Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday.Ministry of National Food Security & Research submitted a summary on fixation of PASSCO’s wheat procurement targets for the year 2023 and presented details on the public wheat stocks, projected release of wheat from PASSCO’s stocks and carry forward stocks at the start of new food year starting from April 1.Considering the situation, additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan, minimum level of carry forward stocks and prevailing pricing trend in the local wheat market, the ECC approved the recommendation of M...
March 9, 2023 at 3:08 pm | Economic Affairs
March 9,2023Islamabad (PR)Pakistan, Indonesia agree to explore ties in economic and financial sectors , Indonesia agree to explore ties in economic and financial sectorsFederal Minister for Finance and Revenue Ishaq Dar held a virtual meeting with Sri Mulyani, Finance Minister of Indonesia, on Wednesday, and discussed avenues of mutual cooperation in the economic and financial sectors to strengthen bilateral relations between the two countries.Ishaq Dar highlighted profound historical and brotherly relations between the two countries. The Finance Minister shared that Pakistan attaches great importance to its relations with Indonesia. He expressed satisfaction over the magnitude of economic and trade and investment cooperation between the t...
March 9, 2023 at 3:04 pm | Economic Affairs
March 9,2023Islamabad:(EA Report)Dar eulogizes role of Fauji Fertilizer Bin Qasim Limited in economic growthFederal Minister for Finance and Revenue Ishaq Dar held a meeting with Arif Ur Rehman, Managing Director, Fauji Fertilizer Bin Qasim Limited (FFBL), at the Finance Division.Ishaq Dar appreciated the contribution of FFBL and stressed the importance of fertilizer sector for the agriculture sector and economic growth of the country. He said that agriculture is the back bone of the country and the government is keen to provide maximum facilities to the farmers in order to reduce the cost of farming and increase the production. He supported the investment proposals of FFBL on better DAP fertilizer product to increase per acre yield and ex...
March 9, 2023 at 2:43 pm | Economic Affairs
Maryium, who has become the only crowd-puller not only in the PMLN but out of all opposition parties put together By Qamar Bashir Sometimes in 2016 Ms. Maryam Nawaz Sharif summoned a team led by the Secretary of the Ministry of Information, Mr. Imran Gardezi, of which I was a member to investigate why the media does not present the government's perspective on establishment. This was the first time I met Ms. Maryam, who used to oversee the government's Social Media Cell at the time. I found her a highly intelligent, aggressive, goal-oriented, never willing to accept defeat, and resolute in the face of adversity. The rift between the government and the establishment which started in 2014 during sit-ins was heightened in 2016. Dur...
March 6, 2023 at 3:28 pm | Economic Affairs
The United States Commerce Department's Bureau of Industry and Security (BIS) has added an unspecified number of Pakistani companies to a blacklist of 14 entities allegedly involved in missile and nuclear activities. The BIS has blacklisted a total of 37 entities for their supposed contribution to Russia's military and defense base, support of China's military modernization, and human rights abuses in Myanmar and China.The blacklist includes a separate category called "Ballistic Missile and Unsafeguarded Nuclear Activities." The statement revealed that fourteen entities based in China and Pakistan were added to the Entity List for their supposed contribution to ballistic missile programs of concern, including Pakistan's missile program, an...
March 6, 2023 at 3:27 pm | Economic Affairs
Leaders unite to innovate tech solutions to tackle global issues The United Arab Emirates (UAE) hosted the 10th World Government Summit from 13-15 February in Dubai and it was an exceptional event that brought together dignitaries, experts, and leaders from all over the world. One of the highlights of the summit was a speech by Elon Musk, in which he stressed the importance of critical thinking, particularly in young people. Musk, who has faced his fair share of criticism on social media, emphasized the value of constructive criticism and its potential to drive progress and innovation. The summit was also an opportunity for young people to get involved and make their voices heard. The Arab youth ministerial sessions provided a pla...
February 23, 2023 at 6:56 pm | Economic Affairs
An inter-connected Asia has the potential to grow faster than other regions through a sustainable supply chain and an interlinked maritime sector that can increase its capacity to connect with global networks with greater efficiency to spur growth and prosperity in the region. Dr Hassan Daud Butt As the world moves more towards regional constructs, the Indian Ocean region is fast becoming the centre of gravity in global trade. The challenges facing us, are more wide-reaching than ever from political to economic to healthcare, with growth forecasts fluctuating fast. Even with the deteriorating outlook, inter-connected Asia has the potential to grow faster than other regions through a sustainable supply chain and an interlinked maritim...
February 9, 2023 at 11:36 pm | Economic Affairs
The Council of the Institute of Chartered Accountants of Pakistan (ICAP) unanimously elected Mr. M.Ali Latif as its President for the year 2023-2024 in its 365th meeting held in Karachi on January 28, 2023. Mr. M. Ali Latif is a Fellow Member (FCA) of the Institute of Chartered Accountants of Pakistan (ICAP). He is a 2nd generation Chartered Accountant and son of a well - known practicing chartered accountant, Mr. M.T.K Rehmani (Late) – who practiced under the name & style of “M/s Rehmani & Co., Chartered Accountants”. He has more than 20 years of experience in the accounting & audit profession and is responsible for managing a wide ranging portfolio of clients across different economic sectors. He is currently work...
January 30, 2023 at 7:26 pm | Economic Affairs
The World Bank’s Global Economic Prospects report has projected Pakistan’s economic growth to slow down to 2% during the current year – two percentage points lower than the June 2022 estimateBy Ghulam HaiderThe World Bank’s Global Economic Prospects report has forecast Pakistan’s economic growth to slow further to two percent during the current year, indicating a drop of two percentage points from its June 2022 estimates.Pakistan is in the news for economic meltdown amidst natural disasters, food shortages and poverty. The country had unprecedented floods in July – August last year, devastating large swathes of farmlands and destroying critical infrastructure. The forex reserves in the country which hit a new low of USD 4.6 bil...
January 20, 2023 at 5:00 pm | Economic Affairs
Web3 not only promises security but also the privileges of ownership, control and monetization of content. In short, it is a read-write-own web. By Abdullah Qureshi Ever since the co-founder of Ethereum, Gavin Wood, originated the thought of Web3 back in 2014, the tech community has been catalyzed into the discussion around it. How would it revolutionize the way we share information? How is it going to shift the course of the digital economy? How is it going to affect healthcare, business, media, energy, and pretty much every single sector? And most importantly, is it feasible? The operating economy for Web3 would surely be cryptocurrency. The incidents of scams and detrimental speculation in the crypto market, during the past few...
January 5, 2023 at 3:26 pm | Economic Affairs
Bad governance, fragile security, volatile political environment and profusely bleeding economy have exacerbated problems of Pakistan, which is spending more on imports that is causing persistent rise in current account deficitBy Ghulam HaiderFew terms like dwindling foreign exchange reserves, tumbling exports, skyrocketing inflation, unabated fiscal and current account deficit are synonym to Pakistan’s plummeting economic condition.Always on the hunt for exploring new avenues for sourcing funding and loans with break-neck conditions has been the traditional venture for every government in power in the country of around 230 million people, with almost 60 per cent of the total population being below 30 years of age.The exhausting of Pakis...
December 29, 2022 at 4:40 pm | Economic Affairs
IMF shares prerequisites list asking implementation in two to three weeks, which could pave way for releasing of a $1 billion tranche besides a grant of Rs. 340 billion adjuster because of floods By Ghulam Haider The International Monetary Fund (IMF) has handed over Pakistan a list of to-do list them in the next three weeks if they want to revive the stalled loan programme of $1 billion under the Extended Fund Facility (EFF), which is expected to provide a much-needed breather to the sagging economy. Telling Islamabad that that the time has come to take “all required actions,” the IMF has given Pakistani authorities a timeframe of two to three weeks for implementing all required actions, which will pave the way for a staff-lev...
December 27, 2022 at 3:16 pm | Economic Affairs
By Ghulam HaiderThe Council General of the United Arab Emirates has quashed the rumors that authorities in the UAE have restricted visit visas for Pakistanis belonging to some specific cities.The Consul General of the United Arab Emirates in Karachi H.E Bakheet Ateeq Al Romaithi has said that there is no truth that visit visas are being denied to people from specific cities of origin in Pakistan.'No ban has been imposed on Pakistani citizens and visas are being issued indiscriminately,' he told a private television channel, and added that he himself was issuing visas to people belonging to different cities.He expressed dismay over the news and stated that he was unaware of who was behind this disinformation campaign.However, immigration of...
December 27, 2022 at 3:14 pm | Economic Affairs
Pakistan is now regarded the most attractive frontier market which is practically untapped from a startup perspective. That is why many international venture capital firms and angel investors have shown noteworthy interest in Pakistan’s entrepreneurial ecosystem. By Abdullah Qureshi As of 2022, 64% of Pakistan’s population is comprised of tech-savvy, talented, and innovative youth. And 23% of them, with their entrepreneurial mindset, want to establish their own business. (UNDP) This shows that Pakistan has the key ingredient, creative entrepreneurs, for a thriving startup environment. But startups cannot survive in a vacuum. They need a nurturing and healthy atmosphere to manifest and grow. That’s where the notion of a start...
December 24, 2022 at 12:21 am | Economic Affairs
Depleting foreign reserves, nosediving currency are pushing up cost of imports, borrowing and debt servicing, which will exacerbate inflation running already at a multi-decade high of 27.3% By Ghulam Haider The World Bank has projected Pakistan’s GDP growth to around 2 percent in the fiscal year 2023 while inflation will rise to 23 percent, with preliminary estimates suggesting that the national poverty rate for Pakistan can increase by 2.5 to 4 percentage points, pushing between 5.8 and 10 million people into poverty. Pakistan remains exposed to external conditions, with the macroeconomic outlook sensitive to global commodity prices and financing conditions. Higher international interest rates, deteriorations in market sentimen...
December 17, 2022 at 1:49 pm | Economic Affairs
By Ghulam Haider The Business Confidence Index (BCI) Survey (Wave-22) carried out by the Overseas Investors Chamber of Commerce and Industry (OICCI) has revealed that the business confidence has nosedived in the last six months across different sectors of the economy in Pakistan. The survey, which has been conducted across the country in September-October, says that the overall business confidence score dropped to negative four per cent, down 21 percentage points from the previous score of 17% recorded in Wave-21 held in March-April. “The substantial decline in the overall business confidence to negative 4pc is regrettable but not surprising considering the highly challenging political and economic situation du...
December 16, 2022 at 6:29 pm | Economic Affairs
Pakistan Rupee Exchange Rate