The private sector borrowed a record Rs1.9 trillion from banks during the first half of FY25, registering a surge of 265 per cent from the same period last fiscal year. The latest data released by the State Bank of Pakistan (SBP) on Monday indicated that banks have been extending advances to the private sector despite existing risks posed by sluggish economic growth and political uncertainty.
The Economic Coordination Committee (ECC) of the cabinet decided on Monday to immediately ban ozone-depleting insulation and foaming materials — polyol blended with hydrochlorofluorocarbons (HCFCs) — due to climate concerns. The committee also approved supplementary grants totalling Rs10 billion. The meeting of the ECC, presided over by Finance Minister Muhammad Aurangzeb, also repeated i
Prime Minister Shehbaz Sharif revealed on Tuesday that the United Arab Emirates (UAE) has decided to roll over a $2 billion debt due this month, providing critical financial relief to Pakistan. In his televised opening remarks at a federal cabinet meeting that he chaired, the prime minister apprised the members of his “positive and constructive” meeting with UAE President Sheikh Mohamed bin Za
The Board of Investment (BoI) has approved the Land Lease Policy for establishing special economic zones (SEZs) and an action plan to streamline these zones. The BoI’s Approval Committee met on Tuesday with Investment and Privatisation Minister Abdul Aleem Khan in the chair. It was also informed about completing a survey of 35 industrial zones nationwide. The survey dealt with identifying pr
Uncertain about the financial impact of abolishing 150,000 posts and the public funds held in commercial banks, Finance Minister Muhammad Aurangzeb on Tuesday said the rightsizing of the federal government was a structural benchmark set by the International Monetary Fund (IMF) and would be completed before June 30 this year. Speaking at a news conference with MNA Bilal Azhar Kiani and ambassado