Pakistan
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Pakistan gets lifeline rollover of $2bn loan from UAE
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[ad_1] Finance Minister Ishaq Dar photographed on January 4, 2023. PID Finance Minister Ishaq Dar said the United Arab Emirates (UAE) rolled over its $2 billion loan to Pakistan – a move that the cash-deprived country needs direly to make some breathing space in its fiscal environs. “Abu Dhabi Fund for Development (ADFD) has rolled…
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Pakistan energy needs may rise by 30% by 2030 | The Express Tribune
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[ad_1] ISLAMABAD: Islamabad. The Asian Development Bank has said the energy needs of Central Asian regional countries, including Pakistan, would increase by 30% by 2030. The bank said with the exception of China, the countries under its Central Asia Regional Economic Cooperation (CAREC) project would have to invest from $25 billion to $49 billion to…
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World owes Pakistan $30b a year for polluting | The Express Tribune
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[ad_1] ISLAMABAD: The monsoon season of 2022 brought forth the most devastating floods to Pakistan. Two of the country’s provinces received 8x more rain than their 30-year average, resulting in widespread destruction and loss of life. A study conducted by World Weather Attribution has found that human-caused climate change significantly increased the intensity of the…
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Diversification of exports is key for Pakistan | The Express Tribune
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[ad_1] KARACHI: Pakistan’s foreign exchange reserves are in dire straits. As of January 6, 2023, the State Bank of Pakistan (SBP) reported having a mere $4.3 billion on hand, barely enough to cover three weeks of imports. This is a significant decline from the $16.6 billion the SBP had in January last year. While the…
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Pakistan, Saudi Arabia ink over $1bn oil sector agreement
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[ad_1] Ministry of Economic Affairs Secretary Kazim Niaz (left) and Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad shake hands after signing the agreement. — Twitter/@eadgop ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed an agreement worth more than $1 billion in the oil sector, through the Saudi Development Fund (SDF). A day earlier, the…
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UAE agrees to rollover existing $2bn loan, lend $1bn more to Pakistan
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[ad_1] Prime Minister Shehbaz Sharif meets UAE President Sheikh Mohamed bin Zayed in Abu Dhabi. — APP ABU DHABI: Prime Minister Shehbaz Sharif on Thursday met UAE President Sheikh Mohamed bin Zayed Al Nahyan wherein the latter agreed to rollover an existing loan of US$2 billion and provide an additional loan of US$1 billion, Federal…
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Saudi Arabia ready to invest more in Pakistan amid currency crisis
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[ad_1] Prime Minister Shehbaz Sharif (left) in a meeting with Saudi Crown Prince Mohammad Bin Salman. — SPA/File Saudi Arabia is willing to invest more in Pakistan with Crown Prince Mohammad Bin Salman on Tuesday directing the authorities to study augmenting the country’s investments in Pakistan to reach $10 billion, giving a major boost to…
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Pakistan asks IMF for restructuring ‘pause’
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[ad_1] Pakistan and the International Monetary Fund (IMF) have yet to reach an agreement on the fiscal framework, June 7, 2022. — AFP/File GENEVA: Prime Minister Shehbaz Sharif on Monday asked the IMF for a pause in its demands for economic reforms before releasing more financial aid, as the country tries to rebuild after catastrophic…
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Pakistan will ‘dodge default’ in next six months
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[ad_1] An undated image of $100 notes. — AFP/File Despite Pakistan still reeling from the economic troubles which aren’t over, it looks like the country of 220 million people will dodge default in the next six months, Bloomberg Economics reported Monday. Investors are worried about a big dollar debt repayment due in April 2024 and are…
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EU to provide Pakistan €87m for ‘green’ economic growth
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[ad_1] EAD Secretary Dr Kazim Niaz (left) and EU ambassador Dr Riina Kionka (right) shack hands after signing the agreement for three new development programmes on January 9, 2023. — APP The European Union on Monday signed agreements for three new development programmes with funding of €87 million to support green and inclusive economic growth…
