Business

Russia ready to supply petrol to Pakistan on deferred payments: report

Published

2 years ago

Farwa

Major development comes after last week’s meetings of PM Shehbaz Sharif and Putin in Samarkand.
Report states no opposition to deal from US amid Pakistan’s severe economic crisis caused by deadly floods
PM Shehbaz, Putin discussed supply of oil, gas and wheat to Pakistan in three meetings.

Russia is ready to provide Pakistan with gasoline on a delayed payment basis, Daily Jang reported on Tuesday.

This major development comes after last week’s meetings of Prime Minister Shehbaz Sharif and Russian President Vladimir Putin in Samarkand, on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.

Matters regarding oil, gas and wheat supplies to Pakistan from Moscow were discussed during the three meetings.

The report added that the US has also not opposed the proposed deal openly amid Pakistan’s severe economic crisis caused by deadly floods.

Addressing a press conference on September 18, Defence Minister Khawaja Muhammad Asif revealed that Russia proposed that its gas pipeline infrastructure which was in place till Central Asian states could be extended to Pakistan through Afghanistan.

The two leaders also expressed commitment to expand bilateral cooperation between their countries in all areas of mutual benefit, Khawaja Asif said.

‘Gas pipeline feasible’

On September 15, Russian President Vladimir Putin told PM Shehbaz Sharif that the installation of a pipeline for the supply of gas to Pakistan from Moscow is possible.

President Putin also expressed solidarity and support for the flood-hit population in Pakistan after he was informed about the devastating impact of the climate-induced calamity.

PM Shehbaz reaffirmed Pakistan’s commitment to work closely with Russia to expand and strengthen cooperation across all areas, including food security, trade and investment, energy, defence, and security.

Speaking about regional politics, PM Shehbaz said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan, adding that Pakistan was committed to supporting all regional and international efforts to stabilise its neighbouring country.

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

4 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

4 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.