Business

The current amount of Pakistan’s foreign exchange reserves is US$14.57 billion.

Published

5 months ago

Farwa

In a statement, the central bank reported that Pakistan’s reserves, held by the SBP, reached US$9.38 billion following a rise of US$493.7 million.

The announcement from the State Bank of Pakistan (SBP) said that the country’s reserves, which are held by commercial banks, experienced a decline of US$128 million, resulting in a total of US$5.18 billion.

The State Bank of Pakistan (SBP) reported that during the week ending on 28-June-2024, the SBP reserves increased by US$ 494 million to reach US$ 9,389.5 million. This increase was attributed to official inflows from international agencies.

As of June 21, Pakistan’s foreign exchange reserves were reported to be US$14.207 billion.

The central bank’s announcement reveals that it retained a total of US$8.8958 billion in liquid foreign reserves, while commercial banks held US$5.3115 billion.

The statement indicated that the SBP’s reserves declined by US$239 million as a result of the repayment of foreign loans.

The State Bank of Pakistan (SBP) said that during the week ending on 21-June-2024, the SBP’s reserves declined by US$ 239 million to US$ 8,895.8 million as a result of external debt repayment.

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

1 day ago

Farwa

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

1 day ago

Farwa

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Business

Discos report losses of Rs239 billion.

Published

1 day ago

Farwa

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.