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Articles for tag: businesses, cover, financial, IFC, Latest, Pakistan, risk, Rupee

November 14, 2023

News Desk

IFC to cover financial risk for businesses

KARACHI: The International Finance Corporation (IFC) has signed a risk-sharing agreement with Standard Chartered Bank Pakistan, saying it will cover a 50% loss of funding in local currency equivalent to $200 million (over Rs 57 billion) to corporate clients, including industries based in exports and small businesses. IFC will underwrite risk on short-term trade and working capital-financed lending facilities for corporate clients based in Pakistan, Standard Chartered Bank said in a statement on Monday. “Standard Chartered and IFC aim to leverage their long-standing relationship with export-based industries to enable the generation of foreign exchange inflows, which remain critical to the

November 11, 2023

News Desk

UK-based EY has been finalized as the financial advisor for the privatization of PIA

Privatization Acting Minister Fawad Hasan Fawad chairs a Privatization Council meeting in Islamabad on November 10, 2023. — PID Government steps on PIA privatization process. EY was engaged as financial advisor for the divestiture. The IMF asked the government to privatize ailing state-owned enterprises. ISLAMABAD: The Pakistani government has approved UK-based Ernst & Young (EY) as financial adviser for the privatization of Pakistan International Airlines (PIA) to prepare the financially distressed entity for sale, The news mentionted. The Privatization Commission Board which met with Privatization Acting Minister Fawad Hasan Fawad under the chairmanship on Friday approved the appointment of the

October 30, 2023

News Desk

PSO offers Rs 500 crore credit facility to PIA amid financial woes

A Taliban fighter stands guard as a PIA plane takes off with passengers at Kabul airport. — AFP/File Currency difference between PIA, PSO has been resolved. PIA flight services remained disrupted for the past 2 weeks. The decision comes after a meeting of senior officials on October 16. KARACHI: Pakistan State Oil (PSO) has provided Pakistan International Airlines (PIA) with an additional credit of Rs 500 million, enabling the national carrier to gradually restore its flight operations. According to a The news A report released on Sunday, the currency dispute between the two aforementioned entities has been resolved, paving the

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