Month: April 2020

hile we wait to get a clearer picture of the health coronavirus curve in India, we already have the first estimate of the job-destruction caused by the nation-wide lockdown. The numbers are staggering, worse than anything the world has ever known. More jobs were lost in India in the last two weeks than anything ever recorded in economic history. The number of “precariat” in India today may be almost as large as the population of Russia. These are startling claims, even for the unprecedented times that we live in. So…

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The Fauji Foundation has appointed renowned corporate figure Waqar Ahmed Malik as its new Managing Director and Chief Executive Officer. The announcement has recently been made through a notification issued by the foundation. Spanning over 30 years in corporate and business sectors across three continents, Malik has specialty in strategy, corporate/ business leadership and board governance. His professional experience includes managing and leading businesses in the petrochemicals, consumer and the life sciences industry. Malik’s career began with the ICI group based in the United Kingdom and then Akzo Nobel in…

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KARACHI: Pakistan’s public debt rose by 5.14 percent to Rs1.635 trillion in the eight months of the current fiscal year, mainly due to increase in domestic debt accumulation, the central bank data showed on Tuesday. Public debt was Rs33.421 trillion at the end of February 2020, up from Rs31.786 trillion till end June 2019. Domestic debt increased 7.02 percent to Rs22.188 trillion at the end of February, while foreign debt rose slightly up 1.60 percent to Rs11.232 trillion. The growth in Pakistan’s overall debt stock remains up driven primarily by…

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ISLAMABAD: Pakistan on Tuesday rece­ived an unexpected relief when it was given a five-month grace period by the Financial Action Task Force (FATF) to submit its performance report on 13 outstanding benchmarks for foolproof arrangements against money laundering and terror financing. “We have just received an intimation from FATF through the State Bank of Pakistan that our review scheduled for June 21-26 in Beijing has been postponed,” a senior government official told Dawn. The country’s performance would now be reviewed in October. He said Pakistan was earlier required to submit…

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Prime Minister Imran Khan has taken serious notice of the threats being hurled at the inquiry commission probing the sugar crisis and warned the elements of severe action if they continue to intimidate the committee. “The prime minster has expressed extreme displeasure over the threats being given to the FIA inquiry commission probing the sugar crisis,” Special Assistant to Prime Minister (SAPM) Firdous Ashiq Awan said in a post-cabinet media briefing on Tuesday. “Strict action will be taken against such elements if they threat the inquiry commission again,” she quoted…

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