Pakistan’s deficit and poverty rate to soar due to COVID-19

PAKISTAN’s fiscal deficit will be significantly worse than projected this fiscal year, with the fallout from the COVID-19 pandemic pushing millions into unemployment and poverty, reported Reuters. Pakistan began a phased lifting of its countrywide lockdown last week despite a rising rate of cases – a move pushed primarily by fears of an economic meltdown. […]

Mastercard partners with Pakistani firm

A fin-tech firm in Pakistan has  partnered with Mastercard to strengthens the payments ecosystem for merchants and customers in the country. JazzCash, with a customer base of over seven million, is Pakistan’s leading digital wallet. The new tie-up will allow merchants to accept digital payments from customers, digitise their supply chain, and move to cashless operations. […]

Pakistan gets over $163 million COVID-19 aid from EU

To tackle the COVID-19 pandemic, the European Union (EU) is providing over $163 million funding to Pakistan. This is the latest aid received by the South Asian nation. Pakistan has reported 25,837 coronavirus cases and 594 deaths, the health authorities said on Friday (8). The EU Ambassador to Pakistan, Androulla Kaminara met prime minister Imran […]

COVID-19 will push Pakistan into major recession: World Bank

PAKISTAN may fall into a recession due to the impact of COVID-19 pandemic, and the economy might shrink 2.2 per cent, a World Bank report has said. It also predicted a steep fall in per capita income. The total death in Pakistan due to COVID-19 has touched 100 on Tuesday (14) with 5,812 patients. Earlier, […]

British diplomat visits industrial cities in Pakistan

THE British deputy high commissioner in Karachi, Mike Nithavrianakis, has concluded a three-day visit to Pakistan’s industrial cities of Sialkot, Lahore and Faisalabad in a bid to strengthen bilateral trade between the UK and Pakistan During his visit, Nithavrianakis held a series of meetings with prominent businessmen and visited industrial units to discuss potential trade opportunities for mutual benefit, and to better understand the current […]

British High Commissioner aims to double UK-Pakistan trade

BRITISH high commissioner to Pakistan, Christian Turner, has set out his ambition to double UK-Pakistan trade during a two-day programme in the North of England. Speaking at a business event in Manchester on Friday (6), he called on business leaders to build on their deep UK-Pakistan ties and the changing perceptions of Pakistan. Turner made […]

IMF, Pakistan reach deal on review of $6 bn bailout

THE International Monetary Fund (IMF) has said it has reached an agreement with the Pakistani authorities “on policies and reforms” needed to complete the second review of the $6 billion loan approved for the cash-strapped country’s fragile economy, a media report said on Friday (28). In July last year, the IMF’s Executive Board “approved a […]

US invited to invest in CPEC: Pakistan

IN an interesting move, cash-strapped Pakistan has invited the US to join the $60 billion China-Pakistan Economic Corridor (CPEC), an ambitious infrastructure project looked with suspicion by the Trump administration for being non-transparent. Pakistan prime minister Imran Khan’s Adviser on Commerce Abdul Razak Dawood on Thursday (27) said the government made the offer during a […]

Pakistan banks are stable for next 18 months, says Moody’s

THERE is good news for the banking sector in Pakistan. Global rating agency Moody’s Investors Services has given a “stable outlook” for Pakistan’s banking system over the next 12-18 months. The agency said in terms of the operating environment, economic activity in Pakistan would also be supported by the ongoing infrastructure projects, improvements in power […]

Pakistan’s deficit under scanner as IMF review begins

PAKISTAN will come under pressure to convince the International Monetary Fund (IMF) it can bring down a ballooning fiscal deficit, as a review on the future course of its $6 billion financial aid program gets under way. An IMF team sent to review benchmarks set as part of the deal began formal meetings in Islamabad […]

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