FINANCE Minister Muhammad Aurangzeb has once again contended that ‘Pakistan is heading in the right direction’, conceding the urgency of securing external financing for the approval of its $7bn bailout package by the IMF executive board. His recorded address was broadcast amid further delays in the approval of the facility by the board, at least until the middle of this month, because of the co
Global tech giant Google on Thursday launched an initiative to produce half a million Chromebooks in Pakistan, marking the occasion by presenting the first device to Prime Minister Shehbaz Sharif. Google Asia Pacific (APAC) President Scott Beaumont presented the locally manufactured Chromebook to PM Shehbaz at a ceremony in Islamabad. The prime minister, addressing the ceremony, appreciated
The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $33 million during the week ending Aug 20. On Thursday, the central bank announced that the SBP reserves had risen to $9.436 billion. However, it didn’t disclose the source of this inflow. During the week, the country’s overall reserves increased to $14.739bn, including $5.303bn held by commercial banks.
The International Monetary Fund (IMF) has asked Pakistan to review its Public Sector Development Programme (PSDP) for the current fiscal and stop financing provincial projects through federal resources. Therefore, the government has decided that funds for unimportant projects would not be released despite allocations in the budget, the secretary to planning and development Awais Manzur Sumra in
Siddiqsons Tin Plate Ltd (STPL) has decided to close its factory due to heavy taxation, low sales, and a workers’ strike. The company informed its shareholders through the Pakistan Stock Exchange on Thursday that it has initiated the formal process to shut down its plant located in Balochistan. “As per the decision of the board of directors recorded on Sept 4, the company has initiated the f