Business

President Zardari sought improved US economic ties

Published

1 month ago

Farwa

In addition to looking into joint venture options across a range of industries, President Asif Ali Zardari has emphasized the necessity of boosting trade and investment with the US.

According to a news statement, the president made these comments while speaking with US Ambassador to Pakistan Donald Blome, who paid him a visit at the White House.

According to President Zardari, US businesses ought to be urged to provide creative business concepts and investments to the Pakistan Stock Exchange in order to boost the nation’s economy.

The president stated that further strengthening of Pakistan’s extensive and well-established relationship with the United States, spanning more than seven decades, was necessary.

According to Zardari, Pakistan’s primary objective is to solve difficulties related to security and the economy and get its economy back on track.

The president also emphasized at the meeting that Pakistan was one of the nations most susceptible to the negative effects of climate change.

He informed the envoy that Pakistan aimed to enhance its farming industry by implementing contemporary irrigation methods to preserve water and lessen dependence on flood irrigation.

According to Ambassador Donald Blome, commerce and investment, agriculture, renewable energy, security, and climate change are areas where Pakistan and the US might strengthen their bilateral cooperation.

According to him, the US has finished the Sindh Basic Education Programme, which aims to create schools that are robust to climate change and bolster Pakistan’s educational system.

In addition, he complimented the president for taking up his position a second time.

DAR MEETS BLOME

Ishaq Dar, the foreign minister, also met with the US ambassador.

The two parties talked about bilateral relations during the meeting, particularly American cooperation and economic changes.

A representative for the US Embassy stated that the two leaders discussed commerce and investment, regional security, and the framework of the US-Pakistan Green Alliance.

The ambassador reaffirmed his dedication to collaborating with Pakistan, underscoring that the US places a high premium on Pakistan’s security and prosperity.

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.