Interview

The core achievements of the past decade span across economic, social, and strategic domains, shaping the trajectory of Pakistan and China for the better. Prof. Engr. Zamir Ahmed Awan As we mark the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), the air is filled with excitement and optimism, reflecting the remarkable achievements and boundless potential that this partnership holds. The visit of Chinese Vice-Premier Hi Lifeng to Pakistan to commemorate this milestone is not merely a ceremonial affair; it is a testament to the enduring friendship and shared vision that underpins the journey of economic, social, and strategic advancement embarked upon by both nations. The China-Pakistan Economic Corridor (CP...

September 1, 2023 at 4:55 pm | Economic Affairs

The IMF projections in the new Stand-By Facility for Pakistan are more conservative, and see greater persistence of stagflation. The GDP growth rate is projected at 2.5% and the rate of inflation at close to 26%. Dr. Hafiz A. Pasha The year 2022-23 witnessed the worst from of 'stagflation' in the history of Pakistan. Primarily due to the ravages of the floods and severe physical restrictions on imports of raw materials and inputs, the GDP growth rate is likely to have been significantly negative. Simultaneously, due to large supply shortages and the 40% devaluation of the rupee, the rate of inflation rose to a monthly average of 29.2%. The unemployment rate has risen to 8.5%, with almost two million workers losing their jobs d...

September 1, 2023 at 3:04 pm | Economic Affairs

ISLAMABAD, August 31, 2023: Tahir Yaqoob Bhatti on Thursday took over as President/CEO Zarai Taraqiati Bank Ltd (ZTBL). Mr Bhatti is high profile banker with his experience spanning over 35 years in almost all major areas of banking with large and mid-tier financial institutions.  He has been part of senior management teams of Askari Bank, ABL and Faisal Bank. Prior to joining ZTBL, Mr Bhatti served as President/CEO Punjab Provincial Cooperative Bank Ltd, the oldest financial institution in country dealing in agriculture. Mr Bhatti is MBA from IBA Lahore and M. Com from Hailey College of Commerce Lahore. He is also qualified DCMA (Gold Medalist) and fellow of Institute of Bankers in Pakistan (IBP). He is certified director fr...

August 31, 2023 at 6:18 pm | Economic Affairs

August 31, 2023: Islamabad: (PR)Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy paid a visit to the Ministry of Commerce today, where he met with caretaker Federal Minister for Commerce, Industries and Production, Dr. Gohar Ejaz. During the meeting, Ambassador Nawaf extended congratulations to Dr. Gohar on his recent appointment and conveyed warm regards from Saudi Arabia's Custodian of Two Holy Mosques and Crown Prince Mohammed Bin Salman. Dr. Gohar discussed the strong historical ties between Pakistan and Saudi Arabia, expressing gratitude for Saudi Arabia's consistent support of Pakistan's economic stability and growth. The minister commended the Saudi leadership's visionary approach and assured Ambassador Nawaf of Pakistan's ...

August 31, 2023 at 4:24 pm | Economic Affairs

Aug, 29(Agencies) — Oil prices climbed slightly up Tuesday following potential supply disruptions as a result of an incoming hurricane hurtling towards U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and could impact crude production on the eastern side of the U.S. Gulf Coast.Jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two gia...

August 30, 2023 at 4:11 pm | Economic Affairs

Aug, 29(Agencies) — US dollar index eased 0.077% at 103.85 after slipping 0.2% on Monday against six key rivals. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer.View gained more traction in the wake of Fed Chairman Jerome Powell on Friday suggesting that further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty.With US central bank highlighting the interest rate path will be heavily dependent on data, the spotlight will be on a batch of economic indicators this week, including payrolls and personal consumption expenditure.First up is job openings figures for Ju...

August 29, 2023 at 4:32 pm | Economic Affairs

Aug., 28(E.A Report) — Pakistani rupee dipped on Monday to a new record low against US dollar by settling at 302 in inter-bank market.Rupee was down Re1 or 0.33%, as per the State Bank of Pakistan (SBP) at close.During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.Currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market.Pakistan’s rising imports as restrictions ease, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee.In a related devel...

August 29, 2023 at 3:39 pm | Economic Affairs

Aug., 28(E.A Report) — Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index weighed down by near 200 points on Monday with collective pessimism over rupee’s record fall and lack of positive triggers.KSE-100 started first day of the week positive, reaching an intra-day high of 47,733.51. However, profit taking erased the gains and pushed the index into negative territory.At close, the benchmark index settled at 47,478.61, down 192.61 points or 0.40%. “Profit-taking was noted in the Pakistan equities market as investors sold off their holdings in response to circulating rumours. This action was prompted by concerns about the possibility of an upcoming rise in the policy rate,” brokerage house Topline Securities said in its marke...

August 29, 2023 at 3:29 pm | Economic Affairs

Aug., 28(E.A Report) — National Single Curriculum of Pakistan has taken “Entrepreneurship” in as a compulsory subject for grades 9-12 to develop the country as an enterprising nation, Chief Executive Officer SMEDA says.Addressing as Keynote speaker at International See Pakistan Conference organized by Association of Private Sector Universities of Pakistan (APSUP), CEO SMEDA said that includsion of Entrepreneurship would help promote entrepreneurship culture in society, right from the school level.In tandem, entrepreneurship was also being inculcated in our students through encouraging “sports entrepreneurship” on the lines of the professionally managed football leagues around the world. SMEDA’s Sports Industries Development Cen...

August 29, 2023 at 3:23 pm | Economic Affairs

Aug., 28(E.A Report) —Indus Motor Company (IMC) registered a drop of profit nearly 39% as compared with earnings of Rs15.8 billion in the same period last year, amid lower sales as profit-after-tax (PAT) of Rs9.66 billion in fiscal 2023.Earnings per share (EPS) stood at Rs123 in FY23 compared with Rs201 in FY22. The board of directors of the assembler of Toyota vehicles in Pakistan met on August 25 to review the company’s financial and operational performance in the year ended June 30, 2023.Along with the result, the company declared a final cash dividend of Rs29 per share. This is in addition to the already paid combined interim cash dividend of Rs42.8 per share, taking the full year divided to Rs71.8 per share.On a quarterly basis, I...

August 28, 2023 at 6:49 pm | Economic Affairs

Aug, 28(Agencies) — Oil prices moved up on Monday as China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand.Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while US West Texas Intermediate crude was at $80.09 a barrel, up 26 cents, or 0.3%.Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the US central bank may need to raise rates further to cool still-too-high inflation.Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore said, after China halved stamp duty on stock trading effective Monday in the latest attempt to boost stru...

August 28, 2023 at 6:45 pm | Economic Affairs

Aug, 28(Agencies) — Dollar eased from a 12-week peak on Monday as traders weighed US monetary path after the Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months.In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Federal Reserve Chair Powell promised to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy. “We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell said in a keynote address. “It is the Fed’s job to brin...

August 28, 2023 at 6:41 pm | Economic Affairs

Aug., 25(E.A Report) — Pakistani rupee hit a new record low against US dollar by settling at 301 in the inter-bank market on Friday.At close, Rupee settled at 301 after a decrease of Re0.78 or 0.26%, as per the State Bank of Pakistan (SBP)On Thursday, the rupee had closed at the then-record low against the US dollar at 300.22.In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalisation of the EXIM Bank for enhancing Pakistan’s exports.Enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.Central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of A...

August 25, 2023 at 8:35 pm | Economic Affairs

Aug., 24(E.A Report) — Indus Motor Company has again decided to shut production from August 25, 2023 to September 06, 2023, citing drop in demand amid lower purchasing power.Company announced the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “In fiscal year 2022-2023, due to challenging economic environment, low consumer purchasing power and increase in duties and taxes by the Federal Government, the demand for auto sector has continuously declined,” read a statement.“While considering the low demand and inventory levels, the company has decided to close its production plant from Friday, 25 August, 2023 to Wednesday, 6 September, 2023 (both days inclusive),” it added.Despite securing a last-minute deal...

August 24, 2023 at 5:07 pm | Economic Affairs

Aug, 24(Agencies) — US dollar nursed a sharp pullback against Asian currencies on Thursday after softer-than-expected global economic data muddied the interest rate outlook and pushed down US yields ahead of the Federal Reserve’s Jackson Hole symposium.Australian dollar, which has been taking a battering for a few months on signs of China’s slowdown and resilience in the US, jumped 0.9% overnight after US manufacturing and services PMIs missed expectations.“Weaker than expected … data led markets to scale back their expectations for US policy,” said Commonwealth Bank of Australia currency strategist Carol Kong, with jobless claims the next focus ahead of Fed Chair Jerome Powell’s Friday speech.The New Zealand dollar also leap...

August 24, 2023 at 5:05 pm | 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