Federal Information Minister Attaullah Tarar stated on Saturday that the country is on the brink of a rapid economic recovery. Speaking in Wazirabad, Tarar remarked, “Whenever Pakistan has faced difficulties, the Higher Power has granted the PML-N the opportunity to govern.” He recalled that two years ago, there were claims that the country was nearing … Read more
ISLAMABAD: Federal Minister for Energy Sardar Awais Ahmad Khan Leghari emphasized the vital role of Balochistan in Pakistan’s economy while addressing the launch of the book “Balochistan: Air-Panoramas & Landscapes” by Aziz Ahmed Jamali and Tahir Khan Kayani at the Pakistan National Council of Arts (PNCA) on Friday. Expressing his appreciation for the event, Awais … Read more
The World Bank has released its Development Update Report on Pakistan’s economy, forecasting 2.8% GDP growth for the current fiscal year. According to the report, Pakistan’s current account deficit is expected to remain at 0.6% of GDP, with a fiscal deficit at 7.6% and total national debt reaching 73.7% of GDP. The World Bank also … Read more
In a significant development, the International Monetary Fund (IMF) Executive Board has approved a $7 billion bailout package for Pakistan during a meeting held in Washington. The meeting was chaired by IMF Managing Director Kristalina Georgieva, with Pakistan’s agenda being a top priority. Under the IMF’s Extended Fund Facility program, Pakistan will receive $7 billion … Read more
Islamabad: President of the Federation of Pakistan Chambers of Commerce and Industry, Atif Ikram Shaikh termed the visit of the Saudi delegation as a milestone for the economy and hoped that it happens in response to the recent visit of the Prime Minister of Pakistan to the capital of the brotherly kingdom. The focus is … Read more
KARACHI: The rupee ended flat against the dollar on Friday, amid foreign pledges to support the Pakistan economy, dealers said. The rupee ended with a decline of one paisa to Rs228.15 against the dollar from the previous day’s closing of Rs228.14 in the interbank foreign exchange market. The dealers said that the local currency had … Read more
KARACHI: The State Bank of Pakistan (SBP) has maintained the GDP growth forecast up to 5 per cent for the fiscal year 2021/22, the central bank stated in a review released on Thursday. The forecast is in line with the government’s target of 4.8 per cent and higher than last year’s provisional growth of 3.9 … Read more
KARACHI: Textiles, being one of the major components of the Pakistan economy, make up around 8.5 per cent of GDP and contribute around 60 per cent to the country’s total exports. However, the textile sector underperformed during the last few years, owing to the power shortages, high manufacturing costs and the lack of research and … Read more
KARACHI: Pakistan’s economy is again at crossroads mainly due to its inconsistent economic policies and weak implementation of structural reforms. This is evident from the Budget FY22, by way of which the fiscal policy became expansionary and several key EFF commitments were reversed to spur growth; which also included low petroleum development levy (PDL) and … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) has launched the Automated Currency Declaration System (ACDS), which will be installed at all domestic airports to prevent currency smuggling. Speaking at the launching ceremony in Islamabad, Minister for Finance and Revenue Shaukat Tarin said this goal can only be reached by combining technology and automation with a review … Read more
KARACHI: The bank deposits have surged to a record high of around Rs21 trillion by the end of the calendar year 2021. Previously, the bank deposits reached a historic high of Rs19.83 trillion by September 2021. Experts attributed the massive growth in deposits to a hike in the interest rates by the State Bank of … Read more
Prime Minister Imran Khan on Saturday said that the country’s economy was witnessing “strong growth” and creating jobs and remained hopeful that businesses and employers would share the gains with their workforces. Read more: PM Imran Khan confident of increase in economic growth by end of fiscal year Sharing a report on Twitter, the prime … Read more
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) chairman Aamir Khan has said that the documentation of the economy is vital for economic progress and building a vibrant corporate sector, a statement said on Tuesday. The commission has adopted the method of regulatory guillotine to review and simplify old regulations and eliminate those that are … Read more
ISLAMABAD: Pakistan Muslim League-Nawaz President and National Assembly Opposition leader Shehbaz Sharif said on Friday that the Pakistan Tehreek-e-Insaf government’s falling back on global commercial banks to avoid depletion of foreign exchange reserves confirms the concerns of the opposition. In a statement, Shehbaz said the government policy of relying on foreign banks for dollars was … Read more
ISLAMABAD: A record trade deficit, double-digit inflation and increase in the interest rate of T-bills auction created panic at the Pakistan stock market but the economy is on strong footings and will grow beyond 5 per cent in this financial year, a senior government official said on Friday. In a media briefing along with Adviser … Read more
ISLAMABAD: Rupani Foundation in partnership with Reenergia, Pakistan Institute of Economic Development (PIDE), and Karakorum International University (KIU), has formally inaugurated the GB Invest Initiative on November 29, 2021 in Islamabad and Gilgit, simultaneously. The launching ceremony was held at the National Press Club, Islamabad. This private sector-led GB Invest Initiative aims at mobilising the … Read more
Prime Minister Imran shared “more good news” with the nation on the economic front of Pakistan here on Monday referring to the dramatic rise in confidence business. The Prime Minister took to Twitter and said,” More good news on the economic front. OICCI’s BCI Survey shows Pak standing at a positive score of 9%, an … Read more
KARACHI: The nations with low broadband connectivity have the potential to realise an increase in GDP by up to 20 per cent by connecting schools to the Internet, a report issued by the Economist Intelligence Unit (EIU) and sponsored by Ericsson, revealed. A well-educated workforce is more likely to be innovative and foster groundbreaking ideas, … Read more
ISLAMABAD: The government had laid solid foundations of the economy to promote long-term sustainable economic growth, a senior government official said on Thursday. Addressing the launching ceremony of environment-friendly Electric motorbikes, Federal Minister for Industries and Production, Khusro Bakhtiar said that the country had to go to the International Monetary Fund (IMF) only because the … Read more
KARACHI: Foreign investors operating in Pakistan have contributed Rs1.4 trillion as tax revenue to the national exchequer during 2020/21, a statement said on Monday. Irfan Siddiqui, president of the Overseas Investors Chamber of Commerce and Industry (OICCI), representative of the foreign companies operating in Pakistan, said: “We are proud that in the past 12 months, … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the decision to hear Customs Adjudication cases in Sukkur and said it would facilitate the businessmen from Sukkur, Jacobabad, Shikarpur, Ghotki, etc, a statement said on Saturday. FPCCI President Mian Nasser Hyatt Maggo said that now the people would not have to … Read more
KARACHI: The liquid foreign exchange reserves of the country declined $329 million to reach $23.257 billion by the week ended June 18, 2021, compared with $23.586 billion by the week ended June 11, 2021, the central bank reported on Thursday. The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell from $311 … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday issued a policy for the financial inclusion of persons with disabilities to make banking process easy for them. The central bank issued the policy to make banking easy and convenient for them through supportive physical infrastructure, accessible products and services, assistive technologies, and supportive staff interactions. … Read more
KARACHI: The government has vowed to bring the prices of essential items down and expressed the hope that the need for continued subsidy will no longer be required, a spokesman for the Ministry of Finance said. Responding to the press conference by former finance minister Miftah Ismail, he said the foreign exchange reserves have witnessed … Read more
The SECP has introduced a draft regulatory framework for digital-only insurers and dedicated micro-insurers for seeking public comments. The framework, projected through alterations in Insurance Rules, 2017, sets out the registering requirements for objects eager to operate through digital mode only and for units wanting to conduct small ticket size insurance, i.e., micro-insurance. In addition, … Read more
The past three years of the present Government has faced numerous economic challenges, aggravated by the Covid 19 Pandemic, but the Government so far has successfully progressed from retrieval and maintenance for sustainable growth as mentioned in Budget 2021-22. The Government’s priorities are as follows: Comprehensive and maintainable economic growth Pro-poor enterprises and social safety … Read more
The federal government in Budget 2021-21 has broadcasted an Rs2.1 trillion disbursement for the Public Sector Development Programme (PSDP), with Rs900 billion set aside for federal and Rs1.235 trillion for provincial development programs. Aviation Division – Rs3,558.2 million Board of Investment – Rs80 million Cabinet Division – Rs46,155 million Climate Change Division – Rs14,327 million … Read more
The federal government has assigned Rs42, 450 million for the Higher Education Commission (HEC) for the Budget 2021-22 under the Public Sector Development Programme (PSDP). According to the Budget 2021-22 document, Rs29, 736 million have been reserved for ongoing projects and Rs12, 713 million for new schemes. Among the ongoing schemes, an amount of Rs100 … Read more
