The European Union has fulfilled its pledge of an additional grant assistance of 100 million euros (Rs30 billion) to enhance the post-flood resilience in Pakistan. EU Ambassador Dr Riina Kionka and Economic Affairs Division (EAD) Secretary Kazim Niaz signed five new grant agreements in Islamabad on Monday. These agreements, under Team Europe’s response to the 2022 post-flood Resilient Recove
The Securities and Exchange Commission of Pakistan (SECP) has published its first Islamic Finance Bulletin for the financial year 2022-23, aimed at providing up-to-date data, insights into new developments, and a deeper understanding of regulatory reforms in the Islamic financial services industry. The bulletin provides essential information on the Islamic financial services industry, includi
The country received $150 billion in remittances during the five years from 2017 to 2022 and was ranked fifth among the top remittances-receiving countries in 2022. This was revealed in the 2nd Albaraka Regional Conference over the role of home remittances held on Monday. According to the Saleh Kamel Islamic Economy Database, Pakistan received around $150bn in home remittance from 2017 to 20
Pakistan’s telecom sector generated Rs850 billion in revenues in 2022-23, marking a 17 per cent growth from the previous year and demonstrating the sector’s resilience amid challenges of inflation, high business cost, and economic slowdown, the Pakistan Telecommunication Authority (PTA) says in its annual report. The report says the industry holds substantial investment potential, with local i
The National Economic Council (NEC) on Monday formally decided to bar financing to provincial development projects from federal resources from coming fiscal year, except for merged districts of Khyber Pakhtunkhwa and 20 least developed districts (LDDs) of other provinces. A meeting of the NEC, presided over by caretaker Prime Minister Anwaarul Haq Kakar, was attended by the chief ministers of S