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Articles for tag: banking, Economic sanctions on Iran, facilitates, financing, Financing of terrorism, Iran's shadow banking network, Iranian oil sanctions, Irans, IRGC Sanctions, Military, Military sanctions on Iran, MODAFL Sanctions, network, OFAC Sanctions, Petrochemical sanctions, Risks of the global financial system, shadow, targeting, Treasury

June 26, 2024

News Desk

The US Treasury is targeting the shadow banking network that facilitates Iran’s military financing

The US Treasury Department announced on Tuesday that it has targeted a shadowy banking network that funnels money to Iran’s military. The Treasury Department said its Office of Foreign Assets Control (OFAC) is sanctioning nearly 50 entities and individuals that are multiple branches of an extensive “shadow banking” network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). and the Islamic Revolutionary Guard Corps. (IRGC) to gain illicit access to the international financial system and process the equivalent of billions of dollars by 2020. “MODAFL and the IRGC engage in various revenue-generating commercial activities, most notably the sale

June 12, 2024

News Desk

The agriculture sector faces a funding shortfall in the 2024-2025 budget

LAHORE: The savior of Pakistan’s economy for FY-24, the agriculture sector, has managed to attract only Rs 5 billion for the next financial year from the existing government. In his budget speech on Wednesday, Finance Minister Muhammad Aurangzeb said agriculture is the main pillar of Pakistan’s economy, contributing 24% to GDP and 37.4% to employment generation. The country’s food security and manufacturing depend on this sector, which also has huge export potential. The prime minister announced the Kissan package in 2022, which included a labeling and risk-sharing scheme for farm mechanization. “For the next financial year, Rs 5 billion has

June 11, 2024

News Desk

World Bank approves additional financing of $1 billion for Dasu project

A participant stands near a World Bank logo at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. — Reuters The funding will support the “expansion” of hydroelectric supply. Local communities have improved access to socio-economic services. Benhassine calls the project a “game changer” for Pakistan’s energy sector. The World Bank on Tuesday approved $1 billion in a second round of additional financing for Pakistan to fund the Dasu Hydropower Stage I (DHP I) project. This move by the world bank’s Board of Executive Directors will support the country’s transition to

May 27, 2024

News Desk

benefits of Islamic financing for CPEC

KARACHI: The China-Pakistan Economic Corridor (CPEC) is a testament to the evolving landscape of international trade and economic cooperation. By extending infrastructure projects, energy ventures and economic zones, CPEC aims to boost connectivity and development between China and Pakistan, potentially benefiting neighboring regions as well. CPEC is projected to result in the creation of over 2 million direct and indirect jobs by 2030 and could add up to 2.5 percentage points to the country’s annual economic growth. Currently, the estimated interest-based loan component of CPEC paid to Chinese commercial banks is around $10 billion, while bilateral Chinese loans on contractual

March 23, 2024

News Desk

The World Bank approves $149.7 million in financing for two projects in Pakistan

A participant stands near a World Bank logo at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. — Reuters Funding for SBIP will support better flood resilience. DEEP to develop digital authentication, data sharing platforms. The devastating floods of 2022 were a tragic reminder, says the World Bank. In order to support the Digital Economy Enhancement Project (DEEP) and the Sindh Barrage Improvement Project (SBIP), the World Bank’s Executive Board has approved $149.7 million in financing for Pakistan The $78 million DEEP will support the expansion of digitally enabled public

March 23, 2024

News Desk

“Aggressive” funding is needed for nuclear power

BRUSSELS: Foreign Minister Ishaq Dar on Friday called for “aggressive” funding from international financial institutions and multilateral development agencies for developing countries to help them start nuclear power projects. Speaking in a video message after attending the First Nuclear Energy Summit organized by the Belgian government and the International Atomic Energy Agency (IAEA), the foreign minister highlighted the challenges facing developing countries in taking advantage of nuclear power because of its cost. Dar emphasized that, after hydropower, nuclear power stands out as the safest and most economical source of energy, especially for developing countries. He noted that many leaders at

February 8, 2024

News Desk

The government raises 7.5 times lower financing in a bill auction

KARACHI: The government raised funding 7.5 times below target, reaching Rs 64 billion through the auction of government bonds (T-bills), while managing to stabilize the rate of return at around 20.4%. Commercial banks demanded a significantly higher rate of return (interest rate) to lend money to the cash-strapped government. This was prompted by concerns that the central bank may raise the policy rate to a new record level, following recommendations by the International Monetary Fund (IMF) to maintain a tight monetary policy to deal with future challenges. However, the government managed to raise only Rs 64 billion against the target

February 2, 2024

News Desk

Industrialists are asking for customized financing, infrastructure overhaul

KARACHI: Leading industrialists have presented proposals to boost the national economy to the incoming government. Their recommendations include establishing a low-cost personalized financing system, developing an urban and coherent industrial policy, rehabilitating damaged road infrastructure and implementing a one-stop shop, among other initiatives. Speaking to The Express Tribune about the expectations from the incoming elected government after the 2024 general polls, business leaders highlighted the need for a tailored low-cost financing scheme specifically for the construction of industrial units in the small and medium sector. They emphasized the importance of media as the backbone of any country. Site Association of

December 21, 2023

News Desk

The government will phase out export financing

Islamabad: After giving it for 50 years, the government on Wednesday pulled the plug on a hidden export subsidy scheme and approved its transfer to the federal budget, but rejected a proposal to raise the support price of wheat to Rs 4,000 per 40 kg. The Economic Coordination Committee (ECC) of the cabinet, which took these decisions, also sanctioned Rs 319 billion to clear the liabilities of K-Electric (KE) and state-owned power plants. The committee relaxed the government’s external financing policy to give a loan of $24.6 million from the World Bank to NADRA as a grant. It agreed to

December 20, 2023

News Desk

Auto financing is slowing due to high costs

KARACHI: Auto financing continued to decline for the 17th consecutive month in November, falling 2.6% to Rs 257 billion amid excessive financing costs and a sharp rise in car prices over the past year and a half. Auto finance stood at Rs 264 billion in October 2023 and Rs 340 billion in November last year. Arif Habib Limited reported that auto finance declined cumulatively by 30%, or Rs111 billion, over the past 17 months. It peaked at Rs 368 billion in July 2022. An analyst, earlier associated with Ismail Iqbal Securities, said auto finance could continue to decline until January

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