Pakistan International Airlines (PIA) has appointed former Air Vice Marshal Muhammad Amir Hayat as CEO for one year, a spokesperson of the national carrier told Reuters. This week, the outgoing government said it planned to privatise loss-making PIA, which has accumulated hundreds of billions of rupees in losses and arrears. The move would be in line with an International Monetary Fund (IMF) de
Pakistan and Iraq have signed a convention to eliminate double taxation on income, capital and prevent tax evasion to promote economic cooperation. The convention was signed against the backdrop of recent efforts to boost trade, investment, and tourism between the two countries. Several business meetings, including a single-country exhibition, have been held in Iraq since last year to promote
Pakistan’s exports to nine regional countries dipped 21.1 per cent in FY23 mainly driven by a drop in shipments to China, data compiled by the State Bank of Pakistan showed. The decline is not confined to exports but imports, especially from China, also saw a steep decline during FY23. As part of government policy to curtail the trade deficit amid fast dwindling foreign exchange reserves, the
The new fiscal year opened with a decline in Pakistani foreign workers’ remittances, which were valued at $2.03 billion in July, the central bank said on Thursday. The remittances were 19.3 per cent lower compared to $2.51bn in July last year and 7.3pc down compared to $2.187bn in the previous month, i.e. June 2023, according to the State Bank of Pakistan (SBP) data. The July figure was also
Pakistan continues to face five major and persistent economic challenges, resulting in rising poverty and social vulnerabilities, said the Ministry of Finance a day after the national assembly and the federal cabinet were dissolved. In its first quarterly performance report to the Asian Development Bank (ADB) on $1.5bn Building Resilience with Active Country-cyclical Expenditures (BRACE) releas