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IT Export Proceeds for July – November Increase
Pakistan’s IT export proceeds, including telecommunication, computer and information services for the period July-November FY 22 increased by 38% to touch $1.05 billion (last: $764 million).
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July – November Deficit Increases
Pakistan’s current account defict for July – November Fy22 stood at $7.1 billion (last: surplus $1.9 billion), primarily due to the rising trade deficit. Imports rose to $29.9 billion (last: $18.9 billion).
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Pakistan & Russia Agree To Develop Financial Links
Pakistan and Russia have agreed to develop financial links that will facilitate each others economies, investments, trade and transactions. These links will be firmed up through the central banks of the respective countries. This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently…
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Organization of Islamic Countries Helps Afghanistan at Behest of Pakistan
The Organization of Islamic Countries came together, at the behest of Pakistan, to help Afghanistan by showing solidarity and agreeing to help Afghanistan financially and otherwise. The 17th extraordinary session of Organization of Islamic Cooperationās (OIC) Council of Foreign Ministers was held in Islamabad to discuss the humanitarian situation in Afghanistan. In conclusion the…
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SBP Raises Policy Rate to 9.75%
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) again announced an increase in the policy rate (interest rate) by 100 basis points (bps) or 1%, to 9.75%. The MPC said that this is being done to address inflation in the country. TANGENT is of the firm view, as it was…
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Freedom Of Press Ratings
Freedom Of Press Ratings showed that there are a handful of countries that have a strong level of freedom for press. TANGENT has researched this point and ironically that many leading economies, or those that are going to be leading economies have low ratings. Ā
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Indian Defense Chief Dies In Crash
India’s Defense chief General Bipin Rawat and 12 other people were killed in a MI 17 V5 helicopter crash in Tamil Nadu, while heading to Wellington for a Military Graduation ceremony. An investigation was initiated into the crash. General Rawat was India’s CDS since 2019.
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ADB Economic Stabilization Program for Pakistan Termed Successful
The ADB Economic Stabilization Program for Pakistan worth $1 billion, has been termed successful, by ADB’s Independent Evaluation Department. This facility was aimed at helping Pakistan in 2019 in its fiscal stability.
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Pakistan Trade Deficit for 5 Months Increases
Pakistan trade deficit for 5 months (July – November) increased by 69% as imports reached $32.9 billion (last: $19.5 billion). International prices of LNG, Crude and other essential items have been termed as the reason for this hike. Import relaxation has been one of the major reasons, with the economy expanding.
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New COVID Variant Detected
A new COVID variant was detected from South Africa, which shook the stock markets and caused oil prices to fall. Countries scrambled to contain travel and stop the flow of visitors. The World Health Organisation (WHO) said it was designating the variant, named omicron, as being āof concernā, a label only given to four…
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SBP Annual Report on Pakistan Economy
The State Bank of Pakistan (SBP) said in its Annual Report on the Pakistan Economy that the economic rebound during the last fiscal year (FY21) was achieved without a worsening of macroeconomic imbalances. The SBP Annual Report said that Pakistanās economy in FY21, rose by 3.9%. The report highlights that a broad based recovery…
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US To Resume Talks With Taliban
The United States said that it will resume talks with the Taliban soon starting in Qatar. Regional matters, terrorism and the humanitarian crisis in Afghanistan will be discussed. The United States delegation will be led by the US special representative for Afghanistan, Tom West.
