THE finalisation of a deal between Pakistan and the IMF on the first Extended Fund Facility programme review and a new arrangement that will enable Islamabad to access additional funds under the Resilience and Sustainability Facility is a much-needed shot in arm for a wobbly economy. It should also put an end to speculations engendered by departure of the IMF team without signing the customary
The Public Accounts Committee (PAC) on Tuesday voiced displeasure over the non-submission of a report on sugar crisis and called the secretaries of industries, commerce and food security ministries for a briefing on it PAC Chairman Junaid Akbar Khan reminded officials that a report had been requested but was yet to be presented. Consequently, the committee summoned the secretaries of three m
As a formal feasibility study confirmed more than $60 billion worth of copper and gold reserves at the Reko Diq project in Balochistan at prevailing prices, three state-owned energy sisters have more than doubled their funding commitment close to $1.9bn. Three SOEs — Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL) and Government Holdings (Pvt) Ltd (GHPL) — had origina
Federal Minister for Maritime Affairs Junaid Anwaar Chaudhry on Wednesday revealed that Denmark’s $2 billion investment in Pakistan’s port sector was moving forward, with Danish investors actively collaborating with the government to accelerate the process. Denmark and Pakistan share strong economic ties, with a significant increase in bilateral trade of late. A 31 per cent surge was recorded i
Prime Minister Shehbaz Sharif on Wednesday commended his team for unlocking the new $1.3 billion arrangement with the International Monetary Fund (IMF), along with a successful first review of the ongoing 37-month bailout programme. The announcement from the global money lender came early Wednesday morning, saying that it had reached a staff-level agreement (SLA) with the Pakistani authorities.