Pakistan plans to increase its percentage of renewable energy to 60% in 2030 to reach its net zero emission goal as part of the Paris Agreement on Climate Change. Dr Abid Rashid Gil Energy transition in Pakistan is indeed a need of the hour. As a developing country with a rapidly growing population and expanding economy, Pakistan faces significant challenges in meeting its increasing energy demands while addressing environmental concerns. An energy transition involves a shift from traditional, fossil-fuel-based energy sources to cleaner, renewable, and sustainable alternatives. Such a transition is crucial for Pakistan's economic development, environmental sustainability, and social well-being. Pakistan's power generation relie...
September 13, 2023 at 7:14 pm | Economic Affairs
Pakistan's economy has been hit hard by the smuggling of petroleum products from Iran, leading to a staggering loss of revenue. By Qamar Bashir In an extraordinary development, Pakistan's Army Chief has recently taken a proactive role in addressing the nation's pressing economic challenges. This departure from the norm, where civilian authorities typically handle such matters, was marked by meetings with prominent businessmen from Karachi and Lahore. During these dialogues, the business community shared their concerns and presented a multitude of suggestions and demands aimed at salvaging Pakistan's sinking financial ship. These conversations illuminated the dire economic situation in the country and highlighted a central issue: t...
September 11, 2023 at 2:32 pm | Economic Affairs
In a momentous meeting, Qaiser Nawab, a renowned Pakistani youth leader and President of the Belt and Road Initiative for Sustainable Development (BRISD), called on Her Excellency Mrs. Neo Jane Masisi, the esteemed First Lady of Botswana. This significant encounter serves as a testament to the strengthening of international bonds and mutual growth. During this remarkable visit, Qaiser Nawab had the privilege of experiencing the warmth and hospitality of Botswana. His stay in this beautiful country has been nothing short of extraordinary, and he's been deeply impressed by the nation's unique attributes. Botswana's rich cultural heritage, coupled with its strategic centrality within Southern Africa, has left a lasting impression. H...
September 11, 2023 at 1:51 pm | Economic Affairs
Tax reforms are need of the hour, and the next Government must ensure that it embarks on this difficult but mandatory path of tax reforms. M. Amayed Ashfaq Tola & M. Ahsan Ahmed Recently, an article was authored by Shahbaz Rana in the Express Tribune, highlighting that the Salaried class paid tax worth PKR 264.5 billion on their income in Fiscal Year 2022-23 (“FY23”), whereas, the exporters paid PKR 74 billion in taxes, and retailers paid PKR 15.6 billion in taxes. This data is a worrisome reality of the inequitable taxation system of Pakistan. However, this is just the tip of the iceberg. This article aims to explain as to why tax reforms are needed in Pakistan, and that tax reforms in Pakistan are inevitable...
September 1, 2023 at 5:05 pm | Economic Affairs
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
Pakistan's history of nation building is, however, a long list of missed opportunities due to lack of recognition of merit and rule of law. Every regime has left a worse legacy than its predecessor. Syed Hasan Javed When everyone was giving up on Pakistan Economy, including Pakistani investors themselves in 2015, China came along with its US$ 46 billion China Pakistan Economic Corridor (CPEC) investment in the three Five Year Phases (2015-2030) projects. Given our Westernized Colonial template of education and mindset issues there were no shortage of Sceptics and Detractors, questioning the veracity, capacity, security and the ground reality for these Projects to be implemented. CPEC initiative harnessed the hundreds of 'sh...
September 1, 2023 at 4:37 pm | Economic Affairs
Keeping in view the dismal state of the economy, a Special Investment Facilitation Council (SIFC) — a hybrid civil-military forum has been set up by the government of Pakistan to attracting and facilitating investment in the country. Dr. Talat Anwar In June 2023, in the backdrop of historically high inflation at 38% and 0.3% annual GDP growth, amid default risk on debt obligations owing to abysmally low forex reserves of $3.5 billion, the government presented an expansionary budget with total expenditure of Rs14.46 trillion, more than half of which will be utilised to service the growing debt. This would result into the ever highest fiscal deficit of Rs. 7.5 trillion in the history of Pakistan. FBR tax revenue target of Rs. 9.2 ...
September 1, 2023 at 4:27 pm | Economic Affairs
Pakistan has a history marked by a series of political transitions, including changes in government, shifts between civilian and military rule, and various constitutional developments. Saqib Rafiq Notwithstanding the fact, the relationship between the economy and political transition in Pakistan is complex and has significant implications for the country's development and stability. Pakistan has a history marked by a series of political transitions, including changes in government, shifts between civilian and military rule, and various constitutional developments. Here are some key facts in Pakistan's history of political transitions: Independence and Early Years (1947-1958): Pakistan gained independence from British rul...
September 1, 2023 at 4:19 pm | Economic Affairs
Dr. Hassan Daud Butt Economic integration has the most transformative influence and consequently, the greatest economic impact on the region's underdeveloped areas. Transforming economies through regional integration involves fostering deeper economic cooperation and collaboration among neighboring countries within a specific region. It aims to enhance economic growth, competitiveness, and development by leveraging the collective strengths of the participating nations. Regional integration can take various forms, including free trade agreements, customs unions, common markets, and economic unions. Without actively participating in regional and international cooperation frameworks, no nation can sustain economic growth. Regional c...
September 1, 2023 at 4:09 pm | Economic Affairs
Fundamental direction of Pakistan economic growth model should be synchronized with green growth to eliminate black footprint in the process of economic development and sustainable growth. Prof. Dr. Muhammad Naveed To uplift economic advancement and financial capitalization, green growth has become strategy of economic development across emerging and advanced countries. In purview of economic turmoil and global climate change, green economy has become underlying mechanism beyond environmental economics and has become mainstream politics and business drive across the world. In addition, consistent with Principals of Responsible Investment (PRI), United Nations 2023 Agenda for Sustainable Development Goals (SDGs) has signified t...
September 1, 2023 at 3:54 pm | Economic Affairs
Pakistan Rupee Exchange Rate