The Economic Coordination Committee (ECC) of the cabinet on Thursday approved supplementary grants worth Rs912.5 million and an extension in the lease period to four oil and gas-producing fields for accelerating exploration activities. The ECC meeting, chaired by Finance Minister Ishaq Dar, approved a disbursement of Rs284.5 million in financial assistance to 317 families of martyrs and injure
Fast-track digital transformation is necessary for rapid economic growth, said Minister of Planning, Development and Special Initiatives Ahsan Iqbal while reviewing the recommendations by the Overseas Investors Chamber of Commerce and Industry (OICCI) for digital transformation during a round-table conference held on Thursday. With an objective to set the country on a digital path and help it e
The World Bank on Thursday forecast a substantial decline in global commodity prices during the current year but Pakistanis would have to brace for 21pc average annual inflation in the next fiscal year. In its latest Commodity Markets Outlook, the World Bank expected global commodity prices to decline this year at the fastest clip since the onset of the Covid-19 pandemic, clouding the growth pr
The outflow of profits and dividends on foreign investments shrank to a fifth of its last year’s value in the first nine months of the current fiscal year, the central bank data showed on Thursday. The State Bank of Pakistan (SBP) reported that the outflow during July-March was $233 million compared to $1.27 billion a year ago — a drop of 81.6pc, or $1.034bn. Since low foreign exchange reser
Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by a meagre $30 million during the week ended on April 20, while the country’s total reserves crossed the $10bn mark first time in the second half of the current fiscal year. The central bank on Thursday reported that its forex holdings improved to $4.46bn during the week. However, the SBP has yet not received the promi