Addressing challenges, implementing modern practices, and fostering supportive policies will undoubtedly bolster Pakistan's position, allowing it to harness its status and credibility to market its Halal meat products worldwide. By Fatima Saleem Pakistan's strategic geographical location places it in a favorable position to emerge as a key player in the global Halal meat industry. The Halal meat market has demonstrated remarkable growth, with a market size of US$2,221.3 billion that is projected to reach US$4,177.3 billion by 2028. However, despite this potential, Pakistan ranks 19th in meat exports, holding a meager market share of just 0.4%, lagging behind leaders like Brazil, Australia, and India. While Pakistan exports Halal m...

August 17, 2023 at 4:46 pm | Economic Affairs

Announcing a Cabinet fit for purpose will send the clearest signal that the caretakers mean business. Dr Pervez Tahir A “small” Cabinet has taken oath, with more to come later. The makers of caretakers, the tacit approvers and the dispersed opposition, agree that elections are the business of the Elections Commission of Pakistan, the single purpose of the caretakers is to fix the plummeting economy of the country. In the polarised state of affairs, this is a rare consensus. Political class has shown little appetite for the purpose. Rather, it has empowered the caretakers to achieve the purpose. The establishment has put its weight behind it by driving the SIFC. Economy is a vast area, with plague all around. With a limited ...

August 17, 2023 at 2:37 pm | Economic Affairs

Aug, 07 (Agencies) — US Dollar on Monday was on the back foot following a mixed US jobs report provided little directional conviction and as market focus turned to inflation data from the world’s two largest economies due this week.US economy added fewer jobs than expected in July, data on Friday showed, but it recorded solid wage gains and a decline in the unemployment rate.As dollar fell to a one-week low against a basket of currencies in the aftermath of the data, its losses were capped as the report pointed to a still-tight labour market, suggesting the Federal Reserve may need to keep rates higher for longer.US dollar index last stood at 101.98, languishing near Friday’s low of 101.73. Sterling rose 0.04% to $1.2756, while the e...

August 7, 2023 at 6:15 pm | Economic Affairs

By Qamar Bashir Former Press Secretary to the President Former Press Minister to the Embassy of Pakistan to France Former MD, SRBC In a significant step forward, Finance Minister Ishaq Dar introduced a bill in the upper house today (6th August, 2023) on restructuring  and privatisation  of Pakistan International Airlines (PIA), allowing the government to sell a 26% stake in PIA to a strategic partner and allow the airline to enter into joint ventures with other airlines. Considering the PIA's dilapidated state and the massive losses it has incurred and will continue to incur if a complete reengineering is not undertaken backed by unwavering political will, it would be an outright injustice to the taxpayers, who ...

August 7, 2023 at 3:05 pm | Economic Affairs

PSWF is being established to provide a long-term investment vehicle for the nation's excess oil and gas revenues, investment infrastructure and energy initiatives, and provide financial assistance to the government. By Qamar BashirThe Pakistan Sovereign Wealth Fund (PSWF) Bill was passed by the Senate on August 2, just eight days prior to the dissolution of the National Assembly leading to the end of the current government's mandate.The bill, once signed by the President of Pakistan, will enable the government to establish a PSWF where the country's solvent assets worth Rs. 2.3 trillion will be parked. The government has identified at least seven solvent and profit-making companies with net worth of Rs. 2.3 trillion including OGDCL, ...

August 4, 2023 at 12:45 pm | Economic Affairs

August 2,2023Rawalpindi: (PR)Lieutenant General Alfonas Mais, Chief of German Army called on General Syed Asim Munir, COAS at GHQ.During the meeting matters of mutual interest, regional security situation and defence cooperation were discussed.Both reiterated the desire to further enhance bilateral relations in all fields.The visiting dignitary acknowledged and appreciated Pakistan Army’s successes in fight against terrorism and Pakistan’s continued efforts for bringing peace and stability in the region.

August 2, 2023 at 1:02 pm | Economic Affairs

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

July, 25 (Agencies) — Chinese yuan and Malaysian ringgit were among lead gainers among emerging Asian currencies on Tuesday as investor sentiment received a boost from a string of promised measures in the region’s largest economy to stimulate growth.Yuan strengthened as much as 0.6%, to trade at 7.141 per dollar, hitting its highest in about two weeks, while ringgit followed closely with a 0.1% gain. “EM currency rally is being supported by the yuan after the Politburo meeting yesterday, because it signals some policy change in China and that there could be more stimulus packages going ahead,” Chief Asia FX Strategist Ken Cheung at Mizuho Bank said.China’s top leaders said on Monday that they will step up policy support for the b...

July 30, 2023 at 11:17 am | 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

Green Pakistan Initiative underlines the government's prioritization of the economy, specifically focusing on the agricultural sector of the country. By Aamer Hayat Bhandara Constitutionally and democratically, Pakistan has undergone significant transformations during the last parliamentary tenure of the current national assembly, ranging from governmental structural changes to the urgent implementation of economic recovery measures. In recent months, there has been a notable increase in attention towards the agricultural sector by the state, government, and business community. This shift in focus commenced with the IMF agreement and has since been accompanied by actions aimed at enhancing agricultural productivity and trade. T...

July 21, 2023 at 6:19 pm | Economic Affairs

July, 19 (E.A Report) — Pakistani rupee stayed under pressure against US dollar for the fourth successive session, depreciating 0.27% on Wednesday.Currency settled at 283.80, a decrease of Re0.76, as per the State Bank of Pakistan (SBP).On Tuesday, the rupee sustained losses against the US dollar for the third successive session, depreciating 1.34% to settle at 283.04 in the inter-bank market.In a key development, the International Monetary Fund (IMF) stressed a market-determined exchange rate.The lender stated that reliance on administrative measures to manage imports since May 2022 and the tightly controlled exchange rate since September 2022 have caused significant damage to Pakistan’s growth and exacerbated external pressures by di...

July 19, 2023 at 7:50 pm | Economic Affairs

July, 19 (Agencies) — Asian Development Bank cut its inflation forecast for developing Asia Wednesday as food and fuel prices eased, supply chain disruptions waned and interest rate hikes started to bite.Inflation, which has squeezed household budgets and left millions of poor households struggling to put food on the table, is heading back towards pre-Covid levels, the Philippines-based lender said.It expects inflation of 3.6 percent this year, compared with its forecast in April of 4.2 percent as prices in China ease sharply, the bank said in its flagship outlook report.Developing Asia refers to the multilateral lender’s 46 emerging member economies, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific.ADB kep...

July 19, 2023 at 7:47 pm | Economic Affairs

July, 19 (E.A Report) — Habib Bank Limited (HBL) announced establishing a subsidiary in agriculture sector.The development was shared by HBL in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.“We would like to clarify that the bank (HBL) intends to set up a subsidiary, to promote the agriculture sector of Pakistan, for which a detailed feasibility report has been finalised,” read the notice.HBL said that it is currently in the process of obtaining all regulatory approvals required for the incorporation of the said subsidiary.HBL declared earnings in January-March with a profit before tax (PBT) of Rs21.5 billion, 47% higher than the PBT of Rs14.6 billion last year.The bank’s profit after tax rose by 54% to Rs 13.3 billion...

July 19, 2023 at 4:52 pm | Economic Affairs

July, 18 (E.A Report) — Pakistani rupee maintained its downward track against US dollar for third consecutive session, depreciating 1.34% on Tuesday, as euphoria over foreign exchange inflows in the country subsided and gave way to economic fundamentals.Currency settled at 283.04, at close with a decrease of Rs3.78, as per the State Bank of Pakistan (SBP).On Monday, the rupee sustained back-to-back losses against the US dollar, depreciating another 0.6% to settle at 279.26 in the inter-bank market.Experts said the knee-jerk reaction after the International Monetary Fund (IMF) programme, which resulted in the rupee’s appreciation, is reversing.“As import restrictions are being lifted amid IMF demands, the pressure would stay o...

July 18, 2023 at 6:51 pm | Economic Affairs

July, 18(E.A Report) — Pakistan posted $334 million surplus current account for fourth consecutive month in June 2023.According to the data released by the State Bank of Pakistan (SBP) on Tuesday, current account balance posted a surplus of $334 million for June compared to a deficit of $2.32 billion during the same period of the previous year.This is fourth consecutive current account surplus on a monthly basis, starting March 2023.“On a YoY basis, the primary reason behind the surplus was a 55% YoY decline in total imports along with a 29% YoY decrease in exports,” said brokerage house Arif Habib Limited (AHL) in a note. “Moreover, remittances decreased by 22% YoY,” it added.As per the central bank data, the country’s...

July 18, 2023 at 4:25 pm | Economic Affairs

July, 18(Agencies) — US dollar trembled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside in the wake of last week’s cooler-than-expected US inflation report.US dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.The index also clocked its worst week of 2023 last week, after data showed US inflation subsided further with consumer prices registering their smallest annual increase in more than two years, taking pressure off the Federal Reserve to continue raising interest rates.“I think the dollar can stay un...

July 18, 2023 at 4:22 pm | Economic Affairs

July, 18(Agencies) — Turkish lira weakened more than 2% to a fresh record low against the dollar on Tuesday over market concerns that the central bank might raise interest rates this week by less than previously expected.Lira hit a record low of 26.9 against the US currency, sliding from Monday’s close of 26.3505. It has weakened 30% so far this year.According to a Reuters poll, Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20% this week, making good on its pledge of further tightening to curb inflation, which is set to rise again.However, prominent Hurriyet newspaper columnist Abdulkadir Selvi wrote on Tuesday that his impression from “economic circles” was that the rate will be raised to arou...

July 18, 2023 at 4:20 pm | Economic Affairs

July, 18(Agencies) — Turkish lira weakened more than 2% to a fresh record low against the dollar on Tuesday over market concerns that the central bank might raise interest rates this week by less than previously expected.Lira hit a record low of 26.9 against the US currency, sliding from Monday’s close of 26.3505. It has weakened 30% so far this year.According to a Reuters poll, Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20% this week, making good on its pledge of further tightening to curb inflation, which is set to rise again.However, prominent Hurriyet newspaper columnist Abdulkadir Selvi wrote on Tuesday that his impression from “economic circles” was that the rate will be raised to arou...

July 18, 2023 at 4:19 pm | Economic Affairs

July, 18(Agencies)— Asian currencies gained on Tuesday against a soft greenback with hopes of a resolution to the political stalemate in Thailand lifting the baht, while stocks mixed in the wake of China’s weak economic data.US dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.Thailand’s Pita Limjaroenrat, the surprise winner of a May 14 election, said on Monday that an eight-party alliance seeking to form the country’s next government reaffirmed their backing for Pita to become prime minister.“Unwinding short positions on Thai baht against the dollar could support the appreciation recently desp...

July 18, 2023 at 3:17 pm | Economic Affairs