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
Pakistan Rupee Exchange Rate