By Qamar Bashir In a surprising turn of events, Mr. Waqar Ahmad, the Principal Secretary to the President of Pakistan, has refuted allegations of deceiving the president, disregarding his directives, eroding his authority, and falsely suggesting that unsigned and unapproved bills were returned to the Prime Minister's office. He has counter-alleged that the President, instead of returning the bills after giving his observation, retained the Army Amendment Act 2023 and Official Secret Act 2023 files in his office and did not return them even on August 21 much after the due dates. This contemplation led to potential delays, which the Secretary attributes to the President's inaction rather than his own inefficiency. The Receipt and Di...
August 22, 2023 at 6:49 pm | Economic Affairs
The Government of the Punjab, under the leadership of its active and agile Caretaker Chief Minister Syed Mohsin Raza Naqvi, is taking remarkable measures not only to preserve rich cultural heritage but also to promote its valuable historical treasure. Abdul Rashid Shakir How mesmerizing were the chants of “Lahore Lahore Eiy” and “Jinne Lahore Nai Takya, Jammiya Nai” atop double-decker bus of Punjab Tourism Department, built especially for an enriching tour of the Lahore city in order to acquaint riders with the cultural heritage, architectural landmarks and historical footprints of the past. Mall Road, Jail Road, Ferozpur Road, Data Darbar (Ali Hajveri Shrine), and Greater Iqbal Park housing three historical sites of ...
August 22, 2023 at 4:44 pm | Economic Affairs
Toronto:(EA Report) Nearly 4,000 vendors and visitors thronged a two-day Pakistan Expo held in the Canadian city of Vancouver to showcase Pakistani products to local buyers and customers and help forge business-to-business collaborations between Pakistan and Canada. The event was inaugurated by High Commissioner for Pakistan to Canada Zaheer A. Janjua while Consul General of Pakistan to Vancouver Janbaz Khan and a large number of Pakistani Canadian entrepreneurs, vendors, producers, businessmen, tradesmen, ministers, and legislators were also present. The two-day expo was the first of its kind held in Western Canada. It was jointly organized by the Pakistan Western Canada Trade Association (PWCTA) and the Consulate General of Pakista...
August 22, 2023 at 12:51 pm | Economic Affairs
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
Aug, 07 (Agencies) — US Dollar on Monday was on the back foot following a mixed US jobs report provided little directional conviction and as market focus turned to inflation data from the world’s two largest economies due this week.US economy added fewer jobs than expected in July, data on Friday showed, but it recorded solid wage gains and a decline in the unemployment rate.As dollar fell to a one-week low against a basket of currencies in the aftermath of the data, its losses were capped as the report pointed to a still-tight labour market, suggesting the Federal Reserve may need to keep rates higher for longer.US dollar index last stood at 101.98, languishing near Friday’s low of 101.73. Sterling rose 0.04% to $1.2756, while the e...
August 7, 2023 at 6:15 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
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
July, 25 (Agencies) — Chinese yuan and Malaysian ringgit were among lead gainers among emerging Asian currencies on Tuesday as investor sentiment received a boost from a string of promised measures in the region’s largest economy to stimulate growth.Yuan strengthened as much as 0.6%, to trade at 7.141 per dollar, hitting its highest in about two weeks, while ringgit followed closely with a 0.1% gain. “EM currency rally is being supported by the yuan after the Politburo meeting yesterday, because it signals some policy change in China and that there could be more stimulus packages going ahead,” Chief Asia FX Strategist Ken Cheung at Mizuho Bank said.China’s top leaders said on Monday that they will step up policy support for the b...
July 30, 2023 at 11:17 am | 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
Pakistan Rupee Exchange Rate