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Govt to spend Rs118 billion on connectivity projects | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan government on Friday unveiled a Rs727 billion development programme, with Rs118 billion set aside for new and ongoing connectivity projects under the China-Pakistan Economic Corridor (CPEC), Central Asia Regional Economic Cooperation (Carec) programme and Khyber Pass Economic Corridor (KPEC). Bulk of the funds has been earmarked for road projects along the western…
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Rs727 billion earmarked for development programme | The Express Tribune
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[ad_1] ISLAMABAD: The coalition government on Friday unveiled an election year development programme of 1,173 schemes but with allocation of only Rs727 billion, which would slow down work on existing schemes and increase the completion period of newly added projects. The allocation of Rs727 billion for the Public Sector Development Programme (PSDP) 2022-23 is only…
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IT exports surge to $1.9 billion, have potential to grow further | The Express Tribune
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[ad_1] KARACHI: Despite encouraging signs of export potential in the information technology (IT) sector and the government’s acknowledgment, the sector has fallen short of its export capacity. According to the State Bank of Pakistan (SBP) data, IT exports during July-March FY22 surged to $1.948 billion at a growth rate of 29.26% in comparison to $1.5…
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CNG sector floats $2.1 billion import bill saving plan | The Express Tribune
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[ad_1] ISLAMABAD: The compressed natural gas (CNG) industry on Tuesday unveiled a plan that could save $2.1 billion in import bill by providing significantly cheaper gas for vehicles provided the government facilitated the private sector in liquefied natural gas (LNG) import. At present, government companies have monopoly over LNG import and distribution, though all necessary…
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Ford to invest $3.7 billion | The Express Tribune
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[ad_1] WASHINGTON: Ford Motor Co on Thursday said it will invest $3.7 billion in assembly plants in Michigan, Ohio and Missouri for production of both electric and gasoline-powered vehicles. Ford, whose shares were up 2.4% in afternoon trading, said $2.3 billion of the total investment will be spent on EVs, part of the $50 billion…
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‘Good News:’ China agrees to refinance over $2 billion debt | The Express Tribune
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[ad_1] Finance Minister Miftah Ismail has said that China has agreed to refinance $2.3 billion in debt, providing a major financial relief to the government. “The terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks (about US$ 2.3 billion) have been agreed,” Miftah wrote on his official Twitter handle on Thursday.…
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SBP reserves fall $75m to $10.1 billion | The Express Tribune
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[ad_1] The foreign exchange reserves held by the central bank decreased 0.74% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 20, the foreign currency reserves held by the SBP were recorded at $10,088.6 million, down $75 million compared with $10,163.6 million on May 13.…
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Bilawal says $6 billion IMF deal is ‘outdated’ | The Express Tribune
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[ad_1] An ongoing bailout deal between Pakistan and the International Monetary Fund (IMF) is “outdated” given a number of global crises, Foreign Minister Bilawal Bhutto-Zardari said on Wednesday, as the country struggles to implement targets set by the lender. He said it would be justified for Pakistan to plead this case before the IMF in…
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IT exports surge to $2.2 billion | The Express Tribune
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[ad_1] ISLAMABAD: Remittances from Pakistan’s information and communication technology (ICT) exports, including telecommunication, computer and information technology services, surged 29.29% year-on-year to $2.198 billion in the period July 2021 to April 2022. In the same 10-month period of previous year, the ICT exports stood at $1.7 billion, said a statement issued by the Ministry of…
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ADB hints at providing $2.5 billion loan to Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: The Asian Development Bank (ADB) on Thursday indicated providing $2.5 billion in additional loans to Pakistan, including $1.5 billion before end of year, but the government will have to secure a good economic health certificate from the International Monetary Fund (IMF). “The ADB indicated the additional support of $2.5 billion for the next…
