Islamabad, March 28: The State Bank of Pakistan (SBP) acquired $5.5 billion from the interbank market between June and December 2024, and market analysts predict that the total dollar purchases by the end of the fiscal year (FY25) will surpass the amount borrowed from the International Monetary Fund (IMF) over three years. Despite this substantial accumulation, SBP’s foreign exchange reserves declined by more than $500 million last week, reflecting weaknesses in foreign reserve management and exchange rate policies. Pakistan is projected to receive over $35 billion in remittances this year, alongside inflows from the IMF, World Bank, and a rollover…
Author: Ahmad Mukhtar
ISLAMABAD, March 28: Pakistan recently repaid a $1 billion commercial loan to the Industrial and Commercial Bank of China (ICBC) with the expectation of securing a refinancing arrangement soon. This repayment caused a temporary dip in the country’s foreign exchange reserves, bringing them down to $10.6 billion, their lowest level in six months. According to government officials, the $1 billion loan was repaid in two equal installments this month. The ICBC had initially provided this loan two years ago at a floating interest rate of approximately 7.5%. Another $300 million tranche from ICBC is set to mature by mid-April, which…
Islamabad, March 28: The Public Accounts Committee (PAC) has criticized the Power Division for failing to comply with its directives regarding the submission of a list of the top 300 defaulters of power distribution companies (Discos). In a letter to the Power Division, PAC Assistant Secretary Aniqa Waseem Bajwa highlighted that during the committee meeting on February 25, 2025, discussions centered on the non-recovery of energy dues, which amount to Rs 877.6 billion. The PAC had instructed the Principal Accounting Officer (PAO) to provide the list within two weeks. However, the committee noted with concern that the deadline had passed…
Islamabad, March 27: An International Monetary Fund (IMF) delegation is scheduled to visit Pakistan on April 4 to finalize the country’s budget for fiscal year 2025-26, including key decisions on revenue measures and expenditure controls, sources informed Bloom Pakistan. This visit comes as Pakistan prepares to present its annual budget in the first week of June. This outcome is just before the approval of the IMF Board review, which if done by late April, then tranche approval could be quick. Because, in April, IMF Spring Meetings are due and then it could go for May or June. April is a…
Dubai City, March 27: Mohamed Alabbar, the founder of Emaar Properties, topped the Arabian Business Dubai 100 list published, underscoring the significance of iconic properties in Dubai. Other notable figures on the list include Hussain Sajwani of DAMAC, and Sir Tim Clark of Emirates, reflecting the key sectors that continue to drive Dubai’s remarkable growth. Abdul Aziz Al Ghurair, a long-established figure in finance, made a significant leap to the second position, while Abdulla Al Futtaim, the head of one of the region’s most influential conglomerates, made his debut in fourth place. The annual list, published by the regional publication,…
Islamabad, March 27: Foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $540 million on a weekly basis, reaching $10.61 billion as of March 21, according to data released on Thursday. The country’s total liquid foreign reserves stood at $15.55 billion, with commercial banks holding $4.94 billion in net foreign reserves. This decline in SBP reserves brings them to a six-month low, which the central bank attributed to external debt repayments. The SBP noted, “During the week ended on 21-Mar-2025, SBP reserves decreased by US$ 540 million to US$ 10,606.8 million due to external debt repayments.”…
Islamabad/Seoul, March 27: Wildfires in South Korea have become the largest and deadliest on record, surpassing previous blazes in both the amount of forest burned and the number of lives lost, officials reported on Thursday, with the death toll reaching 27. The fires, which erupted over the weekend, ravaged vast areas of the southeast, forcing around 37,000 people to flee their homes. The flames cut off roads and disrupted communication lines, causing widespread panic as residents attempted to escape. According to the Ministry of Interior and Safety, 27 people have been confirmed dead, and dozens more have been injured, with…
ISLAMABAD, March 27: The federal government of Pakistan has made the decision to shut down 392 seed companies for failing to meet the regulatory standards established by the National Seed Development and Regulatory Authority (NSDRA). This action was taken after a thorough third-party audit, which revealed that these companies were not in compliance with the necessary quality requirements. The aim of this move is to ensure that only certified, high-quality seeds are available to farmers, ultimately enhancing agricultural productivity and national food security. NADRA Board The decision was made during the second meeting of the NSDRA’s board of governors, which…
Islamabad, March 27: The United States has blacklisted 80 entities from China, Taiwan, Pakistan, the UAE, Iran, and South Africa, citing concerns over national security and foreign policy. The US US commerce department has enlisted further dozens of entities to a trade blacklist, that is in part to block Beijing’s advanced computing capabilities and artificial intelligence. Key Developments: Pakistani entities linked to China are affected. Beijing condemns the move, calling it ‘weaponisation’ of trade and technology. Blacklisted entities are restricted from accessing US technology and items without government approval. Targeted firms are accused of aiding China’s AI, supercomputing, and hypersonic weapons…
Islamabad, March 27: Huawei Technologies has committed to providing hi-tech training to 60,000 Pakistanis, while an additional 240,000 trainees will receive basic IT training by the end of this year. The announcement was made during a meeting between Prime Minister Shehbaz Sharif and a Huawei delegation led by CEO Ethen Sun. Government’s Focus on IT Training Prime Minister Shehbaz Sharif emphasized that technical training in information technology is a top priority for the government. He expressed a desire for a long-term partnership with Huawei, stating that the initiative will not only enhance IT exports but also create employment opportunities for Pakistani…
