Aug,, 21(E.A Report) — Small and Medium Enterprises Development Authority (SMEDA) has launched an initiative to develop a separate credit risk assessment system for easy disbursement of loans to the manufacturing SMEs in Pakistan.CEO SMEDA, Farhan Aziz Khawaja informed that the initiative had been started through a PSDP funded project of SMEDA; “the Research, Regulatory Insight & Advocacy Assistance for SMEs” (RRI&A) under the federal Ministry of Industries & Production (MoIP).In a press statement issued here today. CEO SMEDA said, SMEs in Pakistan face significant hurdles in obtaining finance. Challenges encompass limited data transparency, complex paperwork, cumbersome bank protocols, SMEs' creditability and readiness, ...
August 21, 2023 at 6:28 pm | Economic Affairs
Aug, 21(Agencies) — Asian currencies edged lower on Monday after China surprised markets with a modest cut in lending rates, while Thailand’s economy grew at a much slower-than-expected pace.Indonesian rupiah led losses in the region, depreciating 0.3%, while the Malaysian and Singaporean currencies fell marginally.Bucking the trend, the Thai baht appreciated 0.4%, posting its best day since July 27, even as growth moderated in the second quarter.“No cut on 5-year LPR (loan prime rate) is a big surprise and this may further lead to lower expectations on the cut of existing mortgage rate, given no rate cut on 5-year LPR already indicated the big NIM (net interest margin) pressure the banks are facing,” said Willer Chen, research ana...
August 21, 2023 at 6:27 pm | Economic Affairs
The Prime Minister's introductory address underscored his intention to lead with a focus on development, a commitment that stood regardless of the duration of his tenure. By Qamar Bashir In a landmark moment for Pakistan, the newly-appointed Caretaker Prime Minister conducted his first Cabinet meeting on August 18, 2023, a telecast that left an indelible mark on the nation. His eloquent speech, clarity of thought, and unwavering commitment to a clear vision left an impression that resonated with citizens across the spectrum. The Prime Minister's introductory address underscored his intention to lead with a focus on development, a commitment that stood regardless of the duration of his tenure. His priorities were firmly set on orga...
August 19, 2023 at 11:34 am | Economic Affairs
By Qamar Bashir In a significant development for Pakistan, a caretaker Cabinet has been sworn in by the President. This diverse assembly, composed of 16 ministers and three advisors, marks a departure from conventional political structures, instead favoring a blend of technocrats, retired bureaucrats, IT experts, business figures, a select few politicians, and eminent individuals. With a prominent mandate to uplift the nation's economic and financial landscape, enhance business appeal, attract trade and investment, and pave the way for forthcoming free and fair elections, this Cabinet's formation heralds a pivotal chapter in Pakistan's journey toward stability and progress. With a prominent mandate to uplift the nation's economic ...
August 19, 2023 at 11:27 am | Economic Affairs
Addressing challenges, implementing modern practices, and fostering supportive policies will undoubtedly bolster Pakistan's position, allowing it to harness its status and credibility to market its Halal meat products worldwide. By Fatima Saleem Pakistan's strategic geographical location places it in a favorable position to emerge as a key player in the global Halal meat industry. The Halal meat market has demonstrated remarkable growth, with a market size of US$2,221.3 billion that is projected to reach US$4,177.3 billion by 2028. However, despite this potential, Pakistan ranks 19th in meat exports, holding a meager market share of just 0.4%, lagging behind leaders like Brazil, Australia, and India. While Pakistan exports Halal m...
August 17, 2023 at 4:46 pm | Economic Affairs
Announcing a Cabinet fit for purpose will send the clearest signal that the caretakers mean business. Dr Pervez Tahir A “small” Cabinet has taken oath, with more to come later. The makers of caretakers, the tacit approvers and the dispersed opposition, agree that elections are the business of the Elections Commission of Pakistan, the single purpose of the caretakers is to fix the plummeting economy of the country. In the polarised state of affairs, this is a rare consensus. Political class has shown little appetite for the purpose. Rather, it has empowered the caretakers to achieve the purpose. The establishment has put its weight behind it by driving the SIFC. Economy is a vast area, with plague all around. With a limited ...
August 17, 2023 at 2:37 pm | Economic Affairs
PSWF is being established to provide a long-term investment vehicle for the nation's excess oil and gas revenues, investment infrastructure and energy initiatives, and provide financial assistance to the government. By Qamar BashirThe Pakistan Sovereign Wealth Fund (PSWF) Bill was passed by the Senate on August 2, just eight days prior to the dissolution of the National Assembly leading to the end of the current government's mandate.The bill, once signed by the President of Pakistan, will enable the government to establish a PSWF where the country's solvent assets worth Rs. 2.3 trillion will be parked. The government has identified at least seven solvent and profit-making companies with net worth of Rs. 2.3 trillion including OGDCL, ...
August 4, 2023 at 12:45 pm | Economic Affairs
August 2,2023Rawalpindi: (PR)Lieutenant General Alfonas Mais, Chief of German Army called on General Syed Asim Munir, COAS at GHQ.During the meeting matters of mutual interest, regional security situation and defence cooperation were discussed.Both reiterated the desire to further enhance bilateral relations in all fields.The visiting dignitary acknowledged and appreciated Pakistan Army’s successes in fight against terrorism and Pakistan’s continued efforts for bringing peace and stability in the region.
August 2, 2023 at 1:02 pm | Economic Affairs
Pakistan has the sixth largest gold reserves in the world, estimated at 42.5 million ounce in Reko Dik alone. By Qamar Bashir Within a month, Special Investment Facilitation Council (SIFC) has launched its fourth high value flagship project "Dust to Development" with the goal of garnering $ 6.1 trillion in investment in the country's mining sector. Two friendly countries have already pledged investment of $ 40 billion and $ 22 billion, respectively, with an immediate commitment of $ 10 billion ready to be inked. The SIFC selected the mining, information technology, and agriculture industries as economic drivers solely on the basis of their merit. These investments are mostly in Balochistan; thus, the SIFC envisions the estab...
August 2, 2023 at 12:58 pm | Economic Affairs
Aug. 01 (E.A Report) — Pakistan’s July headline registered a marginal decline, clocking in at 28.3% on year-on-year basis in July 2023, comparing previous month increase of 29.4% and 24.9% in July 2022.On a month-on-month basis, it increased by 3.5% in July, showed data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.The headline inflation figure is higher than expectations. It was earlier projected that the CPI figure would stand in the range of 25-27%.According to PBS data, food group, which commands a significant weight of 34.58%, increased to 272.44 in July 2023 as compared to 261.78 in June 2023, a gain of 4.07%.In its Monthly Economic Outlook for July, the Ministry of Finance stated that inflation is expected ...
August 1, 2023 at 7:27 pm | Economic Affairs
Soon after Dar took the office in 2022, he declared that the country would not default and the economy would return to normalcy; the populace received his word with skepticism. By Qamar Bashir Federal Minister for Finance and Revenue Mr. Ishaq Dar has been known to me since I were Press Minister at the Embassy of Pakistan in France. After my assignment in September 2015, Finance Minister and his close associate Miftah Isamel as head of the Board of Investment (BOI) visited France. They met with nearly all of France's key business, trade, and investment stakeholders from both the public and private sectors. In addition to meeting with the French Chamber of Commerce, he also met with the French Minister of Finance. At the outset, Is...
July 30, 2023 at 11:11 am | Economic Affairs
Green Pakistan Initiative underlines the government's prioritization of the economy, specifically focusing on the agricultural sector of the country. By Aamer Hayat Bhandara Constitutionally and democratically, Pakistan has undergone significant transformations during the last parliamentary tenure of the current national assembly, ranging from governmental structural changes to the urgent implementation of economic recovery measures. In recent months, there has been a notable increase in attention towards the agricultural sector by the state, government, and business community. This shift in focus commenced with the IMF agreement and has since been accompanied by actions aimed at enhancing agricultural productivity and trade. T...
July 21, 2023 at 6:19 pm | Economic Affairs
July, 19 (Agencies) — Asian Development Bank cut its inflation forecast for developing Asia Wednesday as food and fuel prices eased, supply chain disruptions waned and interest rate hikes started to bite.Inflation, which has squeezed household budgets and left millions of poor households struggling to put food on the table, is heading back towards pre-Covid levels, the Philippines-based lender said.It expects inflation of 3.6 percent this year, compared with its forecast in April of 4.2 percent as prices in China ease sharply, the bank said in its flagship outlook report.Developing Asia refers to the multilateral lender’s 46 emerging member economies, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific.ADB kep...
July 19, 2023 at 7:47 pm | Economic Affairs
July, 19 (E.A Report) — Habib Bank Limited (HBL) announced establishing a subsidiary in agriculture sector.The development was shared by HBL in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.“We would like to clarify that the bank (HBL) intends to set up a subsidiary, to promote the agriculture sector of Pakistan, for which a detailed feasibility report has been finalised,” read the notice.HBL said that it is currently in the process of obtaining all regulatory approvals required for the incorporation of the said subsidiary.HBL declared earnings in January-March with a profit before tax (PBT) of Rs21.5 billion, 47% higher than the PBT of Rs14.6 billion last year.The bank’s profit after tax rose by 54% to Rs 13.3 billion...
July 19, 2023 at 4:52 pm | Economic Affairs
Islamabad; July 17,2023 -( EA Report) Mian Mohammad Younis has been appointed as the Chairman of the Board of Directors Faysal Bank Limited, in its board meeting held on July 17, 2023. With the professional career spanning over four decades in Ministry of Finance, Banking and Financial Sector reforms, Mr. Younis brings in extensive knowledge of Corporate Sector Governance and financial markets.Mr. Younis has also served at the Board of Directors of Meezan Bank Limited, as the Chairman of the Board Audit Committee and was also a member of the Board Risk Management Committee.He has been part of the Board of Directors at Faysal Bank Limited for more than nine years where he has been the Chairman of Board Audit and Corporate Governance Comm...
July 17, 2023 at 8:54 pm | Economic Affairs
Since 1990, Pakistan's policy towards the Taliban in Afghanistan has undergone several shifts due to changing geopolitical dynamics and regional security concerns. By Qamar Bashir In recent statements, the army chief has shifted from an appeasement policy with the Afghan Interim Government to an aggressive policy, warning it to rein in the Tehreek-e-Taliban Pakistan (TTP) militant umbrella group. The TTP has been using Afghan soil to launch attacks in Pakistan. The army chief had noted Pakistan has "serious concerns about the safe havens and freedom of action available to the Tehrik-e Taliban Pakistan militant group." He made these remarks after two militant strikes in recent days killed 12 Pakistani soldiers on the Pakis...
July 17, 2023 at 6:37 pm | Economic Affairs
Pakistan Rupee Exchange Rate