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Economy

Govt to seek assistance from friendly countries to avoid going to IMF

ISLAMABAD: Spokesman on economy and energy issues Dr Farrukh Saleem has said that the government was trying to avoid going the International Monetary Fund (IMF) and was instead trying to seek assistance from friendly countries such as Saudi Arabia and China. Speaking to a private television channel, the spokesman said that Prime Minister Imran Khan’s upcoming visit to Saudi Arabia was a positive step in the right direction and would be beneficial for national and economic interests. PM Imran Khan is scheduled to visit…

China’s economic numbers show slowing down of economy

BEIJING: The government of China on Friday reported that the economy grew by 6.5 percent over the three months that ended in September compared with an year ago. The growth rate while fast by global standards, the pace is China’s slowest since early 2009, during the challenging times of the global financial crisis. Sputtering growth, soaring debt and an escalating trade war with the United States are being tipped as the causes of the slowing down of China’s economy. China has reported growth figures over the past…

PM discusses proposals for economy uplift with business leaders

ISLAMABAD: Prime Minister Imran Khan Wednesday met his council of business leaders and discussed with them proposals for strengthening the country’s economy, development of industrial, agriculture and IT sectors and ways to boost exports. Apart from Finance Minister Asad Umar, Advisor to the prime minister on Commerce Abdul Razzak Dawood, Chairman BOI, Governor SBP senior officials the council members included Muhammad Ali Tabba, Bashir Ali Muhammad, Saqib Shirazi, Ms. Samina Rizwan, Babar Badat, Khawar Anwer Khawja and…

IMF stresses need for strict measures to cure ailing economy

ISLAMABAD: The International Monetary Fund (IMF) has suggested to the federal government to take stringent fiscal and monetary measures to address the economic challenges facing the country.   A delegation of the IMF, which had arrived on a week-long visit in Islamabad to assess the country’s current economic situation and suggest corrective measures to put the economy back on a strong footing, issued an assessment report on the conclusion of its visit. The delegation comprised of Mr. Harald Finger, Advisor & Team…

Govt on mission to ‘rescue’ economy from current crisis: minister

ISLAMABAD: Minister of State for Revenue Muhammad Hammad Azhar has said the government’s priority is to rescue the economy from the current crisis. Responding to points raised by various members of the National Assembly on Supplementary Finance Bill, he said the government’s economic policy would not be financed by the deficit financing. He said the government wanted growth with development and intend to bring improvement in the social sector. Regulatory duties had been imposed on luxury items to suppress imports…

Govt mulls to introduce ‘solution-oriented’ budget

ISLAMABAD: Finance Minister Asad Umar on Tuesday said that the government would soon introduce changes in the budget to make it more relevant to the state of economy and vision of the new government. "The government wants to address the issues of twin deficits on a long term basis and the key to the problem lies in promoting manufacturing industry and creating jobs for the youth. This is the area where Overseas Chamber could assist and lead the way," he said in a meeting with a delegation of Overseas Investors Chamber of…

Saudi wealth fund bets big to remake oil-based economy

RIYADH: With the stock market listing of its national oil company stalled, Saudi Arabia is scrambling to boost the coffers of the sovereign wealth fund spearheading a risky plan to diversify its economy. The Public Investment Fund had sought to raise billions of dollars through the initial public offering of Saudi Aramco -- dubbed as potentially the world's biggest stock sale -- to finance the kingdom's transformation from a petro-state to a tech-focused economy. But with the flotation indefinitely postponed, the PIF…

Governor Imran Ismail meets business community of Karachi

KARACHI: Governor Sindh Imran Ismail met the delegation of traders and industrialists of Karachi on Monday. During the meeting, the Governor Sindh stressed upon the role that business community has to play for cushioning the current economic scenario of the country. Imran Ismail stated "The government will take all necessary steps on priority basis to resolve the issues and challenges faced by the business community." He encouraged businessmen to help alleviate poverty and unemployment through establishing new…

Imran ropes in renowned foreign experts to streamline economy

ISLAMABAD: Prime Minister Imran Khan has employed services of some renowned foreign economists in the newly-constituted economic advisory panel to seek professional advices on streamlining economy of the country. According to Khaleej Times report, Pakistan's current account deficit stands at $ 18 billion, while its foreign currency reserves are just over $ 10 billion, enough to cover two months of imports, and Khan needed immediate overhauling of country’s economic tyre. The premier has changed the hierarchy set-up of…