Tag: economic issues
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COP28: Pakistan’s Urgent Call for Global Climate Action
In a compelling address at the 28th Conference of Parties of the United Nations (COP 28) in Dubai, Caretaker Prime Minister Anwaar-ul-Haq Kakar urged developed nations to spearhead a surge in global mitigation efforts commensurate with their economic stature and historical responsibility. Emphasizing the need for a collaborative approach, Kakar stressed that developed countries should…
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Nawaz Sharif Blames Imran’s Backers for Economic Woes
Former PM Nawaz Sharif the supreme leader of PML-N, asserted that the imposition of Imran Khan as the Prime Minister halted the wheels of progress. Speaking at a ceremony held at the Sialkot Chamber of Commerce and Industry, Sharif emphasized the critical need for political stability and long-term policies to instill confidence in investors and…
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Supporting Poverty Reduction Efforts in Pakistan
Pakistan, a country with a diverse population of over 200 million, faces significant economic challenges that contribute to widespread poverty. According to the World Bank, more than 39.4% of the population lives below the poverty line. This article aims to provide readers with insights into how they can support poverty reduction efforts in Pakistan and…
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Pakistan’s Economic Challenges in FY23
Pakistan’s economy has faced tremendous challenges of macroeconomic imbalances, supply shocks, and international economic slowdown, which has dampened growth in the past two years. The World Bank’s latest Pakistan Development Update has estimated that the country’s economy contracted by 0.6% in FY23 due to accumulated economic imbalances and difficulties securing critical inputs, including fertilizers, which…
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IMF Reshapes Pakistan’s Outlook
The International Monetary Fund (IMF) has revised Pakistan’s foreign loan requirements for the current fiscal year, reducing it by $3.4 billion to $25 billion. The IMF’s adjustments, made during the first review talks of the $3 billion bailout package, also included a lowering of the economic growth projection to 2%, rejecting the government’s external and…
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Copper Price Seeks Stability Amidst Corrective Rebound
The price of copper has experienced a corrective bullish rebound, reaching 3.6600 as it takes a brief pause. The intention is to gather positive momentum, reinforcing a potential continuation of bearish trends in the upcoming period. The sustained position below the MA55 is a crucial factor supporting the stability around the 3.7300 barrier, affirming the…
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A Decade of China-Pakistan Economic Corridor
The All Pakistan China Enterprises Association and Pakistan China Institute jointly launched a comprehensive report titled ‘Ten Years of China Pakistan Economic Corridor,’ shining a spotlight on a decade of remarkable collaboration between China and Pakistan under the CPEC framework. This report is a testament to the numerous billion-dollar development projects that have reached fruition…
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Supreme Court Issues Order in NAB Amendments Case
The Supreme Court has released a detailed order pertaining to the NAB amendments case hearing, which transpired on October 31. The written order divulges that the highest court in the land has extended an invitation to the incarcerated PTI chief, offering him an opportunity to present himself before the court. This development underscores the court’s…
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Air Travel Woes Amid Fare Hikes
Private airlines in Pakistan have significantly hiked their domestic flight fares as Pakistan International Airlines (PIA) grapples with severe disruptions in its flight operations due to an acute fuel supply shortage. These private carriers have raised fares by staggering amounts, with some one-way fares increasing by up to Rs77,000, marking a worrying turn of events…
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Fuel Shortage Prompts Cancellation of 14 PIA Flights
Pakistan International Airlines (PIA) has been compelled to cancel 14 international and domestic flights due to a severe fuel shortage. The crisis erupted after the state-owned Pakistan State Oil (PSO) ceased its fuel supply to PIA over unpaid dues. This latest setback places PIA, the national carrier of Pakistan, in a precarious financial position, with…
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Pakistan’s Commitment to Global Economic Ties
Dr. Shamshad Akhtar, Pakistan’s Caretaker Finance Minister, has highlighted the nation’s unwavering dedication to fostering economic prosperity and promoting international financial cooperation. Her remarks were made during a significant meeting with IMF Chief Kristalina Georgieva, which included finance ministers from the Middle East, North Africa, and Pakistan (Menap), along with state bank governors in Marrakesh,…
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Massive Gas Price Hike Proposed by Caretaker Government
The caretaker government is preparing to implement a significant increase in gas prices, with reports indicating that the rise could be as high as 100% for various consumer categories. This move is in line with the agreement reached with the International Monetary Fund (IMF) and is expected to have wide-ranging implications for the economy and…
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Government’s Pledge: Passing Petro Price Benefits to Public
Caretaker Minister for Information and Broadcasting, Murtaza Solangi, has expressed the federal government’s commitment to ensuring that the recent reduction in petroleum prices translates into lower costs for essential commodities, ultimately benefiting the common man. Speaking during a televised program on PTV, Minister Solangi emphasized that directives have been dispatched to all provincial governments, mandating…
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Pakistani Rupee Against USD: Promising Economic Turnaround
In a remarkable display of resilience and economic recovery, the Pakistani rupee has surged, appreciating by 1.4 percent against the US dollar in the interbank market throughout the outgoing week. As it stands, the rupee is poised to claim the title of the best-performing currency for this month. By the close of business on Thursday,…
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Caretaker Government’s Decision on Power Bill Relief Expected by Monday
In a recent press conference held in Islamabad on September 8, 2023, Caretaker Energy Minister Muhammad Ali announced that the interim government is poised to make a significant decision regarding the provision of relief in electricity bills, with an expected decision date set for Monday. The ministers addressed the media following the first session of…
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“USD to PKR: Pakistan’s Dollar Exchange Rate – August 31, 2023”
In the world of financial fluctuations, where currencies constantly dance to the tune of global markets, the exchange rate between the US Dollar (USD) and the Pakistani Rupee (PKR) remains a crucial point of interest. As of August 31, 2023, the Dollar Rate in Pakistan stands at Rs. 305.54, representing the interbank closing exchange rate…
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Pakistan’s Complex Engagement with Taliban Leadership
Initially hopeful about the Afghan Taliban’s takeover in Afghanistan, Pakistan now grapples with unmet expectations as challenges continue to mount. Two years into this new reality, issues like cross-border terrorism persist, posing significant security risks. Moreover, Afghanistan’s neighboring countries share Pakistan’s concerns regarding the Taliban’s increasingly assertive posture on matters of security, border management, and…
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Pakistani Rupee Ends Losing Streak, Gains Against US Dollar
In a much-awaited turnaround, the Pakistani rupee has put an end to its ten-session losing streak against the US dollar, managing to secure a marginal gain to settle at 305.47. This shift comes as a breath of fresh air for Pakistan’s financial markets, which have witnessed a steady depreciation of the national currency in recent…
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Passive Income Paradigms: Navigating Your Financial Odyssey”
Amidst a rapidly evolving financial landscape, the quest for generating passive income has taken center stage. As aspirations of financial independence soar, individuals are increasingly seeking opportunities to diversify income streams and secure their future. Whether you envision a supplementary income of $1000 or a full-scale transformation of your financial dynamics, the realm of passive…
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Veiled Realities: China’s Economic Challenge Amidst Secrecy
Amidst the towering walls of the head office of China’s beleaguered property giant, Country Garden, an unexpected scene unfolded—one that revealed the stark realities of China’s slowing economy. A disheartened, shirtless man knelt outside, flanked by a secretive arrangement of red umbrellas, held aloft by guards seemingly determined to shroud the situation in secrecy. Nearby,…
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Bitcoin and Ethereum: Price Analysis and Future Prospects
The cryptocurrency market, particularly Bitcoin (BTC) and Ethereum (ETH) has been witnessing fluctuations due to various factors impacting investor sentiments. Speculations about the US Federal Reserve slowing down interest rate hikes initially sparked hopes of recovery for Bitcoin. However, with the recent revelation of low unemployment rates in the US, negative sentiments returned to the…
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Pakistani Rupee’s Slide Continues Amid Dollar Inflows
The Pakistani rupee continues to face downward pressure against the US dollar, even with the recent surge in dollar inflows. For the second consecutive session, the rupee depreciated by Rs1.67, closing at Rs279.26 in the interbank market on Monday. The recent appreciation in the dollar by Rs2.81 over the last two sessions indicates that the…
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Pakistan’s Growing External Debt Concerns
In a recent report, the International Monetary Fund (IMF) has raised concerns about Pakistan’s mounting external debt, which has reached a staggering $100 billion. The IMF warns that if the nation fails to meet its bailout program goals, it could be compelled to restructure its debt, becoming the next country to face such a financial…
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Pakistan Receives $1.2 Billion IMF Tranche
Pakistan has received a much-needed lifeline as the International Monetary Fund (IMF) deposited $1.2 billion into the State Bank of Pakistan (SBP) account. This initial disbursement marks a crucial step in averting the risk of default that has loomed over Pakistan’s cash-strapped economy for nearly a year. After eight months of challenging negotiations regarding fiscal…
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PKR Exchange Rates: July 1, 2023
On July 1, 2023, the Pakistani rupee’s exchange rates against major currencies were updated in the open market. These rates, subject to fluctuations driven by market forces and currency demand, provide insight into the value of the Pakistani rupee in relation to other currencies. For one US dollar (USD), the buying rate was Rs 287.00,…
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Pakistan Secures Last-Minute IMF Bailout to Prevent Default
According to a report by Bloomberg Economics, Pakistan is likely to avert default this year as it secured a last-minute bailout from the International Monetary Fund (IMF). The report states that a staff-level agreement signed with the IMF indicates that aid will finally be received after months of delay. Ankur Shukla, covering South Asia at…
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Pakistan Secures Crucial $3 Billion Nod from IMF in Nick of Time
Pakistan has finally reached a staff-level agreement with the International Monetary Fund (IMF) on a much-awaited $3 billion stand-by arrangement, providing a lifeline to the country on the brink of default. The deal, subject to approval by the IMF board in July, offers respite to Pakistan as it grapples with an acute balance of payments…
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PM Holds Third Meeting with IMF Chief, Hopes for Loan Program Completion
Prime Minister Shehbaz Sharif recently met with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, in Paris to reaffirm Pakistan’s commitment to completing the loan program with the financial institution. This was the third meeting between the prime minister and the IMF chief, taking place on the sidelines of a summit for…
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Pakistan Implements Tax Reforms Worth Rs215bn to Secure IMF Funding
The Pakistani government has made significant changes to its budget for the upcoming fiscal year in an effort to secure critical funding from the International Monetary Fund (IMF). Finance Minister Ishaq Dar announced the revised measures, which include fiscal tightening and tax increases, aimed at generating an additional Rs215 billion in revenue and reducing spending…
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Pakistan Pays for Russian Crude in Chinese Currency
In a significant development, Pakistan has paid for a shipment of discounted Russian crude oil in Chinese currency, according to Minister of State for Petroleum, Musadik Malik. The country faced a shortage of dollars and a dispute between the United States and Russia over the Ukraine issue, which led to the decision to open a…
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Fact-Checking Rowan Atkinson’s Misconceptions about Electric Vehicles
In a recent opinion piece for The Guardian, comedian Rowan Atkinson expressed skepticism about the environmental benefits of electric vehicles (EVs). However, a response by Simon Evans from Carbon Brief counters Atkinson’s claims, highlighting their inaccuracies and presenting evidence that supports the advantages of EVs. Atkinson relies on debunked arguments often used to delay climate…
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IMF Urges Programme-Compliant Budget in Pakistan to Unlock Funds for Economic Revival
The International Monetary Fund (IMF) has emphasized the need for Pakistan to pass a budget that aligns with the program objectives in order to revive the stalled loan facility. Esther Perez Ruiz, the IMF Resident Representative for Pakistan, stated that the proper functioning of the foreign exchange market must be restored, an FY24 Budget consistent…
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Government Contemplates Law Amendment to Facilitate Inflow of Dollars
In an effort to attract billions of dollars to the country and avoid a potential default, the government of Pakistan is contemplating amending the Income Tax Ordinance. The proposed amendment aims to allow individuals to bring in up to $100,000 from abroad without having to disclose the source of income. While some view this move…
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Government Employees Await Promised Salary Boost of 20% in Upcoming Budget
In an announcement on Wednesday, Ashfaq Tola, Chairman of the Reforms & Resource Mobilisation Commission, revealed that government employees can expect a substantial pay hike of approximately 20% in the forthcoming budget. Mr. Tola emphasized the need to boost the salaries of lower-grade employees, noting that their current remuneration is disproportionately low. During an event…
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Pakistan’s Economic Survey 2022-23 Unveils Modest Growth and Sector-Specific Challenges
The federal government of Pakistan is set to release the Economic Survey of Pakistan 2022-23 today, providing a comprehensive overview of the country’s socio-economic progress during the previous fiscal year. The pre-budget document, to be unveiled by Finance Minister Ishaq Dar, will highlight key achievements, performance, and trends in various sectors including agriculture, manufacturing and…
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Pakistan’s Budget Caught Between IMF Expectations and Impending Elections
The upcoming budget for the 2023-24 fiscal year in Pakistan is expected to strike a delicate balance between meeting International Monetary Fund (IMF) requirements and appealing to voters ahead of the imminent general election, according to analysts. With Pakistan’s IMF program set to expire this month and $2.5 billion in funds yet to be released,…
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Pakistani Rupee Faces Potential Depreciation as IMF Loan Program Looms
The Pakistani rupee has seen a slight recovery of 0.02% against the US dollar, reaching Rs285.35 in the interbank market. However, financial experts are predicting further depreciation of the currency as the revival of the International Monetary Fund (IMF) loan program draws near. The IMF has reminded the government to fulfill three conditions in order…
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IMF Urges Pakistan to Address Currency Market and Present Revised Budget Framework
The International Monetary Fund (IMF) has called upon Pakistan to eliminate the dual exchange rate system and share a revised budgetary framework for the current fiscal year and the upcoming budget (2023-24) in order to reach a staff-level agreement. Concerned about low revenues and unchecked expenditures, the IMF warns that the budget deficit could reach…
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Rupee Faces Further Depreciation in Open Market Amid Dollar Shortage
The Pakistani rupee is likely to face more pressure in the open market next week as a shortage of the dollar persists. However, in the interbank market, the rupee is expected to trade within a narrow range, as administrative measures are implemented to stabilize rates. The economic challenges facing Pakistan, coupled with dwindling foreign exchange…
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SBP Projects Substantial Decline in Pakistan’s Economic Growth, Citing Control Measures and Flood Impact
The State Bank of Pakistan (SBP) has provided a grim assessment of the country’s economic prospects, stating that growth for the current fiscal year will fall significantly short of the previously revised projection of around 2%. This stands in stark contrast to a few research houses’ forecasts, which predicted a contraction in the fiscal year…
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Pakistan’s Current Account Registers Second Consecutive Monthly Surplus
In a positive development for Pakistan’s economy, the current account recorded a surplus for the second consecutive month in April. The surplus amounted to $18 million, a significant improvement compared to the $640 million deficit recorded in the same period last year, according to data released by the State Bank of Pakistan (SBP). This follows…
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Pakistan Faces Uphill Battle in Meeting IMF’s $8 Billion Bailout Review Requirement
The International Monetary Fund (IMF) has reportedly urged Pakistan to procure a substantial amount of $8 billion to successfully conclude its bailout review. This financial requirement has placed Pakistan’s economic stability under scrutiny, as the nation seeks to meet the conditions set forth by the IMF. The following essay will delve into the details of…
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Record High Inflation in Pakistan: Can the Government Control Prices?
Inflation continues to devastate the lower and middle-income groups in Pakistan as prices soar, particularly for essential goods such as potatoes and chicken. The Pakistan Bureau of Statistics (PBS) reports that the weekly inflation rate increased by 46.82% year-on-year and 0.15% week-on-week in the seven days ending on April 27. The sensitive price indicator (SPI)…
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Saudi Fund for Development signs $240m loan agreement with Pakistan for a sustainable energy project
The Saudi Fund for Development (SFD) has signed a loan agreement worth $240 million with Pakistan to support the Mohmand Multipurpose Dam Project, aimed at promoting sustainable development and achieving the Sustainable Development Goals (SDGs). The project is co-financed by the SFD, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development. The…
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Pakistan Raises National Saving Rates
The Government of Pakistan has announced a revision in the profit rates of national savings schemes, increasing them by up to 4.13%. The move aims to make the schemes more attractive and mobilize investments from the general public. The Central Directorate of National Savings (CDNS) has increased the rate of return on several savings schemes,…
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Pakistan’s Economy Faces Challenges as US Dollar Gains Against the Rupee
The US Dollar continued its upward trend against the Pakistani Rupee on Friday, gaining a record 25 paisas in the interbank trading. The local currency had appreciated by 1.21 percent on Thursday, halting the US Dollar’s advance. However, it bounced back the next day after Saudi Arabia pledged $2 billion in funding to Pakistan. The…
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Saudi Arabia funds Pakistan’s Dam
Saudi Arabia has signed a $240 million loan agreement with Pakistan to support the Mohmand Dam project in the northwestern Khyber Pakhtunkhwa province. The agreement was signed in Islamabad by officials from the Ministry of Economic Affairs and the Saudi Ambassador to Pakistan, Nawaf bin Said Al-Malki. The loan will provide significant support to Pakistan’s…
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Pakistani Rupee Rises on Hopes of IMF Bailout Revival
The Pakistani rupee has gained over 1% against the US dollar in interbank trade on hopes of a revival of the International Monetary Fund (IMF) bailout. The IMF has received confirmation from Saudi Arabia on $2bn in additional deposits, raising hopes of an early signing of the agreement. Islamabad has been negotiating with the IMF…
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Pakistan’s Rupee Hits All-Time Low at 288 Against USD as IMF Loan Program Remains Delayed
Pakistan’s currency, the rupee, has reached a new all-time low against the US dollar, hitting Rs288 in the interbank market. This depreciation comes amid delays in the revival of the International Monetary Fund (IMF) loan program and the looming risk of default on foreign debt repayment. The rupee has been struggling in recent months, with…
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Overpricing in Ramzan bazaars causes frustration for citizens
As the holy month of Ramzan begins, citizens in Rawalpindi are expressing disappointment with the high prices of essential items in Sasta Ramzan bazaars, which were set up to provide relief from inflation. Despite efforts by the district administration to establish these bazaars and Fair Price shops, citizens claim that the relief offered is insignificant…