World Bank approves $149.7m in financing for projects in Pakistan

A person enters the building of the Washington-based global development lender, The World Bank Group, in Washington. — AFP/File The World Bank’s Board of Executive Directors Saturday approved $149.7 million in financing for Pakistan to support Digital Economy Enhancement Project (DEEP) and Sindh Barrages Improvement Project (SBIP). DEEP worth $78 million will support the expansion […]

Govt pushes for climate financing at UN | The Express Tribune

LAHORE: Pakistan has underscored the critical importance of accelerating progress towards sustainable energy goals at a meeting of a United Nations-based panel on the subject. In his closing remarks at the meeting of ‘Group of Friends for Sustainable Energy,’ Ambassador Munir Akram also said that concessional climate financing was critical for developing countries’ transition away […]

Bank financing hits record high | The Express Tribune

design: mohsin alam KARACHI: Pakistan’s commercial banks have continued to freely lend to the cash-strapped government at elevated rates of return, taking their financing to a record high of 93% of total deposits in January 2024. According to data compiled and shared by Optimus Capital Management (OCM), banks’ credit to the private sector, however, remained […]

PSX plans Sukuk auction for lower financing costs | The Express Tribune

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. PHOTO: REUTERS KARACHI: The Pakistan Stock Exchange (PSX) is scheduled to hold its next auction to sell one to five-year Sukuks on Tuesday (February 20), helping the cash-strapped government raise a targeted Rs150 billion at apparently comparatively […]

Govt raises 7.5 times lower financing at T-bills auction | The Express Tribune

KARACHI: The government has raised financing 7.5 times lower than the target, reaching Rs64 billion through the auctioning of sovereign debt securities (T-bills), while managing to stabilise the rate of return at around 20.4%. Commercial banks demanded a significantly higher rate of return (interest rate) to lend money to the cash-strapped government. This was prompted […]

Industrialists urge customised financing, infrastructure overhaul | The Express Tribune

KARACHI: Leading industrialists have presented proposals to bolster the national economy to the upcoming government. Their recommendations include introducing a customised low-cost financing scheme, evolving an urban and consistent industrial policy, revamping crumbling road infrastructure, and implementing a one-window operation, among other initiatives. Speaking to the Express Tribune about expectations from the upcoming elected government […]

Govt to phase out export financing | The Express Tribune

ISLAMABAD: After giving it for 50 years, the government on Wednesday pulled the plug on a hidden export subsidy scheme and approved its transfer to the federal budget but rejected a proposal to increase the wheat support price to Rs4,000 per 40 kg. The Economic Coordination Committee (ECC) of the cabinet, which made those decisions, […]

Auto financing slows down over high costs | The Express Tribune

KARACHI: Auto financing continued to decline for the 17th consecutive month in November, falling 2.6% to Rs257 billion amid exorbitant cost of financing and significant increase in car prices over the past one and a half year. Auto financing had stood at Rs264 billion in October 2023 and Rs340 billion in November last year. Arif […]

Govt asked to slow down work on ML-I financing deal | The Express Tribune

ISLAMABAD: The Economic Affairs Division (EAD) has advised the government to go slow in finalising a financing agreement for nearly $6 billion in Chinese loan for the Mainline-I (ML-I) project of the China-Pakistan Economic Corridor (CPEC) aimed at avoiding complications in the implementation of the mega scheme. The advice came amid serious objections raised by […]

IMF gets UAE assurance on Pakistan’s external financing gap

In a major development, the United Arab Emirates (UAE) on Tuesday gave assurance to the International Monetary Fund (IMF) on cash-strapped Pakistan’s external financing gap. According to Geo News, the development came during a meeting between the IMF mission chief and the UAE ambassador in Pakistan on Tuesday, on the sideline of the ongoing policy-level […]

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