Tag: Economy

ISLAMABAD, Feb 16: The Embassy of Saudi Arabia in Islamabad has announced reduction of visit visa fees for the nationals of Pakistan who wanted to visit the Kingdom of Saudi Arabia.

The new fee structure would become effective immediately.

According to a press release on Saturday, single entry visit visa fee had been slashed from 2000 Saudi Riyal ($533) to 338 Saudi Riyal ($90).

Whereas, the multiple entry visit visa fee would now be charged 675 Saudi Riyal ($180) which previously cost 3,000 Saudi Riyal ($800).

(APP)

ISLAMABAD, Feb 16: The textile group exports from the country increased by 1.19 percent during the first seven months of the current fiscal year as against the exports of the corresponding period of last year.

The exports of textile were recorded at $7.813 billion during July-January (2018-19) against the exports of $7.720 billion during July-January (2017-18), according to data released by Pakistan Bureau of Statistics (PBS) here Saturday.

The products that contributed in positive growth in external trade included knitwear, the exports of which grew by 11.35 percent by going up from $1548.424 million last year to $1724.157 million during
the current fiscal year.

Similarly, bed wear exports increased from $1305.631 million to $1354.570 million, showing growth of 3.75 percent while the exports of readymade garments increased from $1482.560 million in first seven months of previous year to $1516.127 million this year, an increase of 2.26 percent.

During the period under review, the exports of art, silk and synthetic textile increased by 0.52 percent from $172.578 million to $173.479 million while the exports of madeup articles (excluding towels) also increased by 2.23 percent, from $396.946 million to $405,786 million, the PBS data revealed.

On the other hand, the textile products that witnessed negative growth in trade included raw cotton, exports of which declined by 73.71 percent, from $54.958 million last year to $14.450 million during the current fiscal year.

The exports of cotton yarn also decreased by 14.13 percent, from $739.315 million to $634.831 million while the exports of cotton decreased from $1249.276 million last year to $1233.661 million, showing decline of 1.25 percent.

The exports of cotton (carded or combed) witnessed cent percent negative growth in exports as no exports of the commodity were witnessed during the current year compared to the exports of last year.
The exports of yarn (other than cotton yarn) also declined by 0.27 percent, from $17.853 million to $17.805 million, according to the PBS data.

Meanwhile, on year-on-year basis, the textile exports from the country during January 2019 increased by 8.16 percent compared to the same month of last year. The textile exports during January 2019 were recorded at $1167.581 million against the exports of $1079.466 million in January 2018.

On month-on-month basis, the exports in January 2019 witnessed increase of 2.46 percent when compared to the exports of $1139.511 million in December 2018.

(APP)

WASHINGTON, Feb 16: After decreasing for six consecutive months, China's holdings of U.S. Treasuries slightly rebounded to 1.123 trillion U.S. dollars in December, according to data released Friday by the U.S. Department of the Treasury.

China, which is still the largest foreign holder of U.S. Treasuries, held 1.121 trillion dollars of U.S.

Treasuries in November, down by 17.5 billion dollars from the previous month.

In the meantime, Japan's holdings of U.S. Treasuries increased to 1.042 trillion dollars in December, up from the 1.036-trillion-dollar level in November.

Combined, China and Japan hold more than a third of the total foreign holdings of U.S. Treasuries.

When aggregating net foreign acquisitions of long-term securities, short-term U.S. securities and banking flows, the result was a 33.1-billion-dollar net foreign outflow of U.S. securities in December, the data showed.

(Xinhua/APP)

ISLAMABAD, Feb 16: Minister for Foreign Affairs Shah Mahmood Qureshi while stressing the importance of a broad-based and structured relationship between Pakistan and the United States for promoting shared interests, said that his country looked forward to enhancing cooperation with the United States in trade, energy and business sectors.

The foreign minister said this in a meeting with a bipartisan group of U.S. lawmakers led by Republican Senator Lindsey Graham on the sidelines of the Munich Security Conference in Germany, a Foreign Office statement said.

Sen. Graham chairs the Senate Judiciary Committee and also serves on the Senate Foreign Relations Committee. Sen. Graham was joined by Senator Sheldon Whitehouse (D), Senator Chris Coons (D), Senator Rick Scott (R), Senator John Barrasso (R), Senator Bob Menendez (D).

Meanwhile from the US House of Representatives Congressmen Mike Gallagher (R), Jim Banks (R), Mac Thornberry (R), Mike Turner(R), Tom Malinowski (D), Jim Langevin (D), Elise Stefanik (R), Elissa Slotkin (D), Dan Crenshaw (R) and Joe Wilson (R) attended the meeting. Former Senators Joe Lieberman and Saxby Chambliss also joined the US lawmakers.

The foreign minister said that close engagement between Pakistan and the United States had historically proved to be a factor for stability in South Asia.

He said his government was pursuing an ambitious domestic agenda of reform and people-centric development, which was contingent on peace and stability in Pakistan’s neighborhood.

Above all, Pakistan wanted to see peace return to Afghanistan, he said and recalled that Pakistan had always held that there was no military solution to the Afghan conflict.

He said Pakistan had therefore welcomed the United States’ renewed emphasis on achieving a peaceful, political settlement in Afghanistan, and was extending its fullest support to the efforts of U.S. Special Representative for Afghanistan Reconciliation Zalmay Khalilzad to that end.

Foreign Minister Qureshi welcomed recent progress in the Afghan peace process but stressed that a final settlement would remain elusive without the ownership of all Afghan parties as well as the broader region.

Sen. Graham appreciated Pakistan’s support for peace in Afghanistan, noting that the progress made in last month’s Doha talks would not have been possible without Pakistan’s assistance.

Recalling his recent visit to Pakistan, the senator said that he had been impressed by the successes Pakistan had achieved in its fight against terrorism.

He echoed the foreign minister’s desire for a strategic and comprehensive partnership between Pakistan and the United States and stressed upon establishing a Free Trade Agreement between the two countries.

(APP)