WASHINGTON: Finance Minister Muhammad Aurangzeb has stated that the process of privatising PIA will be finalised by the end of June or early July, with Islamabad airport potentially following suit shortly after. “The government has no business being in business,” the minister declared at a Saturday afternoon news briefing, explaining the government’s plan to divest from state-owned enterprises (SOEs). “We …
Following the success of AMAYA Residences which sold out in record-breaking time, One Homes is expected to launch another serviced apartment concept in Cedar Hills, Islamabad. The $35 million state-of-the-art development, positioned just 15 minutes from the capital’s centre, aims to merge the tranquillity of nature with urban dynamism. Tailored for the overseas Pakistani market, the project offers dollar-linked rental …
ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Friday that the matter of an Extended Fund Facility (EFF) with the International Monetary Fund (IMF) will be discussed in Washington next month as the country looks to alleviate a full-scale economic crisis. The standby $3 billion arrangement with the global lender expires on April 11, and the two sides reached a staff-level agreement regarding …
ISLAMABAD: The federal cabinet on Tuesday approved the restructuring of Pakistan International Airlines (PIA) but directed its specialised panel to sort out differences between the ministries of finance and privatisation over financial implications of the bifurcation of the airline for the budget. The cabinet gave the green light to invite interests from potential investors for selling 51% to 100% stake …
KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar stated on Saturday that the interim government’s “proactive measures” to encounter external and domestic challenges have stabilised the economy. She added that the process of transforming the economy is underway in the country, acknowledging that structural reforms in every sector takes time. While addressing members of the Federation of Pakistan Chambers of Commerce …
Inflation, measured by the Consumer Price Index (CPI), surged by 28.3 per cent year-on-year in January, according to data released from the Pakistan Bureau of Statistics (PBS) on Thursday. This is the last monthly CPI data before the general elections due on Feb 8 and comes as the country undertakes reforms linked to a $3 Billion Standby Agreement with the International …
ISLAMABAD: The caretaker government on Wednesday increased the per-litre price of petrol by Rs13.55 and that of high-speed diesel (HSD) by Rs2.75 for the next fortnight ending Feb 15, citing higher international market and import premiums. The government has also raised the price of liquefied petroleum gas (LPG) by Rs1.16 per kilogram for February. In a late-night announcement, the Ministry …
KARACHI: The State Bank of Pakistan (SBP) has invited the general public to submit designs for new currency notes as it initiates the process of replacing the existing banknotes. The announcement came a day after the SBP governor told a meeting of analysts about the decision to introduce new currency notes with advanced security features and to address the issue …
KARACHI: The International Monetary Fund (IMF) has released the much awaited $700 million tranche, shoring up the State Bank of Pakistan’s (SBP) foreign reserves. The SBP confirmed the development in a statement, adding that the tranche equivalent to $705.6 million was released on January 16 (Tuesday) “following the successful completion of the first review by the Executive Board of IMF …
DAVOS: Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday held several meetings on the sidelines of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland. The prime minister met US Presidential Special Envoy on Climate John Kerry. Both discussed the local and global impact of climate change during the meeting. The two leaders discussed the climate …