Pakistan will be required to give an assurance that its balance of payments deficit is fully financed for the remaining period of an International Monetary Fund (IMF) programme, the lender’s resident representative said. The external financing is one of the last in a string of prior actions the lender wants Islamabad to complete before it clears funding stalled since late last year, Esther Pere
The Sindh High Court on Monday restrained the JS Group from acquiring majority shares of BankIslami till next hearing. A single-judge bench headed by Justice Mohammad Shafi Siddiqui also issued notices to JS Bank, Jahangir Siddiqui & Company Ltd, State Bank of Pakistan, BankIslami and other defendants for a date to be fixed in two weeks. The AKD Investment Management Ltd along with three ind
Ghandhara Nissan Ltd (GNL), the assembler of Dongfeng and JAC vehicles, on Monday announced production suspension from March 6-10 due to a shortage of parts. In a stock filing, the company also informed that from March 13 it would start production activities on an alternative weekly basis until further notice. The company said its vendors continued to face major hurdles in the import of raw
Following Pakistan’s exit from the Financial Action Task Force’s (FATF) grey list, a global body of banking supervisory authorities has acknowledged the progress made by the country in the overall regulation of the financial affairs slightly lowering the risk score of the country. However, experts believe that the recently-released Basel AML [anti-money laundering] Index briefing on Pakistan wo
The National Electric Power Regulatory Authority (Nepra) on Monday rubber-stamped the government decision of imposing Rs3.82 per unit surcharge on electricity consumers across the country for four months with retrospective effect from March 1 and then continue it at a reduced rate of Rs1.43 per unit throughout the next fiscal year. The additional surcharges have been imposed on the demand of th