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Pakistan’s Disaster Resilience

Pakistan's susceptibility to a multitude of disasters underscores the urgent need for comprehensive disaster risk management strategies. How NDRMF is addressing the challenge? Bilal Anwar Pakistan stands at the crossroads of some of the highest disaster risk levels globally, with consistent ranking as the sixth most vulnerable country according to the German vulnerability risk index. This vulnerability stems from the nation's exposure to a diverse range of disasters, including floods, heatwaves, tropical cyclones, and droughts. These risks are further compounded by socio-economic vulnerabilities, particularly multidimensional poverty. In 2022, Pakistan experienced devastating floods that continue to inflict ongoing damage. Unprece...

September 1, 2023 at 3:45 pm | Economic Affairs

Mohsin Naqvi’s Trailblazing Leadership

Unlike traditional caretaker chief ministers, Naqvi's tenure exemplifies the power of effective leadership and innovative strategies in transforming public service delivery. Kashif Rizwan In the intricate tapestry of public administration, the role of a chief minister holds a pivotal position, shaping the trajectory of a region's progress and the lives of its citizens. Amid the numerous caretaker chief ministers who have come and gone in Pakistan since the 1980s, Mohsin Naqvi has emerged as a unique and trailblazing figure. His tenure has shattered the conventional mold of temporary leadership, ushering in an era of transformative governance and innovative strategies that have revitalized the province of Punjab. In the realm o...

September 1, 2023 at 3:34 pm | Economic Affairs

Economic Outlook 2023-24

The IMF projections in the new Stand-By Facility for Pakistan are more conservative, and see greater persistence of stagflation. The GDP growth rate is projected at 2.5% and the rate of inflation at close to 26%. Dr. Hafiz A. Pasha The year 2022-23 witnessed the worst from of 'stagflation' in the history of Pakistan. Primarily due to the ravages of the floods and severe physical restrictions on imports of raw materials and inputs, the GDP growth rate is likely to have been significantly negative. Simultaneously, due to large supply shortages and the 40% devaluation of the rupee, the rate of inflation rose to a monthly average of 29.2%. The unemployment rate has risen to 8.5%, with almost two million workers losing their jobs d...

September 1, 2023 at 3:04 pm | Economic Affairs

Tahir Bhatti takes charge as President/ CEO ZTBL

ISLAMABAD, August 31, 2023: Tahir Yaqoob Bhatti on Thursday took over as President/CEO Zarai Taraqiati Bank Ltd (ZTBL). Mr Bhatti is high profile banker with his experience spanning over 35 years in almost all major areas of banking with large and mid-tier financial institutions.  He has been part of senior management teams of Askari Bank, ABL and Faisal Bank. Prior to joining ZTBL, Mr Bhatti served as President/CEO Punjab Provincial Cooperative Bank Ltd, the oldest financial institution in country dealing in agriculture. Mr Bhatti is MBA from IBA Lahore and M. Com from Hailey College of Commerce Lahore. He is also qualified DCMA (Gold Medalist) and fellow of Institute of Bankers in Pakistan (IBP). He is certified director fr...

August 31, 2023 at 6:18 pm | Economic Affairs

Saudi envoy meets Commerce Minister, affirms strong bilateral trade ties

August 31, 2023: Islamabad: (PR)Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy paid a visit to the Ministry of Commerce today, where he met with caretaker Federal Minister for Commerce, Industries and Production, Dr. Gohar Ejaz. During the meeting, Ambassador Nawaf extended congratulations to Dr. Gohar on his recent appointment and conveyed warm regards from Saudi Arabia's Custodian of Two Holy Mosques and Crown Prince Mohammed Bin Salman. Dr. Gohar discussed the strong historical ties between Pakistan and Saudi Arabia, expressing gratitude for Saudi Arabia's consistent support of Pakistan's economic stability and growth. The minister commended the Saudi leadership's visionary approach and assured Ambassador Nawaf of Pakistan's ...

August 31, 2023 at 4:24 pm | Economic Affairs

Supply concerns ticks Oil up ; outshine macro jitters

Aug, 29(Agencies) — Oil prices climbed slightly up Tuesday following potential supply disruptions as a result of an incoming hurricane hurtling towards U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and could impact crude production on the eastern side of the U.S. Gulf Coast.Jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two gia...

August 30, 2023 at 4:11 pm | Economic Affairs

Dollar eases on markets brace data fest

Aug, 29(Agencies) — US dollar index eased 0.077% at 103.85 after slipping 0.2% on Monday against six key rivals. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer.View gained more traction in the wake of Fed Chairman Jerome Powell on Friday suggesting that further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty.With US central bank highlighting the interest rate path will be heavily dependent on data, the spotlight will be on a batch of economic indicators this week, including payrolls and personal consumption expenditure.First up is job openings figures for Ju...

August 29, 2023 at 4:32 pm | Economic Affairs

Rupee hits new low of 302 against USD

Aug., 28(E.A Report) — Pakistani rupee dipped on Monday to a new record low against US dollar by settling at 302 in inter-bank market.Rupee was down Re1 or 0.33%, as per the State Bank of Pakistan (SBP) at close.During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.Currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market.Pakistan’s rising imports as restrictions ease, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee.In a related devel...

August 29, 2023 at 3:39 pm | Economic Affairs

KSE-100 weighs down over rupee’s record fall

Aug., 28(E.A Report) — Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index weighed down by near 200 points on Monday with collective pessimism over rupee’s record fall and lack of positive triggers.KSE-100 started first day of the week positive, reaching an intra-day high of 47,733.51. However, profit taking erased the gains and pushed the index into negative territory.At close, the benchmark index settled at 47,478.61, down 192.61 points or 0.40%. “Profit-taking was noted in the Pakistan equities market as investors sold off their holdings in response to circulating rumours. This action was prompted by concerns about the possibility of an upcoming rise in the policy rate,” brokerage house Topline Securities said in its marke...

August 29, 2023 at 3:29 pm | Economic Affairs

“Entrepreneurship” taken as compulsory subject for grades 9-12

Aug., 28(E.A Report) — National Single Curriculum of Pakistan has taken “Entrepreneurship” in as a compulsory subject for grades 9-12 to develop the country as an enterprising nation, Chief Executive Officer SMEDA says.Addressing as Keynote speaker at International See Pakistan Conference organized by Association of Private Sector Universities of Pakistan (APSUP), CEO SMEDA said that includsion of Entrepreneurship would help promote entrepreneurship culture in society, right from the school level.In tandem, entrepreneurship was also being inculcated in our students through encouraging “sports entrepreneurship” on the lines of the professionally managed football leagues around the world. SMEDA’s Sports Industries Development Cen...

August 29, 2023 at 3:23 pm | Economic Affairs