Tag: Funding
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Pakistani e-motorbike startup raises $1.2 million to manufacture budget-friendly e-bikes
Pakistani e-motorbike startup Zyp has raised $1.2 million led by Indus Valley Capital To manufacture cheap electric bikes.
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PM Shehbaz allocates Rs14 billion for Pakistan Endowment Fund for Education, adds coding to national curriculum
On Wednesday, Prime Minister (PM) Shehbaz Sharif officially launched the Pakistan Endowment Fund for Education, which includes the incorporation of computer coding and constitutional studies into the National Curriculum. During the launching ceremony, he announced a budget of Rs14 billion for the program over the next four years, with Rs3 billion allocated for the current…
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Pakistan’s foreign exchange reserves boosted by $2 billion deposit from Saudi Arabia
Pakistan’s central bank has received a significant financial boost of $2 billion from Saudi Arabia, as announced by Federal Minister Ishaq Dar. This infusion of funds will greatly bolster the country’s low foreign exchange reserves.
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Pakistan set to share budget details with IMF, aiming to unlock stalled programme
Finance Minister Ishaq Dar announced on Sunday that Pakistan intends to provide the International Monetary Fund (IMF) with comprehensive details of its upcoming budget, with the aim of facilitating the release of delayed funds.
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Pakistani rupee maintains upward trend for fourth consecutive day, closes at Rs285.15 against dollar
According to the State Bank of Pakistan (SBP), the Pakistani currency has maintained its upward trend against the US dollar for the fourth consecutive working day in the interbank market.
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Pakistan’s IMF bailout programme revival delayed: blame game between Pakistani authorities and IMF
Pakistani authorities and the International Monetary Fund (IMF) are blaming each other for the delay in reviving the IMF bailout programme. The IMF approved a $6.5 billion bailout package for Pakistan in 2019, of which $1.1 billion is still outstanding. However, issues related to fiscal policy adjustments have delayed the release of the funds since…
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Dar says assurance of funding from friendly countries is the final hurdle in securing IMF deal
On Thursday, Finance Minister Ishaq Dar announced that the assurance of funding from “friendly countries” was the final obstacle to securing an IMF deal that would provide critical support to Pakistan’s struggling economy and prevent an economic crisis. During a session of the country’s upper house of parliament, Dar revealed that several countries had previously…
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State Bank of Pakistan’s foreign exchange reserves rise to $4.3 billion after Chinese loan
Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) have exceeded $4 billion after the country received a $500 million loan from the Industrial and Commercial Bank of China (ICBC). In a weekly bulletin, the SBP reported a rise in foreign exchange reserves by $487 million, boosting the total to $4,301 million…
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SBP jacks up policy rate by 300 bps to 20%
In a meeting held today, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) increased the policy rate by 300 basis points (bps) to 20 per cent as a measure to curb inflationary pressure. The meeting’s result matched the market’s predictions, with analysts expecting the State Bank of Pakistan’s Monetary Policy Committee to implement…
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Pakistan accepts IMF pre-condition to increase interest rate by 2%
Pakistan has agreed to increase its policy (interest) rate by two percent or 200 basis points, as a pre-condition for the release of $1.1 billion in critical funding from the International Monetary Fund (IMF). The funding is part of a $6.5 billion bailout package. The increase is based on rates set by the government in…