Tag: SBP

Easypaisa Bank Becomes Pakistan’s First Licensed Digital Retail Bank

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New-Easypaisa

KARACHI: The State Bank of Pakistan (SBP) has granted the country’s first digital retail bank licence to Easypaisa Bank, formerly Telenor Microfinance Bank Ltd, allowing it to commence commercial operations. At a ceremony held at the SBP, Governor Jameel Ahmad awarded the licence, highlighting the bank’s potential to drive financial innovation, expand financial inclusion, and provide affordable digital banking services. He reiterated SBP’s commitment to fostering a robust digital banking framework in Pakistan through a structured licensing process. Easypaisa Bank was among five entities that received NOCs from SBP in…

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Pakistan Secures $500m ADB Loan for Climate Resilience

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SBP-ADB

KARACHI: The State Bank of Pakistan (SBP) has received $500 million from the Asian Development Bank (ADB) under the Climate Change and Disaster Resilience Enhancement Program (CDREP). The inflow, confirmed by the SBP on Friday, will strengthen Pakistan’s foreign exchange reserves. “These funds will be reflected in SBP’s reserves for the week ending November 29, 2024,” the central bank stated, adding that reserves are expected to surpass $12 billion by the end of the month, up from $11.42 billion as of November 22, 2024. The loan agreement with ADB, signed…

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PPIB Urges SBP to Release $758 Million for IPP Payments

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CPEC-likely

ISLAMABAD: The Private Power & Infrastructure Board (PPIB) has called on the State Bank of Pakistan (SBP) to allocate $758 million for foreign payments of power projects, many of which are under the China-Pakistan Economic Corridor (CPEC) framework. Managing Director of PPIB, Shah Jahan Mirza, in a letter to SBP Governor Jameel Ahmed, highlighted concerns from Independent Power Producers (IPPs) about delays in obtaining SBP’s approval for converting PKR to USD to meet their financial obligations. These obligations include payments to project lenders, coal suppliers, operation and maintenance (O&M) contractors,…

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IMF debt dilemma looms after Pakistan election

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IMF-board

Baqir served as governor of the State Bank of Pakistan (SBP) from 2019 till 2022 LONDON: The International Monetary Fund (IMF) faces tough choices on how to deal with Pakistan after the February 8 general election and how to assess the country’s debt situation, former central bank governor Reza Baqir said. The government secured a $3 billion loan programme with IMF in July that helped pull the cash-strapped nation back from the brink of a sovereign debt default. However, the programme was a nine-month standby arrangement, set to expire this…

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Economy stable, but challenges persist: IMF

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IMF-demand

WASHINGTON: The IMF Executive Board’s decision to disburse around $700 million to Pakistan reflects a positive review of the country’s economic reform programme. While economic activity has stabilised, challenges persist, contingent on the effective implementation of sound policies. Macroeconomic conditions have shown improvement, with a projected two per cent growth in FY24. The fiscal position strengthened in 1QFY24, achieving a primary surplus of 0.4pc of GDP, driven by strong revenues. Inflation, although elevated, is expected to decline with appropriately tight monetary policy to 18.5pc by end-June 2024. Gross reserves of…

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