Latest news with #DineshRajShiwakoti
Gulf Today
a day ago
- Business
- Gulf Today
Pakistan June inflation rises 3.2% y/y, in line with forecast
Pakistan's consumer price inflation rose 3.2 per cent year-on-year in June, the statistics bureau said on Tuesday, broadly in line with the finance ministry's projection of 3 per cent to 4 per cent issued a day earlier. On a month-on-month basis, prices increased 0.2 per cent in June, reversing a 0.2 per cent decline in May. The data comes after Pakistan's central bank kept its key interest rate unchanged at 11 per cent in June. The State Bank of Pakistan (SBP) said in its latest monetary policy statement that inflation was expected to show some near-term volatility but gradually stabilise within the 5 per cent to 7 per cent target range. The figures also come weeks after Pakistan unveiled its annual budget, which included new revenue measures and subsidy cuts as part of efforts to secure a long-term loan programme from the International Monetary Fund (IMF). Analysts have warned that higher energy and tax costs could stoke inflation in the second half of the year. Pakistan's stock exchange rose 2.3 per cent on the day to close at an all-time high of 128475.7 points, on Tuesday, the first day of the new fiscal year. Meanwhile last week the Government of Pakistan and the Asian Development Bank (ADB) on Tuesday signed a $350 million loan agreement for the 'Women Inclusive Finance Sector Development programme (Subprogram-II),' aimed at strengthening women's access to finance and advancing gender-inclusive economic development. According to the Associated Press of Pakistan (APP), which cited a press release issued by the Economic Affairs Division, the agreement was signed by Sabina Qureshi, Additional Secretary of the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of the Project Administration Unit at ADB. The State Bank of Pakistan signed the Project Agreement for the Financial Intermediary Loan. This agreement reflects the Government of Pakistan's continued commitment to empowering women economically by expanding access to financial resources, encouraging entrepreneurship, and generating employment opportunities. The initiative is designed to promote a more inclusive and sustainable economic future for women across the country. Subprogram II builds on the foundational policy reforms introduced under Subprogram I and focuses on four strategic areas. These include establishing a supportive policy and regulatory framework for women's financial inclusion; increasing the availability of financial resources tailored for women; strengthening the entrepreneurial skills and capabilities of women; and fostering inclusive and equitable workplace environments within the financial sector. Meanwhile Pakistan has been ranked among the world's top emerging economies following a significant drop in its default risk in a major boost to investor sentiment and international credibility. According to a new report by the globally renowned financial data agency Bloomberg, Pakistan's probability of default has declined from 59 per cent to 47 per cent over the past 12 months — a notable improvement of 1100 basis points. The report highlights Pakistan's growing economic stability and successful financial reforms as key factors behind this improvement. Bloomberg attributes the positive shift to enhanced investor confidence, improved foreign exchange reserves, successful negotiations with the International Monetary Fund (IMF), and increased efforts to boost revenue through domestic reforms. Pakistan's inclusion at the top of Bloomberg's list of emerging economies reflects a strong endorsement of the government's recent economic measures. The report states that credit rating upgrades and strengthened relations with international financial institutions have contributed to a more stable outlook, encouraging global investors to re-engage with Pakistan. 'Pakistan's significant reduction in default risk sends a powerful message to the global financial community,' the report noted. 'It is a major milestone on the country's path to economic recovery.' Bloomberg's data also compared Pakistan's performance with other emerging economies. Countries like Argentina, Tunisia, and Nigeria saw modest improvements in their default risk (falling by -7 per cent, -4 per cent, and -5 per cent, respectively), while others, such as Turkiye, Ecuador, Egypt, and Gabon, remain in the high-risk category. Pakistan's improved economic outlook has also been supported by a gradual rise in remittances and exports, both key components of the country's external financial health. The default probability down from 59 per cent to 47 per cent, a massive 1,100 basis points improvement. Agencies
&w=3840&q=100)
First Post
25-06-2025
- Business
- First Post
Pakistan signs $350 million ADB loan to boost women's financial inclusion
Pakistan has signed a USD 350 million loan agreement with the Asian Development Bank to boost women's financial inclusion and economic empowerment, according to Radio Pakistan. read more Pakistan has secured a $350 million loan from the Asian Development Bank (ADB) aimed at advancing financial inclusion and economic empowerment for women, state broadcaster Radio Pakistan reported on Tuesday. The loan agreement was signed in Islamabad by Sabina Qureshi, Additional Secretary of the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of ADB's Project Administration Unit, under the Women Inclusive Finance (WIF) Sector Development Programme. The funding under WIF's second sub-programme targets four critical areas: fostering a supportive regulatory and policy framework for women's financial access, expanding financing options for women, enhancing female entrepreneurial capabilities, and building inclusive work environments within the financial sector. STORY CONTINUES BELOW THIS AD The programme is designed to offer women improved access to credit and other financial services, expand their business opportunities, and generate new jobs, Radio Pakistan said. It added that the initiative aligns with Pakistan's broader national goal of integrating women more fully into economic activity. By strengthening women's role in the financial and business landscape, the programme aims to drive equitable growth and sustainable development across the country. The loan comes amid challenging economic circumstances for Pakistan. According to the Economic Survey 2024-25 released on June 9, the country's debt rose to PKR 76 trillion during the first nine months of the fiscal year. Despite the debt burden, Pakistan's economy is projected to grow by 2.7% this year. Islamabad is also pursuing additional external financing. It is currently working to secure $3.3 billion through a syndicated loan and commercial refinancing from Chinese banks, even as it continues under a $7 billion loan programme agreed with the International Monetary Fund (IMF) last year. Pakistan has already received two tranches under the IMF programme, the latest of which was disbursed in May.
Business Recorder
25-06-2025
- Business
- Business Recorder
$350m loan agreement signed with ADB to boost women's financial inclusion
ISLAMABAD: The government of Pakistan and the Asian Development Bank (ADB) on Tuesday signed a $350 million loan agreement for the 'Women Inclusive Finance Sector Development Program (Subprogram-II)'. Sabina Qureshi, additional secretary of the Economic Affairs Division and Dinesh Raj Shiwakoti, Head Project Administration Unit, signed the loan agreement. Project Agreement for Financial Intermediary Loan (FIL) was signed by the State Bank of Pakistan. The ceremony was attended by senior officials from the government of Pakistan and the ADB. The signing of the agreement ensures government of Pakistan's commitment in fostering women's economic empowerment. Through improved access to finance, expanded entrepreneurship opportunities, and increased job creation, the programme paves the way for a more inclusive and prosperous future for women. Pakistan secures $1 billion financing facility with ADB-backed guarantee Subprogram II of WIF is built on the foundational policy reforms introduced under Subprogram I. It focuses on four key reform areas i.e. creating an enabling policy and regulatory environment for women's financial inclusion, increasing the supply of finance for women, strengthening women's entrepreneurship capabilities and promoting inclusive and equitable workplaces within the financial sector. The total financing package of $350 million (300 million Policy Based Loan and 50 million FIL) will significantly contribute to Pakistan's ongoing efforts for inclusive, resilient and sustainable development. Copyright Business Recorder, 2025
Express Tribune
24-06-2025
- Business
- Express Tribune
Govt, ADB sign $350m deal for women's economic empowerment
Listen to article The government and the Asian Development Bank (ADB) on Tuesday signed a $350 million financing agreement aimed at advancing women's financial inclusion and economic empowerment. The agreement, under the Women Inclusive Finance Sector Development Programme (Subprogram-II), marks a major step toward making the national economy more inclusive and equitable. The programme seeks to provide Pakistani women with improved access to financial services, expand entrepreneurship opportunities, and create sustainable employment avenues. These efforts are aimed at fostering inclusive and resilient economic growth. Read More: Rs28.8tr debt spending bill tabled Subprogram-II builds on foundational reforms introduced under the first phase. It focuses on shaping a policy and regulatory environment that encourages women's financial inclusion, improving the availability of finance for women, enhancing women's entrepreneurship skills, and promoting inclusive and equitable workspaces in the financial sector. The financing package consists of a $300 million policy-based loan and a $50 million Financial Intermediary Loan. This comprehensive support is expected to play a critical role in furthering Pakistan's development goals by integrating women into the economic mainstream. Officials said the agreement reflects the government's strong commitment to ensuring that women become active participants in the country's economic future. They added that the programme would not only empower women financially but also help lay the foundation for a more inclusive, equitable, and prosperous Pakistan. The agreement was signed by Sabina Qureshi, Additional Secretary at the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of the ADB's Project Administration Unit. The State Bank of Pakistan also signed a separate project agreement for the Financial Intermediary Loan component. The signing ceremony was attended by senior officials from both the government and the ADB.
