Allah has gifted Pakistan with a lot of diversity in terms of demographics, ethnicity, geography, economic and natural resources. Not many countries can boast such a diversity especially within the range of comparable size. By Muhammad Mazhar Khan Pakistan turned seventy-five on 14 August 2022 and the country has witnessed a lot of transformation during these years. With the initial struggles for survival to near take-off in 1960s to the structural challenges of recent decade, each decade has its own story. Overall, the economic history of Pakistan is a tale of unfulfilled promises with spurts of boom and bust cycles. Growth triggered by consumption boom fails to sustain as economy overheats quickly. There can be many explanations bu...
November 30, 2022 at 12:27 pm | Economic Affairs
The Govt under Prime Minister Shahbaz Sharif's stewardship has taken some unpopular and tough decisions to put the economy on the road to recovery, and one such feat is securing the IMF's funding at a crunch time when the global economies indicators are dwindling. By Kashif Rizwan Although Pakistan has been receiving financial assistance from the International Monetary Fund (IMF) since 1958, yet the successive governments in Pakistan, particularly since 1988, have been striving to Pakistan's economic sustainability. The economic performance of high Gross Domestic Product (GDP) rate between 5% to 6% in some years followed by 3% to 4% GDP rate for short periods. There are several geopolitical, structural and economic factors t...
November 30, 2022 at 12:10 pm | Economic Affairs
The Country has all the prerequisites including but not limited to perfect location, large talented and resilient population, hardworking labour force, unexplored natural resources and a modern outlook on life. By Ambassador Naghmana A. Hashmi “God has given us a grand opportunity to show our worth as architects of a new State; let it not be said that we did not prove equal to the task.” Quaid's address to Civil, Military and Air Force Officers, 11 October, 1947. Pakistan, the dream of Allama Iqbal, the result of tireless efforts and visionary leadership of Muhammad Ali Jinnah and sacrifices of millions of Muslims came into existence on 14 August 1947, which also coincided with 27th of Ramazan. Named by Chaudhry Rehmat Ali,...
November 30, 2022 at 12:00 pm | Economic Affairs
The Government is highly committed to introduce far-reaching reforms in every sector of the augment the economy of the country. Dr. Imtiaz Ahmed Pakistan is strategically located and it allows Pakistan to become an important trade, energy and transport corridor. Most importantly, Pakistan is a gateway to energy rich states of Central Asia, the Gulf States and far Eastern countries making Pakistan a place of endless opportunities and possibilities. The determination of its people made the country world's 24th largest economy in terms of purchasing power parity and 44th in terms of nominal GDP. In FY 2022, nominal GDP crossed Rs. 66,000 billion ($383 billion) whereas, per capita income reached at $1,798. According to World Bank esti...
November 30, 2022 at 11:44 am | Economic Affairs
By Imran Zia We are proud and gratified to Allah Almighty on this special occasion of 75th Independence Anniversary of Pakistan. At the time of its creation, Pakistan did not have enough capital to form a functioning government to serve its 24 million population and 8 million migrant refugees, nor it had the central bank to maintain foreign exchange reserves and issue currency. In 1947 Pakistan had only Rs.200 million worth of foreign exchange in central treasury and income of Rs.450 million against the expenditure of more than Rs.800 million. The leadership of newly-established country under the stewardship of Quaid-e-Azam worked selflessly to lay strong foundations of the country where its people can prosper as per their ...
November 30, 2022 at 11:36 am | Economic Affairs
Accounting for approximately 3 per cent of Pakistan's GDP, the automobile is the fastest growing sector in the Sub-Continent, which employs a workforce of over four million. By Ghulam Murtaza The creation of Pakistan had to experience great injustice by inheriting only 34 industries out of 921 in the subcontinent, which reflects how much manipulation was done. Cotton textiles, cigarettes, sugar, rice husking, cotton ginning, and flour milling industries were among the top to create just 26000 jobs and contributed around 7% to GDP. The automobile industry was not existing at that time. General Motors & Sales were the pioneers in selling the Vauxhall Cars, and Bedford trucks, followed by Ali Automobile rolled out Ford Trucks...
November 30, 2022 at 11:19 am | Economic Affairs
Muhammad Shahbaz Jameel President/CEO Zarai Taraqiati Bank Ltd. (ZTBL) The President/CEO of the Zarai Taraqiati Bank Ltd. (ZTBL) share the mission of and vision of the bank, which is aimed at transforming the agricultural landscape in the country. The Economic Affairs: What is the significance of ZTBL compared to other organizations with reference to Diamond Jubilee Independence anniversary of Pakistan? Muhammad Shahbaz Jameel: ZTBL was established in 1961 which means we are just 14 years younger than Pakistan. This is the significance that we share with Independence Day. Agriculture is the backbone of Pakistan's economy and ZTBL is the leader in providing agriculture loan to maximum farmers in Pakistan. The Economi...
November 30, 2022 at 11:05 am | Economic Affairs
Aamir Ibrahim CEO - JAZZ The Economic Affairs had a privilege to talk to Mr. Amir Ibrahim, CEO Jazz, who shared how the company has revolutionized the telecommunication sector in Pakistan. Following is the transcript of the interview; The Economic Affairs: How has Jazz contributed to the economy of Pakistan in terms of employment, investment, and taxes? Aamir Ibrahim: In the last 27 years, Jazz has invested US$10.3 billion in Pakistan. During the first quarter of 2022 alone, PKR 14.9 billion were invested to forward our '4G for all' ambition. The money we have invested has gone into upgrading and expanding our network across the country as we move forward in our journey to accelerate Digital Pakistan ambition through a robus...
November 30, 2022 at 11:01 am | Economic Affairs
Muhammad Aurangzeb President & CEO – HBL Profile: Prior to this responsibility at HBL, Mr. Aurangzeb was the CEO for JP Morgan's Global Corporate Bank based in Asia, with a rich international banking experience of over 30 years in other senior management roles at ABN AMRO and RBS based in Amsterdam and Singapore. Mr. Aurangzeb is the only Pakistani to be invited to the exclusive membership of the Global CEO Council organized by WSJ / DowJones group. He is also the Chairman of the Pakistan Banks Association, Chairman of the Pakistan Business Council, and Council Member at the Institute of Bankers Pakistan. Mr. Aurangzeb received his BS and MBA degrees from The Wharton School (University ofennsylvania). An Overview of HB...
November 30, 2022 at 10:48 am | Economic Affairs
Waqar Malik CEO - FAUJI FOUNDATION The Economic Affairs feels honoured to talk to Mr. Waqar Malik, who sheds light on the unparalleled role of the Pakistan Army-run institutions in the social-economic development of the country. Following is the transcript of the interview; The Economic Affairs: Sir, would you like to share the success story of Fauji Foundation since it was founded in 1954, and highlight achievements of its subsidiary companies as well. Waqar Malik: Fauji Foundation (FF or “The Foundation”) is a charitable trust founded in 1954 and incorporated under The Charitable Endowment Act 1890. The raison d'etre of Foundation is “Earn to Serve”. The Foundation operates as a Hybrid Social Enterprise, where its ...
November 30, 2022 at 10:42 am | Economic Affairs
Pakistan Rupee Exchange Rate