National

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

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

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

Islamabad: July 17,2023 (PR)Australian High Commissioner H.E. Mr. Neil Hawkins called on the Chairman of the Standing Committee on Foreign Affairs of the National Assembly of Pakistan, Mr. Mohsin Dawar, at his office today in the Parliament House. During the meeting, the areas of mutual interest between the two countries were discussed. The two officials exchanged views on the political, security, and economic situation in Pakistan. H.E. Mr. Neil apprised the Chairman of Australia’s effort to support Pakistan’s development in various areas such as water security, women’s education, family planning, etc. Mr. Mohsin Dawar welcomed Australia’s contribution to Pakistan and highlighted various challenges faced by youth, especial...

July 17, 2023 at 8:59 pm | Economic Affairs

Islamabad; July 17,2023 -( EA Report) Mian Mohammad Younis has been appointed as the Chairman of the Board of Directors Faysal Bank Limited, in its board meeting held on July 17, 2023. With the professional career spanning over four decades in Ministry of Finance, Banking and Financial Sector reforms, Mr. Younis brings in extensive knowledge of Corporate Sector Governance and financial markets.Mr. Younis has also served at the Board of Directors of Meezan Bank Limited, as the Chairman of the Board Audit Committee and was also a member of the Board Risk Management Committee.He has been part of the Board of Directors at Faysal Bank Limited for more than nine years where he has been the Chairman of Board Audit and Corporate Governance Comm...

July 17, 2023 at 8:54 pm | Economic Affairs

The book launch event of “Extremism and Counter-Extremism Narratives in Pakistan: An Analysis of Narrative Building” by Dr Sadia Nasir, was held by the Department of Humanities and Social Science department of Bahria University, Islamabad on Monday. Dr. Sadia Nasir, is an independent researcher and Adjunct Faculty Member at Bahria University. She holds PhD from Quaid-i-Azam University, Islamabad. She is a UNESCO/Keizo Obuchi research fellow and an RCSS Alumni. Hamid Ali Khan, Former Federal Secretary and National Coordinator of NACTA, Dr Shabana Feyyaz, Chairperson DSS department, Quaid-e-Azam University and Hamza Ijaz, Program Manager at USIP graced the occasion to evaluate and comment on the book as discussants. The event w...

June 13, 2023 at 1:34 pm | Economic Affairs

Pakistan has strongly objected to India's decision to host the G20 Tourism Working Group meeting in Srinagar on 22-24 May 2023 By Prof. Engr. Zamir Ahmed Awan The G20 is the forum of 19 countries and the European Union that addresses major issues concerning the global economy, including sustainable development, international financial stability, and climate change mitigation. It comprises most of the world's largest economies, accounting for 80% of gross world product, 75% of international trade, two-third of the global population, and 60% of the world's land area. India's decision to host G20 events in IIOJK is just another self-serving measure aimed at perpetuating its illegal occupation of Jammu and Kashmir. G20 was establis...

April 15, 2023 at 2:25 pm | Economic Affairs

13th April, 2023.Islamabad(Press Release) Prime Minister received the Ambassador of United Arab Emirates (UAE) to Pakistan, H.E. Hamad Obaid Ibrahim Salem Al-Zaabi, on Thursdsy.The Ambassador delivered an invitation to the Prime Minister from the UAE leadership inviting him to attend COP28, which is scheduled to be held in Dubai from 30 November to 12 December 2023.Prime Minister thanked the UAE leadership for the invitation. He also expressed his gratitude for their support in relief efforts in the wake of devastating floods in Pakistan last year. Prime Minister appreciated UAE’s role in combating climate change and expressed the hope that UAE’s stewardship of COP28 would yield meaningful outcomes for countries like Pakistan, which ar...

April 13, 2023 at 10:16 pm | Economic Affairs

March,23(Agencies)-- US dollar stayed under pressure near seven-week low Thursday as US bond yields fell sharply after the Federal Reserve sounded close to calling time on interest rate hikes.The Fed raised its benchmark funds rate by 25 basis points, as expected, but dropped language about “ongoing increases” being needed in favour of “some additional” rises, as it waits and watches how wobbling confidence in banks affects the economy.Futures imply only an even chance of one more hike. That’s a contrast to Europe where markets see another 50 bp or so to go, and the gap sent the euro surging.The dollar pared some of its losses when US Treasury Secretary Janet Yellen set off another round of bank stock selling and jitters over sta...

March 24, 2023 at 11:09 am | Economic Affairs

March 22,2023Islamabad (EA Report)Foreign Minister Bilawal Bhutto Zardari has extended warm felicitations on the signing of the Joint Trilateral Statement by Iran, Saudi Arabia and China, and termed the resumption of diplomatic relations between Riyadh and Tehran as a testament to the wisdom and farsightedness of the leadership of the two countries.In a telephonic conversation with Foreign Minister Hossein Amir Abdollahian of the Islamic Republic of Iran, on Wednesday, the Foreign Minister also commended the important role played by China in facilitating this process, which has also been the stated policy of Pakistan.Underscoring Pakistan’s close fraternal relations with both Iran and Saudi Arabia, the Foreign Minister stressed that the ...

March 22, 2023 at 1:42 pm | Economic Affairs

By Kashif Rizwan March 22, 2023Islamabad(Special Report) In a major breakthrough, Russia has expressed willingness for political settlement of the Ukraine issue, telling that Moscow is open to talks for peace and welcomes China to play a constructive role in this regard.This is what Russian President Vladimir Putin indicated while welcoming China’s President Xi Jinping at the Kremlin on his arrival in Moscow.“Russia appreciates China for consistently upholding an impartial, objective, and balanced position and standing for fairness and justice on major international issues,” Vladimir Putin said, adding that the two sides had an in-depth exchange of views on the Ukraine issue. He said, “Russian welcomes China’s willingness to p...

March 22, 2023 at 11:36 am | Economic Affairs

March21 (Agencies) Minister for Foreign Affairs Bilawal Bhutto Zardari yesterday extended felicitations on the signing of the Joint Trilateral Statement by Iran, Saudi Arabia and China in Beijing. Bilawal, in a telephonic conversation with Foreign Minister Hossein Amir Abdollahian of Iran, termed the resumption of diplomatic relations between Saudi Arabia and Iran as a testament to the wisdom. The Foreign Minister also commended the important role played by China in facilitating this process. The Minister was of the view that the renewal of diplomatic ties between the two brotherly countries would serve as a harbinger for peace.

March 22, 2023 at 9:19 am | Economic Affairs

March 21 (Agencies) Minister for Foreign Minister Bilawal Bhutto Zardari on Tuesday congratulated Saudi Foreign Minister on recent normalization of relations between Saudi Arabia and Iran. In a telephonic conversation with His Highness Prince Faisal bin Farhan Al Saud, Foreign Minister of KSA, Minister for Foreign Minister Bilawal Bhutto Zardari this agreement will pave the way for initiation of meaningful dialogue for peace, security, trade and development in the entire region. Both the leaders underscored the vital role of high-level exchanges for cementing ties between the two countries.

March 22, 2023 at 8:44 am | Economic Affairs

March20 (Agencies) US Ambassador Donald Blome has said that the top priorities of her government is to further promote economic growth in Pakistan, besides enhancing trade and investment between the United States and Pakistan. “The US is Pakistan’s largest export market. We are seeing more and more U.S. investment come to Pakistan. There is still room to grow and entrepreneurs like you are central to that effort,” said US Ambassador Donald Blome, at the concluding ceremony of the Two-Day Expo event with the title“US-Pakistan Innovation Expo”. The expo was organized with the aim to provide a platform for established start-ups to showcase their business ideas and prototypes and network with potential US and Pakistani venture....

March 20, 2023 at 7:05 pm | Economic Affairs

March20 (Agencies) Since Pakistan has recently suffered unprecedented deluge, the government of Japan has provided an additional 5.58 million USD to strengthen weather forecasting in Pakistan. In its ongoing scheme to install ‘Weather Surveillance Radar’, Tokyo aims to cover eighty percent of the area to give benefit to approximately 90 percent of the whole population of the country. Multan, also famous as one of the oldest city, would get an increase of a grant aid for “the Project for Installation of Weather Surveillance Radar” from 14.99 million USD to 20.57 million USD. Japan has already provided assistance for installation of six weather radars in Karachi, federal capital, Dera Ismail Khan, Rahim Yar Khan and two project...

March 20, 2023 at 7:02 pm | Economic Affairs

March 19 ( Agencies) In a significant development, The ECC has given a go ahead for the supply of indigenous gas to fertilizer plants. This approval would cater the Urea requirements especially in the upcoming Kharif crops season. Minister for Finance Ishaq Dar chaired the meeting of the ECC of the Cabinet.Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting. The concerned ministry presented detail...

March 20, 2023 at 9:21 am | Economic Affairs