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  • PM Imran thanks Saudi assistance; dollar retreats

    PM Imran thanks Saudi assistance; dollar retreats

    KARACHI: Prime Minister Imran Khan on Wednesday thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with $3 billion as deposit in Pakistan’s central bank and financing refined petroleum product with $1.2 billion.

    The prime minister said in a tweet. “KSA has always been there for Pak in our difficult times including now when world confronts rising commodity prices.”

    On the other hand the dollar retreated in early trade in interbank foreign exchange market.

    The dollar declined by 92 paisas in early trade. The dollar was being traded at Rs174.35 from previous day’s closing of Rs175.27 in interbank foreign exchange market.

    Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.

    The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • Saudi Arabia places $3bn with Pakistan’s central bank

    Saudi Arabia places $3bn with Pakistan’s central bank

    ISLAMABAD: Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.

    The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.

    The SPA reported that the deposit was in addition, to an oil deferred payment facility of $1.2 billion dollars for petroleum products, during the year.

    The SPA said that the gesture reflected the Saudi Kingdom’s continued position in supporting the economy of Pakistan.

    The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.

    In a late-night development Information Minister Ch. Fawad Hussain shared the major development on his Twitter handle, a day after the return of Prime Minister Imran Khan from a three-day visit to the Kingdom to attend the Middle East Green Initiative of the Saudi Crown Prince.

    “Breaking news Saudi Arabia announcement support Pakistan with $3 billion as deposit in Pakistan central bank and also financing refined petroleum product with 1. 2 billion us dollars during the year.”

    Finance Minister Shaukat Tarin in a tweet early Wednesday said: “Yesterday evening the Finance Minister of Saudi Arabia informed me of the generous gesture of the Kingdom of Saudi Arabia to place $3 billion with SBP and a $1.2 billion deferred oil facility to help the balance of payment of Pakistan.”

    “We thank the Crown Prince & the KSA for this kind gesture.”

    Minister of Energy Hammad Azhar, who accompanied the Prime Minister on his visit to Saudi Arabia said the Saudi Development Fund has generously announced for Pakistan an oil deferred payments facility of $1.2 billion/annum and a $3 billion deposit with SBP.

    “This will help ease pressures on our trade & forex accounts as a result of global commodities price surge,” he said in a message on Twitter.

  • Pakistan pavilion to be set at China expo

    Pakistan pavilion to be set at China expo

    BEIJING: An online pavilion of Pakistan will be established at 4th China International Import Expo (CIIE), which will be held offline and online in Shanghai from November 5 to 10 this year.

    Pakistan Ambassador to China, Moin ul Haque will lead the Pakistani delegation at the opening ceremony of the Expo.

    A number of Pakistani exhibitors, who are already in China, have geared up their preparations to participate in the upcoming expo.

    They will set up stalls to showcase popular household gadgets from Pakistan to the Chinese market, Pakistan Counsel General, Shanghai, Hussain Haider told state new agency.

    This year, the traders and businessmen from Pakistan are not coming to China owing to travelling restrictions and quarantine in wake of Covid-19 pandemic, he added.

    A few Pakistani enterprises specialized in jewellery design, furniture and artistic handicrafts will attend this year’s expo. Among all the exhibits, stunning gems and jewellery from Pakistan is likely to become a big hit with the Chinese buyers.

    More than 200 exhibitors and over 500 purchasers will be participating in the expo this year. As the first dedicated import exhibition globally, the CIIE has yielded fruitful outcomes from the past three expos.

    Shu Jueting, spokesperson of China’s Ministry of Commerce, said the exhibition area exceeded 360,000 square meters, and the number of signed exhibitors exceeded that of the previous year, adding that over 80 percent of the Fortune 500 and industry-leading companies from last year’s CIIE will participate again in this year’s event.

    According to the customs, more than 200 batches of exhibits are expected to enter the country by sea, air and rail in the coming month.

    Gu Honghui, deputy secretary-general of the Shanghai municipal government, said efforts will be made to ensure the COVID-19 prevention and control is more precise, urban service more refined, and the spillover effect of the CIIE brand more prominent during the expo.

    Pakistan spends $1 billion for vaccines in first quarter
  • SBP’s foreign exchange reserves fall by $1.64 billion

    SBP’s foreign exchange reserves fall by $1.64 billion

    KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) sharply fell by 1.642 billion by the week ended October 15, 2021.

    The foreign exchange reserves of the central bank were $25.969 billion by the week ended October 8, 2021, the SBP said on Thursday.

    The central bank attributed the decline in foreign exchange reserves to external debt repayment, which included repayment of $1 billion against Pakistan International Sukuk.

    The total liquid foreign exchange reserves fell $1.642 billion by the week ended October 15, 2021, when compared with the previous week. The country’s foreign exchange reserves fell to $24.327 billion by the week ended October 15, 2021, as compared with $25.969 billion a week ago.

    The foreign exchange reserves held by commercial banks registered an increase of $4 million to $6.835 billion when compared with $6.831 billion a week ago.

    Foreign exchange reserves fall to $26 billion
  • FATF retains Pakistan in grey list; admits progress

    FATF retains Pakistan in grey list; admits progress

    The Financial Action Task Force (FATF) on Thursday kept Pakistan in the grey list or increased monitoring list with an acknowledgment of completing almost all the action plans.

    Pakistan has been on the grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018.

    Announcing the decision, FATF President Dr Marcus Pleyer said that Pakistan had to complete two concurrent action plans with a total of 34 items. “It has now addressed or largely addressed 30 of the items,” he said.

    “Its most recent action plan from June this year, which largely focused on money laundering deficiencies, was issued after the FATF’s regional partner — the Asia Pacific Group — identified a number of serious issues.

    “Overall, Pakistan is making good progress on this new action plan. Four out of the seven items are now addressed or largely addressed.”

    He said that this included showing that financial supervisors are conducting on-site and off-site checking on non-financial sector businesses and enacting legislative amendments to improve international cooperation.

    Commenting on the action plan devised in 2018 which focused on terror financing, the FATF president said that Pakistan was still assessed to have largely addressed 26 out of 27 items.

    “Pakistan has taken a number of important steps but needs to further demonstrate that investigations and prosecutions are being pursued against the senior leadership of UN designated terror groups,” he said.

    All these changes are about helping authorities stop corruption, preventing terrorism and organized criminals from benefitting from their crimes, he said, thanking the government for their “continued strong commitment” to the process.

    Responding to a question about whether Pakistan would be blacklisted for its failure to act against those on the UN terrorism list, Dr Pleyer said that the country had completed 30 items out of 34 on two action plans.

    “This shows the clear commitment of the Pakistani government so there is no discussion on blacklisting Pakistan and the FATF urges the country to address the remaining four items,” he said, adding that the government was cooperating with the financial watchdog.

    Pakistan will remain on enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. Pakistan’s fourth progress report is due 1 February 2022.

    Pakistan urges FATF to take action against Indian plot
  • PM task force initiates proceedings in Pandora papers

    PM task force initiates proceedings in Pandora papers

    ISLAMABAD: A task force constituted by Prime Minister Imran Khan has initiated proceedings against individuals whose names were reported in the Pandora papers.

    Consequent upon disclosures made by International Consortium of Investigative Journalists (ICIJ) regarding certain Pakistani individuals, their offshore companies, trusts and assets, the Prime Minister of Pakistan tasked Prime Minister’s inspection Commission (PMIC) to examine the matter and propose further action, said a press release received here on Wednesday.

    PMIC has commenced its proceedings and has at the outset sought assistance from the lCIJ. Pakistani Journalists who were associated with 1CIJ investigations have also been requested to share information and data which is in their knowledge and possession, necessary cooperation is however still awaited.

    Assistance from relevant government agencies has also been requested. PMIC will complete its task and formulate recommendations after a comprehensive review and analysis or relevant record/information.

    It will be ensured that the exercise is concluded fairly and objectively. Individuals concerned will be afforded opportunity to clarify their position. PMIC believes in accountability, transparency, good governance and is committed to upholding these principles.

    Any input, information and assistance from other organizations and whistleblowers in this regard will be appreciated.

    PM directs incentives to attract more Chinese investment
  • Govt. decides to cut duty, taxes on edible oil: Umar

    Govt. decides to cut duty, taxes on edible oil: Umar

    ISLAMABAD: In a bid to counter rising inflation and alleviate the economic burden on citizens, the government has decided to reduce duty and taxes on the supply of edible oil.

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  • Foreign direct investment declines to $439M in 1QFY22

    Foreign direct investment declines to $439M in 1QFY22

    Pakistan has witnessed a four per cent decrease in foreign direct investment (FDI) during the first quarter (July – September) of the fiscal year 2021/2022 (Q1FY22), as per data released by the State Bank of Pakistan (SBP) on Monday.

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