The State Bank of Pakistan has assured the business community of clearing all backlog import-related payments of less than $50,000 within two days, said a statement issued by the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) on Wednesday. Sharing this breakthrough with trade and industry, FPCCI President Irfan Iqbal Sheikh said the central bank had agreed to clear or settle
Pakistan’s current account deficit (CAD) fell to $0.7 billion in August, compared to $1.2bn in the previous month, the State Bank of Pakistan (SBP) said late on Wednesday night. This equates to a decline of 41.67 per cent month-on-month. For the first two months of the current fiscal year, the current account deficit narrowed by $0.5bn to $1.9bn compared to the corresponding period in FY22, the
The Asian Development Bank (ADB) has approved a $100 million loan to improve the quality of secondary health care in Khyber-Pakhtunkhwa, the lender said in a statement on Thursday. The programme will improve the delivery of health services at secondary hospitals by modernising infrastructure and equipment, ensuring implementation of clinical protocols, standards and guidelines and improving hu
The federal government will provide subsidised seeds and fertilisers to farmers in flood-affected areas during the upcoming Rabi sowing season, Minister for National Food Security and Research Tariq Bashir Cheema announced on Thursday. “We plan to provide subsidised wheat and edible oil seeds, and one fertiliser bag per acre to farmers in the calamity-hit areas,” said Mr Cheema during a meeting
Pakistan on Thursday saw its economic growth rate falling massively to two per cent during the current fiscal year against the budgetary target of 5pc as floods have plunged the country into crisis, particularly in Sindh and Balochistan. The official estimate for a revised GDP growth rate at 2pc is in sharp contrast to the 3.5pc growth rate forecast by the Asian Development Bank (ADB) a day ear