Business

PM Kakar requests China to rollover $2bn loan

Published

3 months ago

Farwa

Deposit time for loan completes on March 23.
China expected to rollover loan upon request.
UAE also deferred loan deposits worth $2bn.

After requesting the United Arab Emirates (UAE) to rollover $2 billion in loan for Pakistan, Caretaker Prime Minister Anwaar-ul-Haq Kakar has also written a similar letter to his Chinese counterpart Li Qiang.

In his letter to China’s premier, the prime minister has requested that Beijing rollover Pakistan’s $2 billion loan for a year, sources told Geo News on Friday.

The Chinese government, according to the sources, is expected to rollover the aforementioned loan amount for a year soon.

The deposit time for the loan is slated to complete on March 23, 2024.

The sources added that the officials from Pakistan’s finance ministry and authorities in China are in contact about the matter.

PM Kakar, in his letter to the Chinese premier, thanked his government for financial support, the finance ministry sources said.

The sources, citing the letter, stated: “China gave a loan to the government of Pakistan in a difficult economic situation.”

A total of $4 billion worth of funds in loans, as per the sources, has been kept as a safe deposit, which has reduced Pakistan’s external payments burden.

Last year in May, Beijing came to Pakistan’s rescue during its struggle to secure the critical pending loan from the International Monetary Fund (IMF), as the Chinese government rolled over more than $2 billion in debt.

The friendly neighbour had committed to help Islamabad meet two crucial debt repayments in June worth $2.3 billion by providing fresh funds immediately after Pakistan was to make the payments.

“The refinancing of the commercial loans worth $1.3 billion and a Chinese government loan of $1 billion would help Pakistan avert immediate default,” a senior government official told The News in May 2023.

Earlier in 2023, China had already rolled over some loans to Pakistan and Chinese Foreign Minister Qin Gang also reiterated Beijing’s financial support for the country on a visit to Pakistan back in May last year.

Recently, the United Arab Emirates (UAE) also promised to roll over deposits worth $2 billion as well, after PM Kakar had written to the UAE President Mohamed bin Zayed Al Nahyan requesting one, people familiar with the matter told Geo News.

Two separate deposits were to mature during the ongoing month, the sources said, one on January 17 and the other on January 20. They added that the loans were taken on 3% and 6.5% interest.

Business

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

Published

1 day 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

1 day 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

1 day 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.