The banks made record investments of Rs7.6 trillion during the year, mostly in risk-free and lucrative government papers, while advances during the same period declined instead of increasing. The latest data issued by the State Bank of Pakistan (SBP) on Monday shows that the total investment of scheduled banks till April 2024 reached Rs27.281tr, compared to Rs19.694tr in April 2023. The jump
France and the United Arab Emirates on Tuesday signed a “strategic partnership” on artificial intelligence (AI) aimed at boosting cooperation between them, French Finance Minister Bruno Le Maire told AFP. The agreement signed with Khaldoon Al Mubarak, managing director of the Abu Dhabi government-controlled fund Mubadala, opens “a new era of economic cooperation” in the burgeoning sector, Le
Dollar inflows through Roshan Digital Account (RDA) decreased in April over the preceding month. According to data released by the State Bank of Pakistan (SBP) on Tuesday, inflows in April were $171 million, a six per cent decline from March’s $182m. The State Bank introduced the RDA in September 2020 following an outflow of foreign investments from domestic bonds. The RDA offers up to 8pc p
Pakistan’s economy will grow at a higher rate in the outgoing fiscal year, beating international lenders’ predictions. However, due to a downturn in the manufacturing and service sectors, it failed to meet budgetary projections. The provisional GDP growth is anticipated to be 2.38 per cent for FY24, surpassing the projections of International Monetary Fund’s 2pc, Asian Development Bank’s 1.9
The automotive industry has urged the government to determine the sector’s future direction, warning that local manufacturing and the import of used cars cannot move together. In a letter to the ministries of finance, commerce, and industries, the Pakistan Association of Auto Parts & Accessories Manufacturers (Paapam) said that the industries and manufacturing sectors were the job providers,