A worker monitors an automatic copper wire unit at the Fast Cables plant in Lahore, Pakistan. Reuters
The International Monetary Fund Executive board approved a three-year, $6 billion loan package for Pakistan on Wednesday to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Dubai: Pakistan Prime Minister Imran Khan’s government presented a Rs6 trillion (Dhs147.72b) federal budget of 2019-20 on Tuesday. A cross-section of Pakistani expats and business heavyweights share their candid views with Gulf Today. Ahmad Shaikhani, Senior Vice President, Pakistan Business Council
"Ads must be constructive rather than destructive," Usman said, adding that Western culture was corrupting Pakistan, pointing to the recent arrival of nudity in films and women marching in favour of abortion in Pakistan earlier this year.
Dubai non-oil trade continued its growth against the current crisis. Being a hub for gold and diamond trading and making, Dubai made Dhs67.1 billion from gold and diamond air-cargo trade between March and the end of June 2020.
Emirates Islamic, one of the leading Islamic financial institutions in the UAE and rated A+ (stable) by Fitch, has successfully closed the issuance of a $500 million 5-year Sukuk from its $2.5 billion Certificate Issuance Programme.
The UAE’s Ministry of Finance (MoF) and the Ministry of Health and Prevention (MoHAP) recently participated in the virtual Joint Meeting of G20 Finance and Health.
Rolls-Royce shares hit their lowest level since 2004 on Monday after the British aero engine maker confirmed it was considering a rights issue of up to 2.5 billion pounds ($3.23 billion) following months of speculation about its finances.