan receives $1.622 bn worth of foreign inflows

ISLAMABAD: Largely backed by the International Monetary Fund (IMF) program, Pakistan has obtained $1.622 billion in foreign inflows in the first two months (July-August) of the present fiscal year. The recent information from the Economic Affairs Division on foreign aid,