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Prime Minister Shahbaz Sharif has guts and attitude to engage with establishment, leaders and heads of international lenders to create a win-win situation Qamar Bashir Prime Minister, Shahbaz Sharif, is affectionately called as Shahbaz Speed, a title bestowed upon him by Vice-Minister Zheng Xiaosong of the International Department of the Central Committee of the Communist Party of China in 2018, and Shahbaz has proven himself worthy of this title time and again since then. He is not only known to deliver, his ability to resolve complex issues, and his loyalty to his brother, which has been put to the test time and again, but he has always emerged victorious. Unlike his elder brother Nawaz, Shahbaz has the guts and attitude to enga...

July 12, 2023 at 7:40 pm | Economic Affairs

Pakistan needs for serious introspection and change in course. The sophistication of hybrid war against Pakistan calls for an equally sophisticated counter strategy. Syed Hasan Javed For 34 years, Pakistanis believed that their country cannot survive without the IMF programmeme. The narrative for this state of mind has been cultivated carefully by the International Financial Institutions(IFIs) Eco system in Pakistan, comprising its former employees, experts, consultants, retired bureaucrats', scholars, businessmen, dual nationals, think tanks, etc. carefully.  Recent debate in the Pakistani media has focused on economic meltdown. Like in the years following the May 1998 nuclear tests, the narrative of 'debt default' of Pakist...

July 12, 2023 at 7:21 pm | Economic Affairs

July, 12(Agencies) — Majority shareholders of an offshore holding company that owns most K-Electric said on Wednesday of initiating legal proceedings to seek direct ownership of a stake in the utility.The power utility’s holding structure has widely been considered an impediment to its acquisition by China’s state-owned Shanghai Electric, a deal that has lingered for years due to regulatory and legal hurdles in Pakistan.Infrastructure and Growth Capital Fund SPV21 (IGCF), which has a 53.8% shareholding in Cayman Island-registered KES Power Limited (KESP), which in turn owns 66.4% of K-Electric, told Reuters it had filed for a Just & Equitable Winding Up of KESP in the Grand Court of Cayman Islands on Tuesday.“By this action, SP...

July 12, 2023 at 5:06 pm | Economic Affairs

July, 12(Agencies) ——Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and expanded production cuts of higher-sulfur oil in the first sign its efforts to prop up global prices is having an impact.The de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) this month deepened its production cuts to 1 million barrels per day in response to benchmark prices that fell to below $72 a barrel this summer.“The kingdom’s curbs have had an outsized impact on the supply of medium-and heavy-sour barrels,” Mark Rossano, a partner at energy data provider Primary Vision Network, said.The increases - seen among North Sea, US and Canadian sour crude grades - have jumped...

July 12, 2023 at 2:56 pm | Economic Affairs

July, 12(Agencies) ——US dollar sank to a two-month low against its major peers on Wednesday in the lead-up to a key US inflation reading, while sterling scaled a 15-month top on expectations the Bank of England (BoE) has further to go in raising rates.US inflation data is due later on Wednesday, with expectations core consumer prices rose 5% on an annual basis in June.The figures should also provide further clarity on the Federal Reserve’s progress in its fight against inflation.Ahead of the release, the US dollar fell to a two-month low of 101.45 against a basket of currencies, extending its losses from the start of the week after Fed officials said the central bank was nearing the end of its current monetary policy tightening cycle...

July 12, 2023 at 2:49 pm | Economic Affairs

July, 11(Agencies) ——China’s yuan inched up against the dollar on Tuesday after the central bank continued to set a firmer-than-expected midpoint fixing, while extended financial policy support for the troubled property sector also underpinned sentiment.China’s central bank on Monday extended a rescue package to shore up the real estate sector, which is struggling to gain traction despite a range of measures aimed at easing a liquidity crunch that has plagued it since mid-2020.The move “could be a signal that more property easing is coming,” said Larry Hu, chief China economist at Macquarie.“Looking ahead, we expect to see more easing on the demand side, such as lowering the down-payment ratio and easing purchase restrictions...

July 11, 2023 at 3:36 pm | Economic Affairs

July, 11(Agencies) ——China’s yuan inched up against the dollar on Tuesday after the central bank continued to set a firmer-than-expected midpoint fixing, while extended financial policy support for the troubled property sector also underpinned sentiment.China’s central bank on Monday extended a rescue package to shore up the real estate sector, which is struggling to gain traction despite a range of measures aimed at easing a liquidity crunch that has plagued it since mid-2020.The move “could be a signal that more property easing is coming,” said Larry Hu, chief China economist at Macquarie.“Looking ahead, we expect to see more easing on the demand side, such as lowering the down-payment ratio and easing purchase restrictions...

July 11, 2023 at 3:32 pm | Economic Affairs

July, 11(E. A Report) —— Saudi Arabia deposited an amount of USD 2 Billion with the State Bank of Pakistan (SBP) says Finance Minister Ishaq Dar.“This amount will be reflected in SBP’s reserves for this week” he added.These flows help Pakistan to get the nod of the IMF board for the disbursement of USD 3 billion on policies to be supported by a Stand-By Arrangement (SBA).The IMF Executive Board meeting to consider a $3 billion loan program for Pakistan will be held on July 12, the fund said.On June 29, 2023, the IMF team reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota). The new SBA...

July 11, 2023 at 3:16 pm | Economic Affairs

Prime Minister Shahbaz Sharif has guts and attitude to engage with establishment, leaders and heads of international lenders to create a win-win situation By Qamar BashirPrime Minister, Shahbaz Sharif, is affectionately called as Shahbaz Speed, a title bestowed upon him by Vice-Minister Zheng Xiaosong of the International Department of the Central Committee of the Communist Party of China in 2018, and Shahbaz has proven himself worthy of this title time and again since then.He is not only known to deliver, his ability to resolve complex issues, and his loyalty to his brother, which has been put to the test time and again, but he has always emerged victorious. Unlike his elder brother Nawaz, Shahbaz has the guts and attitude to engage wi...

June 27, 2023 at 5:08 pm | Economic Affairs

Islamabad, 20 June 2023: President Dr. Arif Alvi has underscored the need to focus on economic and trade diplomacy to enhance the country’s exports. He added that increasing exports and foreign investment could help Pakistan overcome its economic challenges. The President expressed these views while talking to Pakistan’s Ambassador-designate to Denmark and High-Commissioner-designate to Rwanda, who separately called on him, at Aiwan-e-Sadr, today. Talking to Pakistan’s Ambassador-designate to Denmark, Mr. Shoaib Sarwar, the President urged him to especially focus on economic diplomacy initiatives to boost the country’s exports. He highlighted that the dairy and agriculture sector were important areas where Danish companies co...

June 20, 2023 at 3:25 pm | Economic Affairs

The book launch event of “Extremism and Counter-Extremism Narratives in Pakistan: An Analysis of Narrative Building” by Dr Sadia Nasir, was held by the Department of Humanities and Social Science department of Bahria University, Islamabad on Monday. Dr. Sadia Nasir, is an independent researcher and Adjunct Faculty Member at Bahria University. She holds PhD from Quaid-i-Azam University, Islamabad. She is a UNESCO/Keizo Obuchi research fellow and an RCSS Alumni. Hamid Ali Khan, Former Federal Secretary and National Coordinator of NACTA, Dr Shabana Feyyaz, Chairperson DSS department, Quaid-e-Azam University and Hamza Ijaz, Program Manager at USIP graced the occasion to evaluate and comment on the book as discussants. The event w...

June 13, 2023 at 1:34 pm | Economic Affairs

June-12. (Agencies) — Saudi Arabia’s Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement.The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare among others.While the relationship between Saudi Arabia, the world’s top oil exporter, and China remains anchored by energy ties, there has been a push to boost investments in non-oil sectors as part of the kingd...

June 13, 2023 at 1:30 pm | Economic Affairs

June-12.(E.A Report) — Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has kept the key policy rate unchanged at 21%, it was announced through a statement on Monday.“At its meeting today, the MPC decided to keep the policy rate unchanged at 21 percent. The MPC noted that higher inflation outturns for April and May were broadly as anticipated. The Committee also noted a sequential ease in inflation expectations of both consumers and businesses from their recent peaks,” it said in a statement. “Further, the committee expects domestic demand to remain subdued amid tight monetary stance, domestic uncertainty and continuing stress on external account. In this backdrop, and given the declining m/m trend, the MP...

June 13, 2023 at 1:26 pm | Economic Affairs

June. 06(E. A. Report) — Pakistan has proposed a GDP (gross domestic product) growth target of 3.5% and an inflation projection of 21% in estimates for its upcoming fiscal year 2023/24 budget, a top official source told.The government’s budget estimates suggest authorities are expecting inflation to ease out in the subsequent months after the headline figure hit a record high of 38% in May 2023. The monthly inflation number took 11MFY23 average inflation to 29.2% compared to 11.3% in 11MFY22.The inflation number for May was also higher than the prediction of Ministry of Finance that said it would be in the range of 34-36%.In its Monthly Economic Outlook for May, the Ministry of Finance had stated that “the inflation for the month of ...

June 6, 2023 at 6:24 pm | Economic Affairs

June. 06(Agencies) — Oil prices slipped early on Tuesday, coming off gains made the previous day as concerns of global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years.Brent crude futures slipped 27 cents to $76.44 a barrel by 0411 GMT.US West Texas Intermediate crude fell 33 cents to $71.82 a barrel.Brent had gained as much as $2.60 on Monday and US crude as much as $3.30 after Saudi Arabia, the world’s top exporter, said at the weekend its output would drop by 1 million barrels per day (bpd) to 9 million bpd in July.The benchmarks pulled back, though, to more modest gains by the end of the day. “Supply side issues took center stage following OPEC’s production cuts. How...

June 6, 2023 at 2:49 pm | Economic Affairs

June. 05 (Agencies) — Oil prices got up by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets.Brent crude futures were up $1.72, or 2.3%, at $77.85 a barrel by 0900 GMT after touching a session high of $78.73.US West Texas Intermediate crude climbed $1.72, or 2.4%, to $73.46 after hitting an intraday high of $75.06.Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom’s output would drop to 9 million bpd in July from about 10 million bpd in May.The cut is Saudi Arabia’s biggest in years.The voluntary cut is on top of a broa...

June 5, 2023 at 9:03 pm | Economic Affairs