Prime Minister Shehbaz Sharif announced on Tuesday that the United Arab Emirates has agreed to extend a $2 billion loan that was due in January. In his opening remarks at the Federal Cabinet meeting which he chaired, the Prime Minister informed members of his “positive and constructive” meeting with UAE President Sheikh Mohammed bin Zayed … Read more
According to a report by L The Express Tribune, Pakistan has halted plans for a $300 million floating solar project aimed at generating 300 megawatts of electricity, citing the need to re-evaluate the country’s long-term energy strategy. The project, which had the potential to significantly reduce reliance on costly thermal power, was postponed after the … Read more
Pakistan and the Asian Development Bank (ADB) have signed a loan agreement worth US$330 million for additional financing of the Integrated Social Protection Development Program (ISPDP). According to a press release issued by the Department of Economic Affairs on Saturday, this program builds on an existing ADB-funded initiative aimed at strengthening and expanding social protection … Read more
In response to a report he published The Express Tribune and Monitored by This writer On Friday, the Ministry of Economic Affairs issued a statement. According to the ministry, the report published by the media indicated the cancellation of a loan that was not approved by the World Bank’s Board of Directors or signed by … Read more
ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Tuesday signed a $500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP) to strengthen the country’s resilience in the face of disasters caused by natural hazards and the impacts of environmental crises. The program aims to strengthen Pakistan’s institutional capacity for planning, … Read more
ISLAMABAD: The cash-strapped federal government has approved a $330 million (Rs92 billion) loan for Benazir Income Support Program (BISP) beneficiaries. This approval coincides with the International Monetary Fund’s renewed emphasis on transferring responsibility for social protection to the most financially stable governorates. The Central Development Working Party (CDWP), headed by Planning Minister Ahsan Iqbal, has … Read more
This aerial view shows a residential area flooded with water after heavy monsoon rains in Balochistan province on August 29, 2022. — AFP The loan was approved under the Disaster and Climate Resilience Strengthening Plan. CDREP to increase overall investment in disaster risk reduction. Pakistan is among the countries most vulnerable to climate change in … Read more
A foreign exchange trader counts US dollars at a store in Karachi, Pakistan, May 19, 2022. – AFP/File Saudi Arabia promises $1.2 oil facility to Islamabad. Dubai Islamic Bank commits to providing $1 billion. The Islamic Development Bank and the Asian Development Bank pledged $600 million and $430 million, respectively. ISLAMABAD: Amid efforts by the … Read more