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World Bank offers disaster-hit Indonesia $1 bn in loans

NUSA DUA: The World Bank on Sunday announced funding of up to $1 billion for Indonesia after it was rocked by a string of recent disasters, including a deadly earthquake-tsunami that killed thousands. CEO Kristalina Georgieva unveiled the funds at Indonesian holiday island Bali, where the Bank and the International Monetary Fund have been holding their annual meetings. A 7.5-magnitude quake and a resulting tsunami tore through Palu city on Sulawesi island on September 28, killing more than 2,000 people and leaving…

CPEC not imposing immediate burden of loan-repayment: Planning Commission

ISLAMABAD: The Planning Commission of Pakistan has issued a clarification to address the concerns of the global community about Pakistan’s CPEC-related Chinese debts. The planning commission statement said: “CPEC is not imposing any immediate burden with respect to loans repayment and energy sector outflows” it said, arguing all debt related outflows will be outweighed by the resultant benefits of the investments to the Pakistan economy. The statement, however, did not give any figures on the size of the outflows or their…

PM seeks details of foreign loans taken in last ten years

ISLAMABAD: Prime Minister Imran Khan has directed the Ministry of Finance to furnish details of foreign loans taken as well as their spending in the last 10 years. He issued these directions during the Federal Cabinet meeting in Islamabad. PM Khan directed the Finance Ministry to submit a detailed analysis to know where the money was spent. He said the government and the people of Pakistan have the right to know where these huge amounts were spent and were these beneficial for the country. “Where was…

Another case of fake bank account surfaces in Karachi

KARACHI: Another case has surfaced over a suspected fake bank account in Karachi on which a credit card and loans had also been issued, ARY News reported. The victim named Shahid, who is a labourer in Korangi industrial area, claimed that a fake bank account was set up in his name and loans were issued from it. Shahid said that received a call from the recovery department of the private bank that he has outstanding dues of over Rs700,000 and should pay them. He was shocked over the hefty amount and visited the bank's…

No discussion about Nawaz held during PM’s Saudi visit: minister

ISLAMABAD: Federal Minister for Information Fawad Chaudhry has said that no discussion regarding Nawaz Sharif was held during the prime minister’s visit to Saudi Arabia. In an interview, the minister said Saudi Arabia was the first country which was taking interest in energy and petroleum sectors with huge investment. “We wish that Saudi Arabia should make heavy investment in Pakistan,” he said. Saudi Arabia and UAE were also interested in Gwadar projects and we wanted more countries to bring their money for…

222 beneficiaries of loan write-off scheme asked to furnish replies

ISLAMABAD: The Supreme Court of Pakistan on Friday sought replies within a week from as many as 222 companies and firms which had got loans worth billions of rupees written off by commercial banks.   Headed by Chief Justice Mian Saqib Nisar a bench of the apex court was hearing a suo motu case pertaining to the State Bank of Pakistan (SBP) allowing commercial banks to write off non-performing loans (NPLs) under a scheme introduced during the regime of former military ruler Pervez Musharraf. The chief justice…

Pakistan seeks economic lifeline with fresh China loans

ISLAMABAD: Pakistan expects to obtain fresh Chinese loans worth $1-2 billion to help it avert a balance of payments crisis, Pakistani government sources said, in another sign of Islamabad’s growing reliance on Beijing for financial support. Lending to Pakistan by China and its banks is on track to hit $5 billion in the fiscal year ending in June, according to recent disclosures by officials and Pakistan finance ministry data reviewed by Reuters. The ramp up in China’s lending comes as the United States is cutting aid…

222 people who got loans waived off put on notice

ISLAMABAD: The Supreme Court of Pakistan on Sunday issued notices to two hundred and twenty two individuals and companies for getting their loans waived off. A two-member bench of the apex court, headed by Chief Justice Mian Saqib Nisar, was hearing a case pertaining to the written-off loans in Islamabad. A federal law officer informed that the report of the commission, which was formed to look into the written-off loans, has been submitted to the court by Governor State Bank. He said as per finding of the report,…

German online bank uses Bitcoins to transfer loans

BERLIN: German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost. “Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told a UK wire-service in his office in Berlin’s fashionable neighborhood Prenzlauer Berg. “With Bitbond, payments…