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
Since 1990, Pakistan's policy towards the Taliban in Afghanistan has undergone several shifts due to changing geopolitical dynamics and regional security concerns. By Qamar Bashir In recent statements, the army chief has shifted from an appeasement policy with the Afghan Interim Government to an aggressive policy, warning it to rein in the Tehreek-e-Taliban Pakistan (TTP) militant umbrella group. The TTP has been using Afghan soil to launch attacks in Pakistan. The army chief had noted Pakistan has "serious concerns about the safe havens and freedom of action available to the Tehrik-e Taliban Pakistan militant group." He made these remarks after two militant strikes in recent days killed 12 Pakistani soldiers on the Pakis...
July 17, 2023 at 6:37 pm | Economic Affairs
Shahbaz Sharif put a curtain on extra-constitutional speculations by announcing that his government will only be in power for another month but before announcing his intention to step down. By Qamar Bashir “I am the Prime Minister for another thirty days,” said Shahaz Sharif during recently held ceremony in Islamabad. He quelled all rumors including elections would be postponed indefinitely, the incumbent governments would continue for at least one more year, and formation of a technocratic government for indefinite period. Shahbaz Sharif put a curtain on extra-constitutional speculations by announcing that his government will only be in power for another month but before announcing his intention to step down. He put eve...
July 15, 2023 at 6:15 pm | Economic Affairs
July, 14(Agencies) — Hong Kong stocks completed a full week of gains on Friday, as traders bet the Federal Reserve is close to the end of its rate-hike cycle and were hopeful of fresh economic stimulus measures out of China.The Hang Seng Index added 0.33 percent, or 63.16 points, to 19,413.78.Shanghai Composite Index was marginally higher, adding 1.22 points to 3,237.70, while the Shenzhen Composite Index on China’s second exchange was also flat, inching down 0.90 points to 2,058.10.
July 14, 2023 at 8:10 pm | Economic Affairs
July, 14(Agencies) — Pakistan LNG Ltd (PLL) received a bid from commodities trader Trafigura for an LNG import tender at $23.47 per million British thermal units (mmBtu) to be delivered on January 3-4 and at $22.47/mmBtu for delivery February 23-24, a source said on Friday.Pakistan issued two tenders in June, seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year but did not receive any bids.The bid from Trafigura is for Pakistan LNG’s second tender which closes on July 14.Meanwhile, Bloomberg News reported that the shipments offered by Trafigura “are priced at roughly a 30% premium to current market prices, according to traders”.“Typically, spot purchases of fuel would be sold at similar levels to m...
July 14, 2023 at 8:07 pm | Economic Affairs
July, 14(Agencies) — US dollar hovered at 15-month lows on Friday after a steep dive overnight following markets wagered Federal Reserve was close to the end of its rate hike cycle due to easing inflation.Dollar index, which measures the US currency against six major rivals, stood at 99.71 in early Asian hours, its lowest since April 2022. The index is on course for its worst week since November.US producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, data showed on Thursday, a day after consumer prices rose modestly last month as evidence mounts that the world’s largest economy had entered a phase of easing inflation.“Markets are generally pretty pleasant with the l...
July 14, 2023 at 2:53 pm | Economic Affairs
Livestock and Dairy Modernization and Improvement Support Program is a significant stride forward in the government's efforts to transform livestock and agriculture sectors and improve lives of millions. By Qamar Bashir Special Investment Facilitation Council (SIFC) has launched its first product, the Livestock and Dairy Modernization and Improvement Support (LIMS) Program, with the support of the World Bank and the Asian Development Bank at a cost of $500 million. The purpose of this five-year program is to increase the profitability and productivity of Pakistan's livestock and dairy industries. Being an integrated program, it has taken care of every possible aspect of the livestock and dairy sectors and will strive to provide fa...
July 14, 2023 at 10:24 am | Economic Affairs
Prime Minister thanked the Army Chief for bringing in the green initiative and hoped that this project would change the fate of Pakistan. By Qamar Bashir Army chief after taking command has been meeting with businessmen, agriculturists, and economists to bring in some semblance and overcome countries economic and financial woes. Though it went unnoticed at that time until the formation of Special Investment Facilitation Council (SIFC) with the Army Chief as a member was announced. Soon after its formation, various sessions were held wherein many important decisions were finalized in a jiffy. The four terminals of Karachi ports were handed over to a Dubai-based company on 30 years lease. SIFC's second decision was to auct...
July 14, 2023 at 10:19 am | Economic Affairs
July, 13(Agencies) — China’s yuan slipped slightly against the dollar on Thursday, as the country’s export growth surprised investors to the downside, but analysts said further currency weakness was expected to be limited.China’s exports fell more than expected in June year-on-year, while imports also contracted, in the worst showing for outbound shipments from the world’s second-largest economy in three years.Prior to the market’s open, the People’s Bank of China set the midpoint rate at 7.1527 per US dollar, 238 pips firmer than the previous fix 7.1765.The spot yuan opened at 7.1680 per dollar and was changing hands at 7.1687 at midday, 37 pips weaker than the previous late session close.Despite the strengthening of yuan ag...
July 13, 2023 at 3:24 pm | Economic Affairs
July, 13(E. A Report) — Pakistan’s sovereign dollar bonds gained as much as 1.7 cents, Tradeweb data showed on Thursday, after the International Monetary Fund (IMF) gave the official sign-off for a $3 billion bailout.The 2024 and 2027 maturities notched the strongest rallies, with the latter rising by 1.75 cents by 0629 GMT.The 2027 is at a 10-month high of just over 53 cents on the dollar, while the 2024 is at its highest in more than a year trading just under 80 cents.Pakistan, which has been teetering on the edge of default due to an acute foreign currency shortage, also got $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia earlier this week.
July 13, 2023 at 3:07 pm | Economic Affairs
July, 13(E. A Report) —International Monetary Fund (IMF) has deposited $1.2 billion into the State Bank of Pakistan (SBP), announced Finance Minister Ishaq Dar on Thursday.“I would like to share the information that the IMF has deposited $1.2 billion upfront payment in the account of State Bank of Pakistan (SBP),” said Dar“Last night, the IMF Executive Board approved the Stand-By Arrangement (SBA).“Under the agreement, Pakistan received an instalment of $1.2 billion and the remaining $1.8 billion would be disbursed after two reviews, which will be held in November and February.“This would boost foreign exchange reserves, and after this week’s closing on Friday, SBP reserves would have increased by $4.2 billion this week,” h...
July 13, 2023 at 2:49 pm | Economic Affairs
July, 13(Agencies) ——World Bank’s Board of Executive Directors on Thursday approved $100 million for the Punjab Family Planning Program, as it seeks to increase the utilization of family planning services in the province.As per a statement, the program will provide timely access to family planning services free of charge.It will also institutionalize quality of care across the family planning services delivery system, and support public information and advocacy campaigns so that more families are made aware of the benefits of family planning, the World Bank said.“This important program aims to achieve universal access to reproductive healthcare and to raise the usage of family planning methods in Punjab to 60% by 2030,” Najy Benh...
July 13, 2023 at 2:17 pm | Economic Affairs
July, 12(Agencies) — A bruised dollar was nudged lower still in Asia on Thursday, as traders took surprisingly slow US inflation as a signal US interest rate rises will be all but finished by month’s end.Dollar had its worst session in five months overnight, falling more than 1% against the euro to its lowest in more than a year and notching even larger losses elsewhere.The euro hit a fresh 15-month high of $1.1141 in early Asia trade and the yen, up 0.3% at 138.16 per dollar, was its strongest since mid-May.US dollar index fell marginally to 100.47, its lowest since April 2022. The New Zealand dollar reached a two-month high of $0.6309 and the Aussie a three-week peak of $0.6796.The moves were small, yet showed traders’ faith the do...
July 13, 2023 at 10:40 am | Economic Affairs
All speakers at Leaders in Islamabad Business Summit echoed the need to empower teams, celebrate failures and think 'long-term' in terms of generations, and not number of years. Khurram Zia Nutshell Conferences Group and Martin Dow Group, in strategic partnership with Overseas Investors Chamber of Commerce and Industry, and Unity Foods Limited, arranged the 6th Edition of “LEADERS IN ISLAMABAD BUSINESS SUMMIT”, with the theme “The Big Rethink.” Muhammad Azfar Ahsan, Founder & CEO Nutshell Group, and former Minister of State & Chairman Board of Investment, in his welcome address, elaborated on the theme “The BIG Rethink” for progress. “I blame incompetence, lack of political will, absence of collaboration ...
July 12, 2023 at 10:23 pm | Economic Affairs
Pakistan possesses extensive maritime potential to be harnessed. However, several self-inflicted wounds hinder progress in this vital sector. Prof. Dr. Sajid Mehmood Shahzad The Maritime Sector in Pakistan serves as the bedrock of the country's blue economy, playing a pivotal role in facilitating trade. It acts as the primary conduit for fossil fuel imports, accounting for nearly 95 percent of commerce and approximately 31 percent of the GDP. This translated into a substantial trade value of around US$80 billion in 2022. Pakistan possesses extensive maritime potential waiting to be harnessed. With a coastline stretching over 1000 kilometers (540.4 Nautical miles), encompassing Sindh (266.5 kilometers) and Balochistan (734.5 kilome...
July 12, 2023 at 10:08 pm | Economic Affairs
The pertinent question about the current budget is whether it is realistic or artificial, as much improved budgetary proposals have been outlined before the National Assembly without any back-support of revenues and IMF program. Hassan Baig The budget 2022-23 presented in the National Assembly of Pakistan by finance minister Ishaq Dar on 9th June is quite optimistic. He has taken care of all segments of the society, although there was no room available due to fiscal constraints. He has provided, in fact, a conceptual space in the budget 2022-23 covering famous 5 Es model of development, as enunciated by the Planning ministry duly approved by the National Economic Council (NEC). The 5 Es are: Exports, E-Pakistan, Environment and Cl...
July 12, 2023 at 9:57 pm | Economic Affairs
Improved internet connectivity and technological infrastructure can facilitate the growth of virtual classrooms, e-learning platforms, and remote learning opportunities. Dr. Sonia Saleem Pakistan's annual budget holds significant implications for various sectors of the economy. In recent years, the country has witnessed a surge in the education technology (EdTech) sector and the demand for international skilled certifications. By examining the key provisions and allocations in the budget, we can assess the potential opportunities and challenges that lie ahead for the EdTech and international skilled certifications sectors in Pakistan. One of the critical aspects of the post-budget policy is the allocation of funds for enhancing...
July 12, 2023 at 9:01 pm | Economic Affairs
Budget discussions in Pakistan have predominantly focused on revenue generation, neglecting the examination of expenditures. Tuaha Adil Budgets play a crucial role in demonstrating a government's priorities. However, in Pakistan, this process has devolved into a search for ways to finance public expenditures without considering revenue sources, burdening taxpayers. Furthermore, the budget-making process in the country has lost its credibility, as numbers are repeatedly altered throughout the year. Budget discussions in Pakistan have predominantly focused on revenue generation, neglecting the examination of expenditures. The Finance Bill 2023 exemplifies this trend. Despite claims of austerity and prudence, the government has prese...
July 12, 2023 at 8:54 pm | Economic Affairs
Pakistan, being the 5th largest country dominated by 64% of youth, is a big market for brands. Ghulam Murtaza A brand is a fictitious person who, by and large, has characteristics of human beings. The desire to recognize oneself, products, and corporate entities is as old as human beings. By default, we tend to be looking different, prominent, credible, more value-adding, high-paid, protected, and identifiable. So, every living person is a brand with some value one holds. In the corporate world, it's known as a type of product manufactured by a particular company under a particular name. Brands and branding can be traced back to the eons,5.0000 BC when hunters would use hand-crafted weapons of specific 'brands' to succeed and l...
July 12, 2023 at 8:47 pm | Economic Affairs