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President Zardari sought improved US economic ties

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11 months ago

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In addition to looking into joint venture options across a range of industries, President Asif Ali Zardari has emphasized the necessity of boosting trade and investment with the US.

According to a news statement, the president made these comments while speaking with US Ambassador to Pakistan Donald Blome, who paid him a visit at the White House.

According to President Zardari, US businesses ought to be urged to provide creative business concepts and investments to the Pakistan Stock Exchange in order to boost the nation’s economy.

The president stated that further strengthening of Pakistan’s extensive and well-established relationship with the United States, spanning more than seven decades, was necessary.

According to Zardari, Pakistan’s primary objective is to solve difficulties related to security and the economy and get its economy back on track.

The president also emphasized at the meeting that Pakistan was one of the nations most susceptible to the negative effects of climate change.

He informed the envoy that Pakistan aimed to enhance its farming industry by implementing contemporary irrigation methods to preserve water and lessen dependence on flood irrigation.

According to Ambassador Donald Blome, commerce and investment, agriculture, renewable energy, security, and climate change are areas where Pakistan and the US might strengthen their bilateral cooperation.

According to him, the US has finished the Sindh Basic Education Programme, which aims to create schools that are robust to climate change and bolster Pakistan’s educational system.

In addition, he complimented the president for taking up his position a second time.

DAR MEETS BLOME

Ishaq Dar, the foreign minister, also met with the US ambassador.

The two parties talked about bilateral relations during the meeting, particularly American cooperation and economic changes.

A representative for the US Embassy stated that the two leaders discussed commerce and investment, regional security, and the framework of the US-Pakistan Green Alliance.

The ambassador reaffirmed his dedication to collaborating with Pakistan, underscoring that the US places a high premium on Pakistan’s security and prosperity.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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3 days ago

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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2 weeks ago

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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2 weeks ago

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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