State Bank of Pakistan (SBP) Governor Jameel Ahmad has launched the Environmental and Social Risk Management (ESRM) Implementation Manual for banks and development finance institutions (DFIs), a press release said on Wednesday. The SBP governor launched the manual at a Sustainable Banking Conference held in collaboration with the International Finance Corporation (IFC). While delivering the
Finance Minister Ishaq Dar on Wednesday said Pakistan will receive $500 million as co-financing for a development programme from the Asian Infrastructure Investment Bank. The Building Resilience with Active Countercyclical Expenditures Programme is an Asian Development Bank (ADB) financing programme to counter the social fallouts of economic crisis. “These funds will be received by the State
The spread of information technology and telecom footprint across the country, along with a competitive environment in the digital lending sector, can help millions achieve financial independence in the country, according to the chief executive of a microfinance company. Habibur Rehman, the CEO of Sarmaya Microfinance, said, however, the biggest challenge to digital financing was the widespre
As a direct outcome of the State Bank of Pakistan restrictions to cool down the demand for automobiles, the import of auto parts plunged by 36.6 per cent to $258 million in the July-September quarter from $407m in the same period last year. However, the central bank has been releasing foreign exchange between 50-70pc from July onwards to help clear imported consignments of auto parts but import
The World Bank has estimated that the total investment needs for a comprehensive response to Pakistan’s climate and development challenges between 2023 and 2030 amount to around $348 billion which is equal to 10.7 per cent of cumulative GDP for the same period. This consists of $152bn for adaptation and resilience and $196bn for deep de-carbonisation, reveals the Country Climate and Developmen