By Mariam Raheem China and Pakistan have decades old brotherly relationship, and with the promotion of Belt and Road Initiative, the cooperation between both nations will bear more fruitful results. China and Pakistan are all-weather strategic partners, and the friendship between the two brotherly countries has a long and cherished history. China and Pakistan have decades old brotherly relationship, and with the promotion of Belt and Road Initiative, the cooperation between both nations will bear more fruitful results. This is what Wu Weidong, Deputy Mayor of Xuzhou Municipal People’s Government, highlighted in a conference titled “Looking Back and Going Forward” to mark the 70th anniversary of the establishment of diplomati...
January 17, 2022 at 9:49 am | Economic Affairs
Being a member country of SAARC and ECO, Pakistan needs to effectively promote its trade on the pattern of gravity model by utilising these regional arrangements. The Pakistan’s new initiative and narrative of geo-economics is facing the most crucial question and daunting task how to tackle geo-politics in best possible way while keeping in view its geographical location. The Eastern neighbour has a very bad record of human rights violations denying right to self-determination to the people of Kashmir, also holding back plebiscite in Kashmir forcefully held and occupied by them for a long time now. The new Afghan government is yet to be recognised by the international community. The Iran is under sanctions facing a plethora of issu...
January 17, 2022 at 9:42 am | Economic Affairs
The Economic Affairs had a candid discussion with Mr. Najeeb Agrawalla, Chief Executive Officer, 1Link. Here are the excerpts of the interview; The Economic Affairs: How did you come to this field and what was the motivational factor? Mr. Najeeb Agrawalla: I am actually a banker by profession but I would like to call myself a marketer because I graduated from the IBA in business administration majoring both in Finance and Marketing class of 89’. In those days it was very easy and if you don’t know which field to choose between the two, you would do masters in both. I started with Unilever and then I went to Phillips, which used to be a big company back then. Then in 96' I moved to the financial sector, joined American Express ...
January 17, 2022 at 9:30 am | Economic Affairs
By Hassan Habib Unlike 2020 in which lukewarm economic activity was witnessed, the outgoing 2021 remained happening year for the economy. The fear of COVID-19 pandemic subsided to a great level because of mass vaccination drive by the Government. Just like the global economy, Pakistan also showed signs of recovery from COVID pandemic in 2021, but despite showing impressive GDP growth numbers rising twin deficits and inflationary pressures clearly showed that it remained a difficult year for common man. Unlike 2020 in which lukewarm economic activity was witnessed, the outgoing 2021 remained happening year for the economy. The fear of COVID-19 pandemic subsided to a great level because of mass vaccination drive by the Government. S...
January 17, 2022 at 9:21 am | Economic Affairs
By Sarah Javaid Pakistan though has acquired the targeted growth in past, but has failed to move away from conventional growth targets towards allocative efficiency – assigning resources to priorities and in many cases, have even failed to achieve efficiency. It is a stark reality that efficiency, productivity, allocation of resource, economic growth and economic development, which sound as positive as they undeniably are, but have not come up in the shape of solid economic policy. Whether the problem lies in flawed policy framework or faulty governance is another debate yet Pakistan has not been performing at its potential is The Fatal Conceit. While it’s important to achieve targeted growth levels, it is even more important ...
January 17, 2022 at 9:09 am | Economic Affairs
By Komal Khan “How the de facto authorities – indeed, and the international community - address the drastic economic and humanitarian crises in the country will determine Afghans’ enjoyment of human rights, now and into the future.They will mark the difference between potential lives of dignity and well-being – or accelerating deprivation, injustice and tragic loss of life.” The security situation in Afghanistan is alarming. This is evident from the remarks of the UN envoy for Afghanistan, Deborah Lyons, who portrayed Afghanistan as “on the brink of a humanitarian catastrophe” because about 60 per cent of Afghanistan’s 38 million population is suffering extreme hunger. While briefing the H...
January 17, 2022 at 8:59 am | Economic Affairs
By Haroon Sharif China’s flagship BRI and CPEC have laid solid foundations for emerging regional connectivity. The success of CPEC as a transformational investment is critical for both China and Pakistan to demonstrate their ability to steer this region towards a sustainable growth path. Despite increased political intensity and geopolitical shifts in 2021, the momentum of global economic gravity continues to shift towards China and East Asia in 2022. The contours of a new economic and political geography within South Asia are also becoming visible with enhanced connectivity among western China, Pakistan and and Central Asia. Led by China’s Belt and Road Initiative (BRI), this fascinating transition is already having a remarka...
January 17, 2022 at 8:48 am | Economic Affairs
By Dr. Aneel Salman and Sheraz Ahmad Choudhary PTI-led government is trying to make taxation a more reliable system but myriad problems like inequality of tax collection, corruption, cost of tax collection and protection of confidential data are afflicting the system. However, solution lies in blockchain technology to fix the faults in the taxation regime. Tax is a compulsory contribution for the basic items in an economy that individuals are required to pay for a smooth working of financial events in a country. Public authorities levy taxes on merchandise, firms, people, and social orders. The framework of taxation in Pakistan is quite like some other tax frameworks in the world. The tax revenue of government can be characterized in...
January 17, 2022 at 8:29 am | Economic Affairs
By Prof. Engr. Zamir Ahmed Awan Asian Development Outlook says Pakistan’s economy is expected to continue recovering in FY2022, supported by stronger private investment, improving business activity, a steady vaccine rollout and economic stimulus measures for FY2022. Since the outbreak of COVID-19, in 2019, the global economy suffered heavily. Pakistan was also not any exception. Lockdown damaged the productivity of Pakistan, social distances have reduced the economic activities to a large extent. However, as compared to the rest of the world, COVID's impact on Pakistan was much less. It might be the right strategy of Pakistan to opt for smart lockdown, instead of complete lockdown. Another reason might be rich gene pool of Pakis...
January 17, 2022 at 8:20 am | Economic Affairs
January 3, 2022Islamabad ( Press Release)Export Target for first half of FY 2021-22 achievedJuly- December 2021 Exports was USD 15.125 billion and the target for the first half of the current FY, was USD 15 billionA consultative meeting was chaired by the Advisor to Prime Minister on Commerce and Investment, Mr Abdul Razak Dawood to discuss the trade trends in December 2021.The Advisor was informed that according to the provisional pre-PBS data, Pakistan’s exports during December 2021 increased by 16.7% to USD 2.761 billion as compared to USD 2.366 billion in December 2020, showing an increase of almost USD 400 million. He was informed that the export target for the month was USD 2.8 billion.He was informed that there were indications th...
January 3, 2022 at 8:14 pm | Economic Affairs
By Dr. Aneel Salman and Sheraz Ahmad Choudhary PTI-led government is trying to make taxation a more reliable system but myriad problems like inequality of tax collection, corruption, cost of tax collection and protection of confidential data are afflicting the system. However, solution lies in blockchain technology to fix the faults in the taxation regime. Tax is a compulsory contribution for the basic items in an economy that individuals are required to pay for a smooth working of financial events in a country. Public authorities levy taxes on merchandise, firms, people, and social orders. The framework of taxation in Pakistan is quite like some other tax frameworks in the world. The tax revenue of government can be characterize...
December 29, 2021 at 10:11 pm | Economic Affairs
AgenciesThe dollar scaled a one-week high versus a basket of major rivals on Tuesday, supported by expectations of a hawkish Federal Reserve meeting this week and haven demand amid continued uncertainty about the Omicron coronavirus variant.Dollar index , which measures the currency against six peers, rose as high as 96.464 for the first time since Dec. 7 before trading 0.04% firmer at 96.404.The risk-sensitive Australian dollar dropped as much as 0.64% to a one-week low.The Fed’s two-day meeting that begins later Tuesday headlines a string of central banks announcing policy decisions this week, including the European Central Bank and Bank of England on Thursday and the Bank of Japan on Friday.The U.S. central bank is expected to announc...
December 14, 2021 at 1:32 pm | Economic Affairs
EA ReportLAHORE, Dec 09– Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index remained in the negative territory, amid a lack of positive triggers, as the index lost 328 points, while volumes declined from the previous session on Thursday.Benchmark KSE 100 index recorded an intraday high of 43,996.62 registering a high of 149.75 points during initial hours. However, it fell to day’s low of 43,273.76 losing 573.11 pts.At close on Thursday, the index settled lower by 328.03 points or 0.75% at 43,518.84.“The devaluation of rupee further dented investors’ confidence,” said Capital Stake in its post-market comment. PKR dropped to a new low of 177.61 against the USD at the close in the inter-bank on Thursday.Meanwhile, the central b...
December 9, 2021 at 7:17 pm | Economic Affairs
EA ReportLAHORE, Dec. 09– Pakistani rupee reached a fresh low against US dollar Thursday, depreciating yet another 0.10% in the inter-bank market.According to State Bank of Pakistan (SBP), PKR closed at 177.61 against the USD after a day-on-day depreciation of 18 paisas or 0.10%. On Wednesday, PKR closed at the then-record low of 177.43 against the USD.The fall comes as pressure mounts on the currency amid a widening trade deficit and falling foreign exchange reserves.The country’s trade deficit widened by 133.99% on a year-on-year basis and stood at $4.963 billion in November 2021 compared to $2.121 billion in November 2020. Imports witnessed 82.83% growth on a year-on-year basis in November 2021 and stood at $7.847 billion compared t...
December 9, 2021 at 6:25 pm | Economic Affairs
December 8,2021Islamabad(Press Release)The Embassy of the Islamic Republic of Pakistan in Vienna organized a webinar today in collaboration with Habib Bank Limited (HBL) and State Bank of Pakistan for promotion of Roshan Digital Account initiative launched by the government of Pakistan. It was attended by members of the Pakistani community and representatives of community organizations. In his remarks, Ambassador Aftab Ahmad Khokher, said that overseas Pakistanis were an invaluable asset for Pakistan and the Roshan Digital Account (RDA) was providing them a better opportunity to participate in Pakistan’s economy and strengthen their bond with Pakistan. He said that it was third webinar of the Embassy for promotion of RDA and he wo...
December 8, 2021 at 8:26 pm | Economic Affairs
December 8,2021Peshawar (Press Release) The Sarhad Chamber of Commerce and Industry (SCCI) has urged the government to abolish Saturday’s holiday in government offices to ease difficulties of the business community and facilitate them.The demand was made by the SCCI president Hasnain Khurshid Ahmad while chairing a joint meeting of traders and industrialists, here on Wednesday.The meeting was told that owing to the closure of government offices and commercial banks on Saturday, the business community has faced severe difficulties, besides it was also badly affected trade and economic activities.Therefore, the participants demanded to immediately abolish Saturday’s holiday and to facilitate the business community.Hasnain Khurshid on the...
December 8, 2021 at 8:19 pm | Economic Affairs
Pakistan Rupee Exchange Rate