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COLOMBO: International Monetary Fund (IMF) chief Kristalina Georgieva pledged to support Sri Lanka’s economic recovery, praising the cash-strapped nation’s “remarkable turnaround” during online talks with its president. The International Monetary Fund Managing director promised unspecified help to the South Asian nation during a virtual meeting with President Anura Kumara Dissanayake, his office said on Saturday. “The economy has stabilised and is now performing well,” Georgieva said during her overnight meeting with Dissanayake, according to a video clip shared by the Sri Lankan presidency. “This is so important for people, especially for poor people. We see a remarkable turnaround from the…
KARACHI: Inflows of remittances are higher than ever and the exchange companies alone could accumulate $5 billion by the end of Ramazan, said exchange companies on Saturday. “We have already sold $3.5 to $4bn to the banks during the first 8 months of FY25 while Ramazan would add more to the total,” said Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan. The country received $20.9bn in remittances in July-January FY25 compared to $15.8bn a year ago, up 32.27pc, exceeding the $5bn growth projection for FY25 in the first seven months. “We are sure by the end of…
ISLAMABAD: The United Nations Trade and Development (UNCTAD) has stated that global trade despite progress continued to undervalue women’s contributions, and their share of domestic value added to exports remains lower than men’s in all regions. Statistics released to mark the International Women’s Day show women still contribute less to exports across all sectors, Closing the gap requires expanding their access to high-value sectors, strengthening labour rights and supporting their inclusion in larger enterprises. UNCTAD’s trade and gender indicators reveal a persistent gender gap in tradable sectors, with women contributing less to domestic value added in exports. Closing this gap…
• Extension of $2bn loan deadline comes amid Pakistan-IMF talks• Govt official says move to ‘strengthen govt’s position’ during negotiations• Development to also help maintain forex reserves, keep rupee stable ISLAMABAD: China has extended the repayment period of a $2 billion loan to Pakistan by one year, offering much-needed financial relief and helping stabilise the country’s foreign exchange reserves. A senior official at the Ministry of Finance confirmed the development on Saturday, calling it a key financial support measure from China. The $2bn loan, originally due for repayment on March 24, has now been deferred as part of China’s commitment…
• Announces initiative to integrate women into SME sector• Women entrepreneurs to get low-cost loans• Facilitation centres, training institutes to be set up ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday reaffirmed his commitment to gender equality, stressing that women’s empowerment could only be achieved through equal access to education, skill development and employment opportunities. “It’s our mission and an unwavering commitment to ensure emancipation of the country’s female population,” he said while addressing an event in Islamabad marking International Women’s Day, observed globally on March 8 to celebrate women’s achievements and advocate for their rights. Prominent women from various fields,…
LAHORE: Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain, met with a delegation of the Pakistani business community residing in Oman. The meeting, held in the committee room of the Department of Industries and Commerce, focused on investment opportunities in Punjab. The provincial minister invited Omani investors to invest in Punjab. During the discussion, Chaudhry Shafay Hussain stated that Punjab’s industrial hubs offer vast investment opportunities for foreign investors. He highlighted that investors in Special Economic Zones (SEZs) are granted 10 years of income tax exemption and a one-time duty-free machinery import facility. He further mentioned that due to…
The growing strength of stablecoins as a bridge between Web3 and traditional finance could give an edge to markets like Hong Kong, which has its currency pegged to the US dollar (USD), but the Asian financial hub still faces challenges in attracting major blockchain businesses.The Hong Kong dollar’s peg to the US currency is seen as a unique advantage for the city, as the majority of stablecoin trading activity happens through cryptocurrencies backed by the US dollar. This can help smooth out business operations for companies whose main asset holdings are also pegged to the USD, including the largest stablecoins…
BEIJING: China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by US President Donald Trump’s tariff threats. The levies, announced by the commerce ministry and scheduled to take effect on March 20, match the 100% and 25% import duties Canada slapped on China-made electric vehicles and steel and aluminium products just over four months ago. By excluding canola, which is also known as rapeseed, and was one of Canada’s top exports to the world’s No.1…
ISLAMABAD: The rising costs of construction materials, coupled with high taxation, have slowed construction activity in the country, pushing investors toward foreign markets, besides shrinking large-scale employment opportunities. This was stated by S M Nabeel, Chairman North, Association of Builders and Developers (ABAD), while talking to Business Recorder. To address these challenges, the government should optimize the supply chain for construction materials and tackle issues related to high input costs and market inefficiencies. Encouraging new market entrants and fostering competition through policy adjustments will contribute to cost stabilization, making construction more affordable for developers and consumers alike, he added. He…
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said that inflation has come down due to the government’s strict economic policies. However, he said, the masses have yet to benefit from the reduction in inflation, for which some steps are necessary. The authorities need to make serious efforts to reduce poverty so that the distressed people can receive some relief. He said that a two-percent reduction in interest rates is necessary to improve the…