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Exploring Halal Meat Avenues

Addressing challenges, implementing modern practices, and fostering supportive policies will undoubtedly bolster Pakistan's position, allowing it to harness its status and credibility to market its Halal meat products worldwide. By Fatima Saleem Pakistan's strategic geographical location places it in a favorable position to emerge as a key player in the global Halal meat industry. The Halal meat market has demonstrated remarkable growth, with a market size of US$2,221.3 billion that is projected to reach US$4,177.3 billion by 2028. However, despite this potential, Pakistan ranks 19th in meat exports, holding a meager market share of just 0.4%, lagging behind leaders like Brazil, Australia, and India. While Pakistan exports Halal m...

August 17, 2023 at 4:46 pm | Economic Affairs

The Economy of Cabinet

Announcing a Cabinet fit for purpose will send the clearest signal that the caretakers mean business. Dr Pervez Tahir A “small” Cabinet has taken oath, with more to come later. The makers of caretakers, the tacit approvers and the dispersed opposition, agree that elections are the business of the Elections Commission of Pakistan, the single purpose of the caretakers is to fix the plummeting economy of the country. In the polarised state of affairs, this is a rare consensus. Political class has shown little appetite for the purpose. Rather, it has empowered the caretakers to achieve the purpose. The establishment has put its weight behind it by driving the SIFC. Economy is a vast area, with plague all around. With a limited ...

August 17, 2023 at 2:37 pm | Economic Affairs

US Dollar on backfoot at week open

Aug, 07 (Agencies) — US Dollar on Monday was on the back foot following a mixed US jobs report provided little directional conviction and as market focus turned to inflation data from the world’s two largest economies due this week.US economy added fewer jobs than expected in July, data on Friday showed, but it recorded solid wage gains and a decline in the unemployment rate.As dollar fell to a one-week low against a basket of currencies in the aftermath of the data, its losses were capped as the report pointed to a still-tight labour market, suggesting the Federal Reserve may need to keep rates higher for longer.US dollar index last stood at 101.98, languishing near Friday’s low of 101.73. Sterling rose 0.04% to $1.2756, while the e...

August 7, 2023 at 6:15 pm | Economic Affairs

Would PIA restructuring work now?

By Qamar Bashir Former Press Secretary to the President Former Press Minister to the Embassy of Pakistan to France Former MD, SRBC In a significant step forward, Finance Minister Ishaq Dar introduced a bill in the upper house today (6th August, 2023) on restructuring  and privatisation  of Pakistan International Airlines (PIA), allowing the government to sell a 26% stake in PIA to a strategic partner and allow the airline to enter into joint ventures with other airlines. Considering the PIA's dilapidated state and the massive losses it has incurred and will continue to incur if a complete reengineering is not undertaken backed by unwavering political will, it would be an outright injustice to the taxpayers, who ...

August 7, 2023 at 3:05 pm | Economic Affairs

Sovereign Wealth Fund- Hope or a Dream

PSWF is being established to provide a long-term investment vehicle for the nation's excess oil and gas revenues, investment infrastructure and energy initiatives, and provide financial assistance to the government. By Qamar BashirThe Pakistan Sovereign Wealth Fund (PSWF) Bill was passed by the Senate on August 2, just eight days prior to the dissolution of the National Assembly leading to the end of the current government's mandate.The bill, once signed by the President of Pakistan, will enable the government to establish a PSWF where the country's solvent assets worth Rs. 2.3 trillion will be parked. The government has identified at least seven solvent and profit-making companies with net worth of Rs. 2.3 trillion including OGDCL, ...

August 4, 2023 at 12:45 pm | Economic Affairs

German Army Chief Calls on COAS, Asim Munir

August 2,2023Rawalpindi: (PR)Lieutenant General Alfonas Mais, Chief of German Army called on General Syed Asim Munir, COAS at GHQ.During the meeting matters of mutual interest, regional security situation and defence cooperation were discussed.Both reiterated the desire to further enhance bilateral relations in all fields.The visiting dignitary acknowledged and appreciated Pakistan Army’s successes in fight against terrorism and Pakistan’s continued efforts for bringing peace and stability in the region.

August 2, 2023 at 1:02 pm | Economic Affairs

SIFC brings “Dust to Development”

Pakistan has the sixth largest gold reserves in the world, estimated at 42.5 million ounce in Reko Dik alone. By Qamar Bashir Within a month, Special Investment Facilitation Council (SIFC) has launched its fourth high value flagship project "Dust to Development" with the goal of garnering $ 6.1 trillion in investment in the country's mining sector. Two friendly countries have already pledged investment of $ 40 billion and $ 22 billion, respectively, with an immediate commitment of $ 10 billion ready to be inked. The SIFC selected the mining, information technology, and agriculture industries as economic drivers solely on the basis of their merit. These investments are mostly in Balochistan; thus, the SIFC envisions the estab...

August 2, 2023 at 12:58 pm | Economic Affairs

Pakistan’s July headline inflation slows marginally, clocks in at 28.3%

Aug. 01 (E.A Report) — Pakistan’s July headline registered a marginal decline, clocking in at 28.3% on year-on-year basis in July 2023, comparing previous month increase of 29.4% and 24.9% in July 2022.On a month-on-month basis, it increased by 3.5% in July, showed data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.The headline inflation figure is higher than expectations. It was earlier projected that the CPI figure would stand in the range of 25-27%.According to PBS data, food group, which commands a significant weight of 34.58%, increased to 272.44 in July 2023 as compared to 261.78 in June 2023, a gain of 4.07%.In its Monthly Economic Outlook for July, the Ministry of Finance stated that inflation is expected ...

August 1, 2023 at 7:27 pm | Economic Affairs

Majority of Asian FX, stocks gain after Chinese Politburo meet boosts sentiment

July, 25 (Agencies) — Chinese yuan and Malaysian ringgit were among lead gainers among emerging Asian currencies on Tuesday as investor sentiment received a boost from a string of promised measures in the region’s largest economy to stimulate growth.Yuan strengthened as much as 0.6%, to trade at 7.141 per dollar, hitting its highest in about two weeks, while ringgit followed closely with a 0.1% gain. “EM currency rally is being supported by the yuan after the Politburo meeting yesterday, because it signals some policy change in China and that there could be more stimulus packages going ahead,” Chief Asia FX Strategist Ken Cheung at Mizuho Bank said.China’s top leaders said on Monday that they will step up policy support for the b...

July 30, 2023 at 11:17 am | Economic Affairs

The Dar(nomics)

Soon after Dar took the office in 2022, he declared that the country would not default and the economy would return to normalcy; the populace received his word with skepticism. By Qamar Bashir Federal Minister for Finance and Revenue Mr. Ishaq Dar has been known to me since I were Press Minister at the Embassy of Pakistan in France. After my assignment in September 2015, Finance Minister and his close associate Miftah Isamel as head of the Board of Investment (BOI) visited France. They met with nearly all of France's key business, trade, and investment stakeholders from both the public and private sectors. In addition to meeting with the French Chamber of Commerce, he also met with the French Minister of Finance. At the outset, Is...

July 30, 2023 at 11:11 am | Economic Affairs