Business

Dar reiterates Pakistan’s commitment to IMF programme

Published

12 months ago

Farwa

Commitment comes during Dar’s meeting with US diplomat.
He apprises the American diplomat about economic situation.
Schofer confident in Pakistan’s policies and programmes.

ISLAMABAD: In a meeting with US Embassy Charge’d Affaires Andrew Schofer, Finance Minister Senator Ishaq Dar on Wednesday reiterated the federal government’s commitment to the International Monetary Fund (IMF) programme.

During the meeting at the Finance Division, the finance minister informed Schofer about the ongoing IMF programme and assured him that the coalition government “is committed to completing the programme”, according to a statement released by the Ministry of Finance.

In response, the statement said, Schofer voiced his confidence in Pakistan’s policies and programmes for economic stability and extended his support to advance the existing economic and trade relations between the two states.

H.E. Mr. Andrew Schofer, Charge’d Affaires of the Embassy of the United States of America called on Finance Minister Senator Mohammad Ishaq Dar,today and exchanged views on further expanding bilateral economic, trade and investment ties between the two countries.🇺🇸🇵🇰 pic.twitter.com/7AvaJRGtUt
— Ministry of Finance (@FinMinistryPak) May 3, 2023

The finance minister apprised the American diplomat about the economic situation and discussed the current challenges it was facing.

He further communicated about the difficult policy decisions recently being taken by the government with the aim of stabilising and subsequently boosting the economy, ensuring sustainable and inclusive growth.

During the meeting, Schofer and Dar also exchanged views on “remarkable bilateral relations held with the United States on economic and trade fronts”.

Dar thanked the US charge’d affaires and reiterated the government’s desire to expand bilateral trade and investment ties with the US.

The meeting comes a day after The News — citing sources — reported that Pakistani authorities and the Washington-based lender were blaming each other for the delay in the revival of the bailout programme.

Official sources told the publication on Monday that both the IMF and Pakistan were holding each other responsible for the “unwarranted delay” in the completion of the outstanding ninth review and reviving the stalled programme after the lapse of almost 80 days since both sides completed Islamabad parleys on February 9.

According to the report published in The News, Pakistan’s options for reviving the IMF programme are shrinking with the passage of every day. It is yet to be ascertained how the country will proceed to accomplish the existing IMF programme, which expires on June 30, 2023.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

4 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

5 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

5 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.