Yield on Pakistan’s Sukuk rises to 98.96% Weighed down by weak economic fundamentals, Pakistani rupee dipped to a six-week low at Rs223.17 to a dollar in the inter-bank market on Friday as importers were unsure whether the flow of the greenback would improve in the near future. Apart from the currency’s fall, the yield on Pakistan’s global Sukuk, maturing next month, rose by 568 basis points to 98.96%, reinforcing a perception that the country might default on the Sukuk worth $1 billion. The downtick in the rupee continued for the sixth consecutive working day, as the currency dropped by 0.22% (or Rs0.50) to close at Rs223.17, according to the State Bank of Pakistan (SBP). It has cumulatively lost 0.79% (or Rs1.75) in the si...
November 21, 2022 at 11:33 am | Economic Affairs
ICCI calls for forging strong business linkages to improveties Turkey and Pakistan enjoy heart-to-heart relations and Ankara is keen to boost bilateral trade to at least up to $5 billion in the next two to three years. The current volume of trade is not reflective of the actual potential of both countries. This was stated by Turkish Ambassador Mehmet Pacaci while addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI). The envoy said that he was assigned by his government to increase Turkey-Pakistan trade to $5 billion in three years as a first step and added that both countries had the potential to go beyond that target. “Turkey wants to enhance cooperation in trade, industry, inv...
November 21, 2022 at 11:31 am | Economic Affairs
18 November 2022Faisalabad: (PR) Indonesia and Pakistan must accelerate bilateral cooperation and research efforts to gain benefits from the flourishing Halal cosmetics market, which is rapidly increasing its share every year and creating number of investment opportunities with healthy future growth prospects. This was said by the Ambassador of Indonesia to Pakistan Mr. Adam M. Tugio while addressing the International Conference on Islamic Economy and Halal Cosmetics organized by the University of Faisalabad (TUF). Ambassador Adam pointed out that the popularity of Halal products is not confined to Muslim countries alone but also attracting a wide range of non-Muslim consumers with its high quality standard and certification methods sup...
November 19, 2022 at 1:52 pm | Economic Affairs
The challenges posed by the climate crisis are enormous. In these extreme challenges, I found hope in Sweden while participating at Stockholm+50 conference this year. In Stockholm, I saw a transparent sky connecting with land in the highest esthetic and romantic way. From drinkable tap water to clean air, Stockholm has attracted millions of young tourists every year. Clean tap drinking water and a healthy natural environment are core indicators of modern day climate diplomacy. This is a hope where we can start our collective struggle to meet the challenges of climate change. Today, Climate Change defines global challenges, and the global south is at a defining moment. From shifting weather patterns and rising sea levels to threatened fo...
November 19, 2022 at 1:49 pm | Economic Affairs
Country’s annual GDP may fall by 18-20% during the same period due to climate change risks By Ghulam Haider The World Bank has forecast that Pakistan’s agricultural yields are projected to drop 50 per cent by 2050 due to the degradation of land, overuse of chemical inputs and water and lack of research in the top most important sector and contributor to the national Gross Domestic Product (GDP) of the country. The World Bank Group’s recently released “Country Climate and Development Report (CCDR) for Pakistan” has further forecast that erratic climate changes coupled with the mayhem instrumented by environmental degradation is set to result in a whopping fall of 18-20 per cent in the GDP by 2050 if the lingering issues p...
November 18, 2022 at 4:53 pm | Economic Affairs
November 18,2022Islamabad ( PR)The Embassy of the Republic of Korea in Islamabad organized an interactive seminar at Marriott Hotel on the theme of Energy Infrastructure Enhancement in Pakistan through the Economic Development Cooperation Fund (EDCF). The seminar was attended by senior level representatives from Ministry of Foreign Affairs, Economic Affairs Division, EXIM Bank of Korea, Korean Companies, Pakistani Business Community Members, and the UN.The seminar’s propose was to discuss ways to promote renewable energy especially solar power in Pakistan in a collaborative and synergetic manner where Korean companies showcased their experiences of undertaking renewable energy projects in Korea, Pakistan, and around the world, and to hig...
November 18, 2022 at 3:00 pm | Economic Affairs
Over the past few decades, the world has witnessed a significant increase in the numbers and magnitude of natural disasters, exacting a heavy socio-economic toll on humanity. From high-rise tides in the oceans to cyclonic storms, from record high temperatures to droughts in some parts of the world, and from heavy torrential rains to flash floods, drastic changes in climate patterns all have been witnessed, and the world is currently bearing the repercussions of the current wave of climatic change in the form of various catastrophic tragedies. The first half of the year 2022 fared no better and will ostensibly be remembered for the deadly hydro-meteorological disaster in Pakistan, causing sobering and stark devastation to one-third of th...
November 17, 2022 at 10:55 pm | Economic Affairs
The film is slated to be released cinemas and theatres across the country on November 18 with minor cuts.By Ghulam HaiderAfter stirring controversy, the Pakistani authorities have finally decided in principles to lift the ban on the screening of the Oscar 2023-entry ‘Joyland’ after some scenes cut in the movie, which is slated for release nationwide this Friday (November 18).Salman Sufi, head of the Prime Minister’s Strategic Reforms, said Wednesday that the censors would be lifting a ban on “Joyland," with some scenes being cut before it is released in country’s cinemas and theatres.The decision by the authorities comes days after the ban was put in place by the Ministry of Information and Broadcasting, which said it contains ...
November 17, 2022 at 8:57 pm | Economic Affairs
Beyond its prospects as a bloc in the burgeoning field of climate diplomacy, the potential benefits of cooperation on climate are essentially limitless for the region. The low-hanging fruit is sharing information and data. By Ghulam Haider That India and Pakistan are engaged in backchannel track II diplomacy is the worst kept secret in South Asia. It does not take a vivid imagination to guess what dominates the agenda at these talks: Kashmir, terrorism, trade, perhaps crisis behavior under the shadow of nuclear weapons. Welcome as such conversations are, they are almost assuredly lacking focus on the biggest crisis facing the region’s inhabitants: climate change. South Asia’s Climate Change Vulnerability This year has serve...
November 16, 2022 at 10:17 am | Economic Affairs
International partners and possible donors will be looking for indications that Pakistan is ready to commit to forward-thinking strategy for tackling its climate change challenges in the years ahead By Ghulam Haider The international community has gathered in Egypt for the UN Climate Change Conference (COP27) to discuss a range of issues including loss and damage, climate finance, adaptation and mitigation. This year’s COP27 is being held in the aftermath of Pakistan’s disastrous summer floods, which led to the announcement that Pakistan’s Prime Minster Shahbaz Sharif will serve as vice-chair of the summit. This — combined with Pakistan’s presidency of the G77 this year — have afforded Pakistan a significant place ...
November 15, 2022 at 11:29 pm | Economic Affairs
Pakistan Rupee Exchange Rate