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PM Announces Relief Package
Pakistan’s PM announced a relief package worth Rs. 120 billion in targeted subsidies. The package covers essential commodities for a period of six months – the PM hinted to the nation that people should be ready for increases in petroleum prices as international prices had increased, which have to be catered for, failing which the…
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Consumer Price Inflation in Pakistan
The Consumer Price Inflation in Pakistan for October increased 9.2% YoY. The main reason for the increase was the increase in the prices of chicken, egg, cooking oil/ghee, wheat, wheat flour, vegetables, pulses, electricity charges, and petroleum products. The CPI inflation Urban, increased by 9.6% YoY.
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Pakistan External Liabilities
Pakistan external liabilities as of end September 2021 increased to $125.876 billion (last: $122.199 billion). This was discussed in an in-camera meeting of the National Assembly Standing Committee on Economic Affairs Division (“EAD”). Mr. Mir Khan Muhammad Jamali chaired the briefing in which Pakistan’s liabilities were details with a break-up from 2008 – 2013, 2013-…
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Working Hours Lower in 2021: ILO
The International Labor Organization (“ILO”) has estimated that working hours are lower in 2021 as compared to the previous year. The effect of COVID is the primary reason, as governments across the globe adjust to the newer variants.
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Banks Receive Rs. 200 Billion Worth MPMG Housing Applications
Banks in Pakistan have received Rs. 200 billion worth Mera Pakistan Mera Ghar (“MPMG”) housing loans applications, as of 18th October 2021. Banks have already approved the financing of Rs. 78 billion worth loans of which Rs. 18 billion have already been disbursed. The State Bank of Pakistan reported that housing and construction loans…
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Pakistan Still Kept on FATF Grey List
It was reported that Pakistan was still kept on FATF’s Grey List, after the plenary decided to ask for Pakistan to do more. Currently Pakistan has gone beyond the technical requirements to be on the white list but the FATF is asking for prosecutions that are possibly politically charged. Pakistan complied with 4/7 combined…
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Pakistan Navy Discloses It Detected Indian Submarine
The Pakistan Navy disclosed that it had detected and denied an Indian submarine trying to enter Pakistan waters on 16th October. The Indian Navy tried this earlier on two occasions, namely March 2019 and November 2016, which were successfully detected, locked and repelled. The ISPR said in a release, “It is the third incident…
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FDI Into Pakistan Dips in 1st Quarter
FDI into Pakistan dipped in the 1QFY22, by 4% to touch $439.1 million (last: $457.6 million). The decline in the FDI is because of a decline from China which fell in the period to $76.9 million (last: $154.9 million) – investments from the US increased $100.9 million (last: $19.7 million), Netherlands $60.2 million (last:…
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Pakistan IMF Talks at Impasse
The recent Pakistan IMF talks stood at an impasse due to difference of assertions from both sides in the Memorandum of Economic and Financial Policies (MEFP). The current discussion is about the release of the $1 billion tranche under the EFF program. Pakistan has fulfilled most of the requirements of the IMF, which have…
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Banking Complaints Handled
Pakistan’s banking mohtasib handled 24,326 complaints, worth Rs. 465.7 million in the January – September period of 2021. Of these complaints, 24,032 complaints were resolved amicably while 294 complaints went to formal orders. The banking mohtasib said, “There is no letup in the number of complaints being lodged against commercial banks with the banking mohtasib…
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The Military Leadership of Pakistan and Iran Meet
The Military Leadership of Pakistan and Iran met in Pakistan, to discuss on aspects of mutual interest. Both sides agreed to enhance defense, security, counter terrorism, build cooperation and work towards peace in the region. Afghanistan, border fencing and cooperation were key points. Major General Mohammad Bagheri, Chief of the General Staff (CGS) of Armed…
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IMF Trims Global Growth
The IMF trimmed global growth in its new set of forecasts. The IMF said that it is reducing slightly its 2021 global growth forecast to 5.9% from the July forecast of 6.0%. The IMF felt that for 2022 global growth will remain 4.9%. The IMF said that persistent supply chain disruptions, inflation pressures, less…
