Pakistan plans to increase its percentage of renewable energy to 60% in 2030 to reach its net zero emission goal as part of the Paris Agreement on Climate Change. Dr Abid Rashid Gil Energy transition in Pakistan is indeed a need of the hour. As a developing country with a rapidly growing population and expanding economy, Pakistan faces significant challenges in meeting its increasing energy demands while addressing environmental concerns. An energy transition involves a shift from traditional, fossil-fuel-based energy sources to cleaner, renewable, and sustainable alternatives. Such a transition is crucial for Pakistan's economic development, environmental sustainability, and social well-being. Pakistan's power generation relie...
September 13, 2023 at 7:14 pm | Economic Affairs
Pakistan's economy has been hit hard by the smuggling of petroleum products from Iran, leading to a staggering loss of revenue. By Qamar Bashir In an extraordinary development, Pakistan's Army Chief has recently taken a proactive role in addressing the nation's pressing economic challenges. This departure from the norm, where civilian authorities typically handle such matters, was marked by meetings with prominent businessmen from Karachi and Lahore. During these dialogues, the business community shared their concerns and presented a multitude of suggestions and demands aimed at salvaging Pakistan's sinking financial ship. These conversations illuminated the dire economic situation in the country and highlighted a central issue: t...
September 11, 2023 at 2:32 pm | Economic Affairs
In a momentous meeting, Qaiser Nawab, a renowned Pakistani youth leader and President of the Belt and Road Initiative for Sustainable Development (BRISD), called on Her Excellency Mrs. Neo Jane Masisi, the esteemed First Lady of Botswana. This significant encounter serves as a testament to the strengthening of international bonds and mutual growth. During this remarkable visit, Qaiser Nawab had the privilege of experiencing the warmth and hospitality of Botswana. His stay in this beautiful country has been nothing short of extraordinary, and he's been deeply impressed by the nation's unique attributes. Botswana's rich cultural heritage, coupled with its strategic centrality within Southern Africa, has left a lasting impression. H...
September 11, 2023 at 1:51 pm | Economic Affairs
Tax reforms are need of the hour, and the next Government must ensure that it embarks on this difficult but mandatory path of tax reforms. M. Amayed Ashfaq Tola & M. Ahsan Ahmed Recently, an article was authored by Shahbaz Rana in the Express Tribune, highlighting that the Salaried class paid tax worth PKR 264.5 billion on their income in Fiscal Year 2022-23 (“FY23”), whereas, the exporters paid PKR 74 billion in taxes, and retailers paid PKR 15.6 billion in taxes. This data is a worrisome reality of the inequitable taxation system of Pakistan. However, this is just the tip of the iceberg. This article aims to explain as to why tax reforms are needed in Pakistan, and that tax reforms in Pakistan are inevitable...
September 1, 2023 at 5:05 pm | Economic Affairs
The core achievements of the past decade span across economic, social, and strategic domains, shaping the trajectory of Pakistan and China for the better. Prof. Engr. Zamir Ahmed Awan As we mark the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), the air is filled with excitement and optimism, reflecting the remarkable achievements and boundless potential that this partnership holds. The visit of Chinese Vice-Premier Hi Lifeng to Pakistan to commemorate this milestone is not merely a ceremonial affair; it is a testament to the enduring friendship and shared vision that underpins the journey of economic, social, and strategic advancement embarked upon by both nations. The China-Pakistan Economic Corridor (CP...
September 1, 2023 at 4:55 pm | Economic Affairs
Pakistan's history of nation building is, however, a long list of missed opportunities due to lack of recognition of merit and rule of law. Every regime has left a worse legacy than its predecessor. Syed Hasan Javed When everyone was giving up on Pakistan Economy, including Pakistani investors themselves in 2015, China came along with its US$ 46 billion China Pakistan Economic Corridor (CPEC) investment in the three Five Year Phases (2015-2030) projects. Given our Westernized Colonial template of education and mindset issues there were no shortage of Sceptics and Detractors, questioning the veracity, capacity, security and the ground reality for these Projects to be implemented. CPEC initiative harnessed the hundreds of 'sh...
September 1, 2023 at 4:37 pm | Economic Affairs
Keeping in view the dismal state of the economy, a Special Investment Facilitation Council (SIFC) — a hybrid civil-military forum has been set up by the government of Pakistan to attracting and facilitating investment in the country. Dr. Talat Anwar In June 2023, in the backdrop of historically high inflation at 38% and 0.3% annual GDP growth, amid default risk on debt obligations owing to abysmally low forex reserves of $3.5 billion, the government presented an expansionary budget with total expenditure of Rs14.46 trillion, more than half of which will be utilised to service the growing debt. This would result into the ever highest fiscal deficit of Rs. 7.5 trillion in the history of Pakistan. FBR tax revenue target of Rs. 9.2 ...
September 1, 2023 at 4:27 pm | Economic Affairs
Pakistan has a history marked by a series of political transitions, including changes in government, shifts between civilian and military rule, and various constitutional developments. Saqib Rafiq Notwithstanding the fact, the relationship between the economy and political transition in Pakistan is complex and has significant implications for the country's development and stability. Pakistan has a history marked by a series of political transitions, including changes in government, shifts between civilian and military rule, and various constitutional developments. Here are some key facts in Pakistan's history of political transitions: Independence and Early Years (1947-1958): Pakistan gained independence from British rul...
September 1, 2023 at 4:19 pm | Economic Affairs
Dr. Hassan Daud Butt Economic integration has the most transformative influence and consequently, the greatest economic impact on the region's underdeveloped areas. Transforming economies through regional integration involves fostering deeper economic cooperation and collaboration among neighboring countries within a specific region. It aims to enhance economic growth, competitiveness, and development by leveraging the collective strengths of the participating nations. Regional integration can take various forms, including free trade agreements, customs unions, common markets, and economic unions. Without actively participating in regional and international cooperation frameworks, no nation can sustain economic growth. Regional c...
September 1, 2023 at 4:09 pm | Economic Affairs
Fundamental direction of Pakistan economic growth model should be synchronized with green growth to eliminate black footprint in the process of economic development and sustainable growth. Prof. Dr. Muhammad Naveed To uplift economic advancement and financial capitalization, green growth has become strategy of economic development across emerging and advanced countries. In purview of economic turmoil and global climate change, green economy has become underlying mechanism beyond environmental economics and has become mainstream politics and business drive across the world. In addition, consistent with Principals of Responsible Investment (PRI), United Nations 2023 Agenda for Sustainable Development Goals (SDGs) has signified t...
September 1, 2023 at 3:54 pm | Economic Affairs
Pakistan's susceptibility to a multitude of disasters underscores the urgent need for comprehensive disaster risk management strategies. How NDRMF is addressing the challenge? Bilal Anwar Pakistan stands at the crossroads of some of the highest disaster risk levels globally, with consistent ranking as the sixth most vulnerable country according to the German vulnerability risk index. This vulnerability stems from the nation's exposure to a diverse range of disasters, including floods, heatwaves, tropical cyclones, and droughts. These risks are further compounded by socio-economic vulnerabilities, particularly multidimensional poverty. In 2022, Pakistan experienced devastating floods that continue to inflict ongoing damage. Unprece...
September 1, 2023 at 3:45 pm | Economic Affairs
Unlike traditional caretaker chief ministers, Naqvi's tenure exemplifies the power of effective leadership and innovative strategies in transforming public service delivery. Kashif Rizwan In the intricate tapestry of public administration, the role of a chief minister holds a pivotal position, shaping the trajectory of a region's progress and the lives of its citizens. Amid the numerous caretaker chief ministers who have come and gone in Pakistan since the 1980s, Mohsin Naqvi has emerged as a unique and trailblazing figure. His tenure has shattered the conventional mold of temporary leadership, ushering in an era of transformative governance and innovative strategies that have revitalized the province of Punjab. In the realm o...
September 1, 2023 at 3:34 pm | Economic Affairs
The IMF projections in the new Stand-By Facility for Pakistan are more conservative, and see greater persistence of stagflation. The GDP growth rate is projected at 2.5% and the rate of inflation at close to 26%. Dr. Hafiz A. Pasha The year 2022-23 witnessed the worst from of 'stagflation' in the history of Pakistan. Primarily due to the ravages of the floods and severe physical restrictions on imports of raw materials and inputs, the GDP growth rate is likely to have been significantly negative. Simultaneously, due to large supply shortages and the 40% devaluation of the rupee, the rate of inflation rose to a monthly average of 29.2%. The unemployment rate has risen to 8.5%, with almost two million workers losing their jobs d...
September 1, 2023 at 3:04 pm | Economic Affairs
ISLAMABAD, August 31, 2023: Tahir Yaqoob Bhatti on Thursday took over as President/CEO Zarai Taraqiati Bank Ltd (ZTBL). Mr Bhatti is high profile banker with his experience spanning over 35 years in almost all major areas of banking with large and mid-tier financial institutions. He has been part of senior management teams of Askari Bank, ABL and Faisal Bank. Prior to joining ZTBL, Mr Bhatti served as President/CEO Punjab Provincial Cooperative Bank Ltd, the oldest financial institution in country dealing in agriculture. Mr Bhatti is MBA from IBA Lahore and M. Com from Hailey College of Commerce Lahore. He is also qualified DCMA (Gold Medalist) and fellow of Institute of Bankers in Pakistan (IBP). He is certified director fr...
August 31, 2023 at 6:18 pm | Economic Affairs
August 31, 2023: Islamabad: (PR)Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy paid a visit to the Ministry of Commerce today, where he met with caretaker Federal Minister for Commerce, Industries and Production, Dr. Gohar Ejaz. During the meeting, Ambassador Nawaf extended congratulations to Dr. Gohar on his recent appointment and conveyed warm regards from Saudi Arabia's Custodian of Two Holy Mosques and Crown Prince Mohammed Bin Salman. Dr. Gohar discussed the strong historical ties between Pakistan and Saudi Arabia, expressing gratitude for Saudi Arabia's consistent support of Pakistan's economic stability and growth. The minister commended the Saudi leadership's visionary approach and assured Ambassador Nawaf of Pakistan's ...
August 31, 2023 at 4:24 pm | Economic Affairs
Aug, 29(Agencies) — Oil prices climbed slightly up Tuesday following potential supply disruptions as a result of an incoming hurricane hurtling towards U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and could impact crude production on the eastern side of the U.S. Gulf Coast.Jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two gia...
August 30, 2023 at 4:11 pm | Economic Affairs
Aug, 29(Agencies) — US dollar index eased 0.077% at 103.85 after slipping 0.2% on Monday against six key rivals. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer.View gained more traction in the wake of Fed Chairman Jerome Powell on Friday suggesting that further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty.With US central bank highlighting the interest rate path will be heavily dependent on data, the spotlight will be on a batch of economic indicators this week, including payrolls and personal consumption expenditure.First up is job openings figures for Ju...
August 29, 2023 at 4:32 pm | Economic Affairs
Aug., 28(E.A Report) — Pakistani rupee dipped on Monday to a new record low against US dollar by settling at 302 in inter-bank market.Rupee was down Re1 or 0.33%, as per the State Bank of Pakistan (SBP) at close.During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.Currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market.Pakistan’s rising imports as restrictions ease, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee.In a related devel...
August 29, 2023 at 3:39 pm | Economic Affairs
Aug., 28(E.A Report) — Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index weighed down by near 200 points on Monday with collective pessimism over rupee’s record fall and lack of positive triggers.KSE-100 started first day of the week positive, reaching an intra-day high of 47,733.51. However, profit taking erased the gains and pushed the index into negative territory.At close, the benchmark index settled at 47,478.61, down 192.61 points or 0.40%. “Profit-taking was noted in the Pakistan equities market as investors sold off their holdings in response to circulating rumours. This action was prompted by concerns about the possibility of an upcoming rise in the policy rate,” brokerage house Topline Securities said in its marke...
August 29, 2023 at 3:29 pm | Economic Affairs
Aug., 28(E.A Report) — National Single Curriculum of Pakistan has taken “Entrepreneurship” in as a compulsory subject for grades 9-12 to develop the country as an enterprising nation, Chief Executive Officer SMEDA says.Addressing as Keynote speaker at International See Pakistan Conference organized by Association of Private Sector Universities of Pakistan (APSUP), CEO SMEDA said that includsion of Entrepreneurship would help promote entrepreneurship culture in society, right from the school level.In tandem, entrepreneurship was also being inculcated in our students through encouraging “sports entrepreneurship” on the lines of the professionally managed football leagues around the world. SMEDA’s Sports Industries Development Cen...
August 29, 2023 at 3:23 pm | Economic Affairs