Category: Business

LAHORE: Chief Minister Usman Buzdar has directed all provincial departments to follow strict financial discipline and further decrease unnecessary expenditure in the next financial year. Chairing a meeting to review the provincial budget and annual development programme (ADP) for 2020-21 at the Chief Minister’s Secretariat on Thursday, he stressed that there was a dire need […]

KARACHI: The current account deficit (CAD) during the month of April rose to $572 million compared to just $9m in March, data released by the State Bank of Pakistan (SBP) showed on Thursday. However, the cumulative deficit during the first 10 months of this fiscal year fell to $3.343 billion against $11.449bn in the same […]

KARACHI: The finance ministry said on Thursday that the Rs10 billion that was being diverted to help make interest payments to the power sector will not come from the Prime Minister Covid Relief Fund but from the fiscal stimulus package totalling Rs1.2 trillion that was announced by the government in the month of March. “The […]

ISLAMABAD: Amid contesting agriculturists, the Economic Coordination Committee (ECC) of the cabinet on Thursday rejected an intervention price for cotton procurement in the public sector and approved an incentive policy for local manufacturing and assembly of mobile phone sets. Informed sources told Dawn that Minister for National Food Security and Research Syed Fakhr Imam’s recommendations […]

China’s No. 2 leader on Friday promised higher spending to revive its pandemic-stricken economy and curb surging job losses but steered clear of launching a massive stimulus on the scale of the United States or Japan. Premier Li Keqiang, in a speech to legislators, said Beijing would set no economic growth target, usually a closely […]

LONDON: A prolonged global slump and surge in bankruptcies arising from the coronavirus pandemic are the foremost concerns for companies surveyed in a World Economic Forum report on Tuesday. However, the crisis also gives governments a “unique opportunity” to craft a healthier, climate-friendly economy as they intervene with huge rescue packages, the organisation said. Its […]

KARACHI: The wheels of industry have started to turn with auto sector taking the lead in resuming operations after the government announced “relaxation to the automobile industry from the current situation of lockdown due to Covid-19”. Indus Motor Company on Tuesday told the stock exchange that the management had decided to resume plant operations and […]

Prime Minister Imran Khan on Wednesday hailed the “landmark financial innovation” whereby the government raised Rs200 billion through sukuk issue via competitive book building at the Pakistan Stock Exchange (PSX). Taking to Twitter, the premier said the move had led to his government saving Rs18bn which could now be used for the people’s welfare. A […]

ISLAMABAD: The Asian Development Bank (ADB) has approved a $300 million emergency assistance loan to strengthen Pakistan’s public health response to the coronavirus pandemic and help meet basic needs of vulnerable and poor segments of society. The project will support purchase of medical supplies and personal protective equipment (PPE) for hospitals and their frontline health […]

ISLAMABAD: Moody’s Investors Service on Tuesday placed on review for downgrade both local and foreign currency deposits highlighting the government’s weakening capacity to support banks in case of need. In a statement, the New York-based rating agency said it placed the B3 long-term local-currency deposit ratings of the Allied Bank Ltd (ABL), Habib Bank Ltd. […]