-
China and Pakistan express pleasure with the projects’ efficient execution
China and Pakistan express pleasure with the projects’ efficient execution. It was reported that both parties acknowledged their pleasure with the advancements made in the four top Special Economic Zones (SEZs), namely Rashakai, Allama Iqbal Industrial City, Dhabeji, and Bostan SEZs, and they decided to speed up the advancements in order to draw the relocation…
-
Pakistan’s Mohmand Hydroelectric Dam Project is funded by Saudi Arabia with $240 million.
Pakistan’s Mohmand Hydroelectric Dam Project is funded by Saudi Arabia with $240 million. It was reported that The Saudi Fund for Development (SFD), represented by its CEO Sultan Abdulrahman Al-Marshad, signed a development agreement with the friendly Islamic Republic of Pakistan today in Islamabad to finance the construction of the Mohmand Hydropower Dam Project with…
-
WTO Expects Subdued Global Trade
The WTO said that it expects subdued global trade and growth in 2023, even if there is growth. Global trade growth would be weighed down by the Ukraine war, high inflation and individual country sluggish growth. WTO said that it expects global merchandise trade growth to slow to 1.7% in 2023, which was 2.7%…
-
SBP Raises Policy Rate by 1%
The State Bank of Pakistan decided through its Monetary Policy Committee to raise the Policy Rate by 100 basis points (i.e. 1%) to 21% from 20%, to ‘deal with inflation’. This level is now a 27 year high, as the last time it was this high was in October 1996. The Monetary Policy Committee…
-
IMF Warns of Financial Turmoil Due to Bank Failures
The IMF has warned of global financial turmoil due to bank failures that have happened in the US and Europe. The IMF believes that this will spread into equity and other markets. This is a form of contagion that can set into the markets which will cause further problems for central banks across the globe.…
-
Pakistan Trade Deficit for 9 Months Falls
Pakistan’s trade deficit for 9 months period of July – March fell 35.5% to $22.9 billion (last: $36 billion). Exports for the period declined by 9.9% to $21 billion (last: $23.4 billion) while imports decreased by 25.3% to $44 billion (last: $58.9 billion). The uncontrolled Rupee slide, with a dip in remittances, which…
-
EC Removes Pakistan from High Risk Countries
The European Commission removed Pakistan from the List of High Risk Third Countries, which have strategic deficiencies in their Anti Money Laundering/ Countering the Financing of Terrorism (AML/ CFT) regime. This means that Pakistani businesses and individuals no longer are needed to go through the Enhanced Customer Due Diligence by European legal and economic…
-
Pakistan Corporate Revenue Drops 30%
Pakistan corporate revenue dipped by approximately 30% due to slower business and closures (mostly in the textile industry). This was learnt from the Corporate Tax Office (CTO) Lahore. Revenue targets have already experienced a drop of Rs. 240 billion during the first eight months of FY23.
-
SBP Policy Rate Increased by 3%
The State Bank of Pakistan decided through its Monetary Policy Committee to raise the Policy Rate by 300 basis points (i.e. 3%) to 20% from 17%, to ‘deal with inflation’. This level is now a 27 year high, as the last time it was this high was in October 1996. The Monetary Policy Committee…
-
IT Service Exports of Pakistan
Pakistan’s National Assembly was informed that the country’s IT Enabled Service (ITeS) recorded exports of $1.33 billion (last: $ 1.30 billion) during the July – December period of FY23. In FY22 IT exports were $2.62 billion (FY21: US$ 2.11 billion).
-
Taliban Demand Afghanistan’s Money Back
The Taliban have demanded the return of Afghanistan’s Money to the tune of $3.5 billion, which was with Afghanistan’s central bank, after a New York federal judge ruled that the families of victims in the 9/11 attacks cannot seize those funds. Earlier the United States had taken control of the funds when the Taliban came…
-
CPEC projects will be revived, according to Pakistan and China.
CPEC projects will be revived, according to Pakistan and China. It was reported that China and Pakistan, according to Minister for Planning and Development Ahsan Iqbal, are firmly committed to reviving the China-Pakistan Economic Corridor in text and spirit. It was resolved that the relevant Chinese and Pakistani authorities and departments will work hard to…
