Tag: Debt

ISLAMABAD: Italy has agreed to waive Pakistan's total bilateral debt by swapping half of it for expenditure incurred on Afghan refugees, while the remaining amount of debts of $26.52 million and 58.74 million euros will be swapped for the jointly-agreed social and developmental projects under Debt for Development Swap Agreement in 2006. According to a press released issued by the Ministry of Finance on Tuesday, the debt swap agreement between the two governments was reached on the

KARACHI: The Civil Society representatives of the country have sough implementation on the Upper House's resolution for writing off of the foreign debts.
In a letter sent to the Senate Chairman Farooq H Naek, the signatories, who had attended the Pakistan Development Forum meeting this month, expressed concerns over the Finance Minister Hafeez Shaikh's disowning of the call for debt waiver, Pakistan Today learnt on Sunday.
He had said both during the Forum and subsequently

KARACHI: The country's foreign exchange reserves have dropped further and reached $16.852 billion for the week that ended on November 19, 2010, State Bank's statistics revealed on Thursday.
According to the central bank, the country's foreign exchange reserves contracted $57.4 million or 0.33 percent in the week under review against $16.910 billion last week.
"The state bank's reserves registered a nominal dip due to routine debt payments," SBP Chief Spokesman Syed

TOKYO: The euro stayed under pressure against other currencies in Asia on Thursday as investors remained wary of euro zone debt problems, dealers said.
A stocks rally led by positive US data on Wednesday took the sting out of recent concern over sovereign debts in Ireland and other European nations as well as tensions on the Korean peninsula.
However, the euro fell back to $1.3318 in Tokyo midday trade from $1.3335 in New York late Wednesday and to 111.13 yen from 111.32-42

ISLAMABAD: Terming the Pakistan Electric Power Company (PEPCO) the 'root-cause' of the country's circular debt issues, Minister of State for Finance and Economic Affairs Hina Rabbani Khar said on Tuesday that the government is bringing reforms in the organisation that will most likely signally resolve the problem within six to nine months.
She made these comments in response to a Call Attention notice on the rapid increase in poverty in the country moved by the Pakistan Muslim

KARACHI: The Pakistan Oilfields Limited's (POL) positive balance sheet and a comfortable receivable turnover in 45 days compared to over 170 days for both the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) shows that the company is least affected from the circular debt.
Being a privately-owned entity and integrated vertically into the value chain part of Attock Group, a significant chunk of POL's oil output (estimated as more than 90 percent) is

KARACHI: With the power crisis worsening with each passing day, it seems the consumers' misery has failed to convince the government to take serious measures for redressing the root causes of the problem, the circular debt issue being the foremost one.
Further, the politically-embattled federal government also seems slapdash towards its commitments with international power companies, like M/s MAN of Germany, in terms of the timely materialisation of the Construction Contract.