Pakistan’s liquid foreign reserves declined

The total liquid foreign reserves held by the country stood at US$ 18,105.1 million on 20-March-2020. The break-up of the foreign reserves position is as under:-

  1. Foreign reserves held by the State Bank of Pakistan: US$ 11,989.2 million
  2. Net foreign reserves held by commercial banks : US$ 6,115.9
Read the rest

SBP and PBA issue Relief Package to meet challenges of COVID-19 Pandemic

Amid growing concerns about the potential economic impact of the COVID – 19 pandemic, State Bank of Pakistan (SBP) with the collaboration of Pakistan Banks Association (PBA), has announced a comprehensive relief package. This package will help relevant stakeholders including households and businesses (microfinance, SMEs, corporates, commercial, retail, and agriculture) to manage their finances through this temporary phase of disruption.

Read the rest

USA stands with Pakistan against Coronavirus

Pakistan and the United States are partners in the fight against coronavirus. In a video message released on the U.S. Mission to Pakistan’s social media platforms today, Ambassador Paul Jones highlighted the support the United States is providing Pakistan, our commitment to deepen our collaboration with new technologies and resources, and guidance for American citizens in Pakistan.

Read the rest

SWA offers all out support to the Government to combat Coronavirus

The Solid Waste Association of Pakistan (SWAP) held an emergency meeting of the trade organization at its Head Office in Islamabad to discuss the prevailing situation in the country due to the COVID-19 Pandemic.

“We realized that the root cause of this Pandemic is lack of hygiene and cleanliness” said Jamil Asghar Bhatti, Chairman SWAP in his address to the executive committee which was convened with representatives from Sindh, Punjab, Balochistan and KPK.

Read the rest

SAP Pakistan helps businesses manage coronavirus in real time

In the wake of COVID-19 coronavirus, Pakistan’s trade, logistics, and travel organizations are called on to adopt real-time solutions to re-design supply chains and procurement to deliver medical supplies, support travel evacuations, and enhance staffing and procurement.

Supporting Pakistani organizations in this time of need, SAP has opened access to SAP Ariba Discovery for real-time procurement and to TripIt Pro from Concur to manage safe and easy travel itineraries.

Read the rest

PM’s economic revival package lauded: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday lauded the Prime Minister’s relief package for economic revival.

However, he said that reduction in interest rates by the central bank is insufficient as double-digit policy rates amount to economic suicide.

Read the rest

KATI urged for smooth supply of Palm oil to factories

President of Korangi Association of Trade & Industry (KATI) and former Chairman of Pakistan Vanaspati Manufacturers Association (PVMA) demanded uninterrupted supply of raw materials for ghee and cooking oil manufacturers. He mentioned that vehicles carrying palm oil form port Qasim to the industry in Korangi were facing hindrances due imposed restrictions of lockdown.

Read the rest