The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $28 million during the week ended on Aug 29, continuing a gradual upward trend. According to data released by the SBP on Thursday, reserves increased to $14.302 billion, up from $14.274bn in the previous week. The central bank’s reserves had risen by $18m in the earlier week. The reserves are now inching closer to
Pakistan Petroleum Ltd (PPL) on Thursday announced a significant oil and gas discovery in District Attock, Punjab — its second successful find in the Dhok Sultan Block, and the second deepest oil discovery in naturally fractured carbonate formations within the Potwar region. The Karachi-based exploration and production company termed the discovery a major milestone for both PPL and its joint
Pakistan and China on Thursday vowed to further cement bilateral trade and strategic ties, as both sides inked 21 different MoUs and joint ventures worth around $8.5 billion, besides formally launching the second phase of the China-Pakistan Economic Corridor (CPEC) project. The MoUs were signed between the two countries with regard to cooperation in the development of CPEC 2.0, science and tec
As severe flooding devastates the northern region and Punjab, with impending threats to Sindh, the international community, including the United Kingdom and the United Nations with their partners, has stepped up to aid the flood-stricken areas by releasing funds to expedite relief efforts and enhance disaster preparedness across Pakistan. The United Kingdom on Thursday announced an additional 1
Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang reaffirmed on Thursday to work together on the China-Pakistan Economic Corridor’s (CPEC) second phase in a meeting that the former termed “most productive” as business firms inked 21 memorandums of understanding (MoUs). Pakistan and China share a longstanding strategic partnership with ties that span various sectors, including trade, en