Headlines

Livestock and Dairy Modernization and Improvement Support Program is a significant stride forward in the government's efforts to transform livestock and agriculture sectors and improve lives of millions. By Qamar Bashir Special Investment Facilitation Council (SIFC) has launched its first product, the Livestock and Dairy Modernization and Improvement Support (LIMS) Program, with the support of the World Bank and the Asian Development Bank at a cost of $500 million. The purpose of this five-year program is to increase the profitability and productivity of Pakistan's livestock and dairy industries. Being an integrated program, it has taken care of every possible aspect of the livestock and dairy sectors and will strive to provide fa...

July 14, 2023 at 10:24 am | Economic Affairs

Prime Minister thanked the Army Chief for bringing in the green initiative and hoped that this project would change the fate of Pakistan. By Qamar Bashir Army chief after taking command has been meeting with businessmen, agriculturists, and economists to bring in some semblance and overcome countries economic and financial woes. Though it went unnoticed at that time until the formation of Special Investment Facilitation Council (SIFC) with the Army Chief as a member was announced. Soon after its formation, various sessions were held wherein many important decisions were finalized in a jiffy. The four terminals of Karachi ports were handed over to a Dubai-based company on 30 years lease. SIFC's second decision was to auct...

July 14, 2023 at 10:19 am | Economic Affairs

July, 13(Agencies) — China’s yuan slipped slightly against the dollar on Thursday, as the country’s export growth surprised investors to the downside, but analysts said further currency weakness was expected to be limited.China’s exports fell more than expected in June year-on-year, while imports also contracted, in the worst showing for outbound shipments from the world’s second-largest economy in three years.Prior to the market’s open, the People’s Bank of China set the midpoint rate at 7.1527 per US dollar, 238 pips firmer than the previous fix 7.1765.The spot yuan opened at 7.1680 per dollar and was changing hands at 7.1687 at midday, 37 pips weaker than the previous late session close.Despite the strengthening of yuan ag...

July 13, 2023 at 3:24 pm | Economic Affairs

July, 13(E. A Report) — Pakistan’s sovereign dollar bonds gained as much as 1.7 cents, Tradeweb data showed on Thursday, after the International Monetary Fund (IMF) gave the official sign-off for a $3 billion bailout.The 2024 and 2027 maturities notched the strongest rallies, with the latter rising by 1.75 cents by 0629 GMT.The 2027 is at a 10-month high of just over 53 cents on the dollar, while the 2024 is at its highest in more than a year trading just under 80 cents.Pakistan, which has been teetering on the edge of default due to an acute foreign currency shortage, also got $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia earlier this week.

July 13, 2023 at 3:07 pm | Economic Affairs

July, 13(E. A Report) —International Monetary Fund (IMF) has deposited $1.2 billion into the State Bank of Pakistan (SBP), announced Finance Minister Ishaq Dar on Thursday.“I would like to share the information that the IMF has deposited $1.2 billion upfront payment in the account of State Bank of Pakistan (SBP),” said Dar“Last night, the IMF Executive Board approved the Stand-By Arrangement (SBA).“Under the agreement, Pakistan received an instalment of $1.2 billion and the remaining $1.8 billion would be disbursed after two reviews, which will be held in November and February.“This would boost foreign exchange reserves, and after this week’s closing on Friday, SBP reserves would have increased by $4.2 billion this week,” h...

July 13, 2023 at 2:49 pm | Economic Affairs

July, 13(Agencies) ——World Bank’s Board of Executive Directors on Thursday approved $100 million for the Punjab Family Planning Program, as it seeks to increase the utilization of family planning services in the province.As per a statement, the program will provide timely access to family planning services free of charge.It will also institutionalize quality of care across the family planning services delivery system, and support public information and advocacy campaigns so that more families are made aware of the benefits of family planning, the World Bank said.“This important program aims to achieve universal access to reproductive healthcare and to raise the usage of family planning methods in Punjab to 60% by 2030,” Najy Benh...

July 13, 2023 at 2:17 pm | Economic Affairs

July, 12(Agencies) — A bruised dollar was nudged lower still in Asia on Thursday, as traders took surprisingly slow US inflation as a signal US interest rate rises will be all but finished by month’s end.Dollar had its worst session in five months overnight, falling more than 1% against the euro to its lowest in more than a year and notching even larger losses elsewhere.The euro hit a fresh 15-month high of $1.1141 in early Asia trade and the yen, up 0.3% at 138.16 per dollar, was its strongest since mid-May.US dollar index fell marginally to 100.47, its lowest since April 2022. The New Zealand dollar reached a two-month high of $0.6309 and the Aussie a three-week peak of $0.6796.The moves were small, yet showed traders’ faith the do...

July 13, 2023 at 10:40 am | Economic Affairs

All speakers at Leaders in Islamabad Business Summit echoed the need to empower teams, celebrate failures and think 'long-term' in terms of generations, and not number of years. Khurram Zia Nutshell Conferences Group and Martin Dow Group, in strategic partnership with Overseas Investors Chamber of Commerce and Industry, and Unity Foods Limited, arranged the 6th Edition of “LEADERS IN ISLAMABAD BUSINESS SUMMIT”, with the theme “The Big Rethink.” Muhammad Azfar Ahsan, Founder & CEO Nutshell Group, and former Minister of State & Chairman Board of Investment, in his welcome address, elaborated on the theme “The BIG Rethink” for progress. “I blame incompetence, lack of political will, absence of collaboration ...

July 12, 2023 at 10:23 pm | Economic Affairs

Pakistan possesses extensive maritime potential to be harnessed. However, several self-inflicted wounds hinder progress in this vital sector. Prof. Dr. Sajid Mehmood Shahzad The Maritime Sector in Pakistan serves as the bedrock of the country's blue economy, playing a pivotal role in facilitating trade. It acts as the primary conduit for fossil fuel imports, accounting for nearly 95 percent of commerce and approximately 31 percent of the GDP. This translated into a substantial trade value of around US$80 billion in 2022. Pakistan possesses extensive maritime potential waiting to be harnessed. With a coastline stretching over 1000 kilometers (540.4 Nautical miles), encompassing Sindh (266.5 kilometers) and Balochistan (734.5 kilome...

July 12, 2023 at 10:08 pm | Economic Affairs

The pertinent question about the current budget is whether it is realistic or artificial, as much improved budgetary proposals have been outlined before the National Assembly without any back-support of revenues and IMF program. Hassan Baig The budget 2022-23 presented in the National Assembly of Pakistan by finance minister Ishaq Dar on 9th June is quite optimistic. He has taken care of all segments of the society, although there was no room available due to fiscal constraints. He has provided, in fact, a conceptual space in the budget 2022-23 covering famous 5 Es model of development, as enunciated by the Planning ministry duly approved by the National Economic Council (NEC). The 5 Es are: Exports, E-Pakistan, Environment and Cl...

July 12, 2023 at 9:57 pm | Economic Affairs

Improved internet connectivity and technological infrastructure can facilitate the growth of virtual classrooms, e-learning platforms, and remote learning opportunities. Dr. Sonia Saleem Pakistan's annual budget holds significant implications for various sectors of the economy. In recent years, the country has witnessed a surge in the education technology (EdTech) sector and the demand for international skilled certifications. By examining the key provisions and allocations in the budget, we can assess the potential opportunities and challenges that lie ahead for the EdTech and international skilled certifications sectors in Pakistan. One of the critical aspects of the post-budget policy is the allocation of funds for enhancing...

July 12, 2023 at 9:01 pm | Economic Affairs

Budget discussions in Pakistan have predominantly focused on revenue generation, neglecting the examination of expenditures. Tuaha Adil Budgets play a crucial role in demonstrating a government's priorities. However, in Pakistan, this process has devolved into a search for ways to finance public expenditures without considering revenue sources, burdening taxpayers. Furthermore, the budget-making process in the country has lost its credibility, as numbers are repeatedly altered throughout the year. Budget discussions in Pakistan have predominantly focused on revenue generation, neglecting the examination of expenditures. The Finance Bill 2023 exemplifies this trend. Despite claims of austerity and prudence, the government has prese...

July 12, 2023 at 8:54 pm | Economic Affairs

Pakistan, being the 5th largest country dominated by 64% of youth, is a big market for brands. Ghulam Murtaza A brand is a fictitious person who, by and large, has characteristics of human beings. The desire to recognize oneself, products, and corporate entities is as old as human beings. By default, we tend to be looking different, prominent, credible, more value-adding, high-paid, protected, and identifiable. So, every living person is a brand with some value one holds. In the corporate world, it's known as a type of product manufactured by a particular company under a particular name. Brands and branding can be traced back to the eons,5.0000 BC when hunters would use hand-crafted weapons of specific 'brands' to succeed and l...

July 12, 2023 at 8:47 pm | Economic Affairs

July, 12(E. A Report) — Finance Minister Ishaq Dar said on Wednesday that the United Arab Emirates (UAE) has deposited $1 billion in Pakistan’s central bank, another boost for the country’s depleting foreign exchange reserves.“We have gotten the confirmation that the UAE has deposited the amount into the State Bank of Pakistan (SBP),” said Dar in a video message. “Pakistan’s reserves have now increased by $3 billion after the $2 billion from Saudi Arabia.”“The improved position will be reflected in the reserves on July 14.”The inflows were committed by the UAE and Saudi Arabia earlier this year, and formed part of the financing assurances needed by the International Monetary Fund (IMF) to complete Pakistan’s ninth rev...

July 12, 2023 at 8:34 pm | Economic Affairs

An economic growth-enhancing fiscal budget is a budgetary framework that prioritizes policies and allocations to stimulate and sustain economic growth. Dr Abid Rashid Gil The PDM government presented Budget 2022-2-23 of 14.641 trillion on 14 June with the elections looming and the country was facing the most challenging internal and external circumstances. Geo-political and economic conditions are not favorable. The economy has not stabilized the internal shocks: the 2022 floods and political uncertainty, and external shocks: Russia and Ukraine war, yet. The import restrictions have disrupted the whole supply chain for the industrial sector, already paying two third of taxes, while the exchange rate pattern is highly uncertain. ...

July 12, 2023 at 8:31 pm | Economic Affairs

The efforts toward green energy transition have been underway for some time in Pakistan. Dr. Hassan Daud Butt The global financial downturn induced by COVID-19 has hampered the effectiveness of renewable energy developments, impeding the accomplishment of the United Nations' sustainable development targets. In the past three years, the pandemic has significantly delayed renewable energy progress mainly due to the investor's capacity to travel across countries and create suitable arrangements for joint ventures. This widespread dilemma also jeopardized the supply networks of renewable, impeding the transition to renewable energy. As a response, the world further electrifies energy use in the transportation, building, and industr...

July 12, 2023 at 8:17 pm | Economic Affairs