The State Bank of Pakistan (SBP) on Tuesday announced a three-time increase in monetary incentives for exchange companies to bring more remittances into the country. The remittances increased to $30.25 billion in FY24. Most of the inflows were received through the banking channels, but the exchange companies’ participation was not insignificant as they deposited around $5bn. “We have been ne
Finance Minister Muhammad Aurangzeb said on Tuesday that the government is committed to keeping Pakistan on track with structural reforms in key economic sectors, including energy, state-owned enterprises, privatisation, taxation, and government rightsizing. He said that Pakistan has previously been seen as a “single-tranche country”, but the time has come to change this perception by implement
The World Bank is expected to provide over $2 billion annually to Pakistan for five years under its next Country Partnership Strategy (CPS), which will likely be finalised by December. This was indicated to journalists on Tuesday by a World Bank team led by Country Director Najy Benhassine that also confirmed that two years after the devastating floods in 2022, only 104 bank accounts have been
The Chinese nationals who lost their lives in a terrorist attack near the Karachi airport on Sunday night were in talks with senior government ministers regarding the renegotiation of terms for Independent Power Producers (IPPs), a top government minister revealed on Tuesday. The remarks from Finance Minister Muhammad Aurangzeb came as Prime Minister Shehbaz Sharif vowed to make all-out efforts
Bulls continued their stampede on the trade floor as shares at the Pakistan Stock Exchange (PSX) breached a new record of 85,000 in intraday trade on Monday. The benchmark KSE-100 index climbed 712.77 points, or 0.85 per cent, to stand at 84,244.72 from the previous close of 83,531.95 points at 12:21pm. Finally, the index closed 84,910.29 points, up by 1378.34 points or 1.65pc, from the previou