Foreign banks are gradually withdrawing from Pakistan due to the country’s declining credit profile, while local banks, having grown significantly post-privatisation, are outcompeting their foreign counterparts, according to bankers. Speaking at the two-day Future Summit 2024, which concluded on Thursday, Ahmed Khan from Citi Pakistan explained that local banks have expanded since privatisation
In an effort to expedite the elimination of contingency posts, the Ministry of Finance has instructed all federal ministries, divisions and their subordinate offices to adhere to a federal cabinet directive on cost-cutting. According to sources, only 15-16 of over 40 ministries and divisions have started the process more than two months after the cabinet made a decision in this regard, while ot
The stock market on Wednesday retreated from highs, losing over 280 points to settle just above 92,000 as investors consolidated positions following the corporate earnings season. Market sentiment was dampened by concerns over rupee volatility, a drop in global crude oil prices and uncertainty surrounding the outcome of the International Monetary Fund's (IMF) first review of the Extended Fund F
The government on Wednesday urged Nestle Pakistan to increase its exports by four times to $100 million in the next six years, which is double the target the company is planning to achieve by exporting its food products. Nestle Pakistan announced its commitment to increase the packaged food exports to $50 million till 2030. The company earned $23 million from exports this year by selling produc
The federal government has decided to transfer Rs50 billion to the provincial government of Sindh for executing its emergency housing project. According to sources, the decision was taken in a recent meeting of the Economic Coordination Committee (ECC) of the cabinet. The Ministry of Planning, Development and Special Initiatives proposed that an amount of Rs30 billion allocated in the budget