In a major development for Pakistan’s national economy, significant oil and gas deposits have been discovered in Khyber Pakhtunkhwa. The discovery was made at the Razgir 1 exploratory well located in the Tal Block by Pakistan Oilfields Limited (POL). The well is expected to yield 250 barrels of crude oil and 20 million cubic meters of standard cubic gas per …

The State Bank of Pakistan (SBP) has announced a 1% reduction in the interest rate, bringing it down from 20.5% to 19.5%. This decision was made during a meeting of the Monetary Policy Committee (MPC) held on Monday, as revealed by the governor of the State Bank, Jameel Ahmed. The reduction comes in response to the continuously decreasing inflation rate, …

Foreign companies operating in Pakistan have transferred more profit abroad than they have invested in the country, according to the latest data from the State Bank of Pakistan (SBP). In the current fiscal year 2023-24, foreign companies have repatriated $2.21 billion in profits, significantly outpacing their investments, which amounted to $1.5 billion. This trend marks a notable increase compared to …

The Economic Affairs Division has released a comprehensive report on external financial assistance and loans for Pakistan, revealing a significant shortfall in expected external debt for the last financial year. The report indicates that in the last fiscal year, only $9.81 billion in external debt was secured, falling short of the projected $17.61 billion. During June alone, $2.257 billion was …

The Asian Development Bank (ADB) on Friday approved a $400 million concessional loan to support the reconstruction of houses and community infrastructure in Pakistan’s Sindh province damaged by the devastating floods in 2022. The Sindh Emergency Housing Reconstruction Project will rehabilitate flood-damaged houses and community infrastructure and support livelihood recovery, with a focus on strengthening communities’ resilience against climate change-induced …

The Federal Bureau of Statistics reported that inflation in Pakistan increased by 0.17% last week, bringing the annual inflation rate to 20.09%. The prices of 19 essential commodities saw significant increases, affecting the cost of living for many households, according to the bureau. According to the bureau, key items such as chicken, garlic, daal channa, eggs, meat, milk, firewood, and …

BEIJING: China, a major contributor to global economic growth, has reiterated its commitment to opening up during a key policy meeting, a move expected to provide much-needed certainty and opportunities to a world that has been mired in sluggish growth for years. The country’s renewed plan for opening up is part of a comprehensive set of reforms outlined in a …

The International Monetary Fund (IMF) has identified loopholes in Pakistan’s failure to increase its exports. The international lender has handed over a report on trade to the government of Pakistan, according to which, Pakistan is extremely weak in increasing its exports. Sources indicate that the report highlights restrictions on payments, obstacles in imports, and exchange rates as fundamental reasons for Pakistan’s …

The International Monetary Fund (IMF) Executive Board is anticipated to convene in mid-August to finalize the approval of a $7 billion bailout package for Pakistan. This development follows a staff-level agreement reached between Pakistan and the IMF on July 12. The IMF’s Executive Board is expected to grant its final approval within four to six weeks after the staff-level agreement. …

BEIJING: China’s top economic planner announced on Thursday new measures to promote the trade-in program. Approximately 300 billion yuan (about 42 billion U.S. dollars) in ultra-long special treasury bonds will be earmarked to boost large-scale equipment renewals and replace old consumer goods with new ones, according to the National Development and Reform Commission (NDRC). The trade-in program will be expanded …

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 37 pips to 7.1321 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate …

Prime Minister Shehbaz Sharif presided over the National Development Exports Board meeting, where he set an ambitious target of increasing Pakistan’s domestic exports to $60 billion per year. The prime minister emphasized the importance of practical steps by the Ministry of Commerce and related institutions to achieve this goal over the next three years. Export growth, sector development In his …

The State Bank of Pakistan (SBP) is exploring the introduction of a digital currency to facilitate instant and cost-effective money transfers for millions of Pakistanis living abroad. SBP Deputy Governor Salimullah was addressing the media in Karachi. Salimullah emphasized that the SBP is currently assessing the need for a digital currency in Pakistan and is at the evaluation stage. “The …

BEIJING: Overseas financial institutions have expressed their confidence in the prospects of China’s economy, as the country’s high-quality growth efforts are gradually paying off. The latest data from the National Bureau of Statistics (NBS) shows that China’s gross domestic product (GDP) expanded 5 percent year on year in the first half of the year. On a seasonally adjusted basis, GDP …

The Azad Kashmir government has issued electricity bills according to the new tariff, charging consumers Rs3 per unit. As per details, the development came after violent protests and an agreement was signed between the government and the Jammu Kashmir Joint Awami Action Committee (JAAC). The Azad Kashmir government has fulfilled its promise to provide affordable electricity to the public by …

Delivery Associates, a British company, has offered to support Pakistan’s economic development. The company’s founder and chairman, Sir Michael Barber, met with Finance Minister Muhammad Aurangzeb in Islamabad to discuss enhancing cooperation under the Special Investment Facilitation Council (SIFC). Sir Michael commended Pakistan’s federal budget 2024-25 and the government’s taxation reforms. He acknowledged the challenges facing Pakistan and discussed priority …

The coalition government has informed the International Monetary Fund (IMF) about significant changes in the new budget, indicating a major financial challenge for the fiscal year 2024-25. According to officials from the Ministry of Finance, the net government income is projected to decline by Rs1,258 billion, decreasing from Rs10,377 billion to Rs9,119 billion. This decline is expected to increase the …

BEIJING: China’s inflation level, which held steady in the first half of this year, is expected to see a mild recovery in the coming months as demand continues to pick up, officials and economists have said. Supported by price rebounds in pork and services, the consumer price index (CPI) is likely to rise slightly in the second half, while the …

WASHINGTON: The International Monetary Fund (IMF) on Tuesday revised China’s 2024 economic growth up to 5 percent in an update to its World Economic Outlook (WEO), from the 4.6-percent forecast in April. The revision is primarily attributed to a rebound in private consumption and strong exports in the first quarter, according to the update. “In China, resurgent domestic consumption propelled …

Global rating agency Moody’s has released a comprehensive report on Pakistan’s economy, emphasizing the potential improvements in funding prospects with the new International Monetary Fund (IMF) program. According to Moody’s, the new IMF program will provide Pakistan with credible sources of financing, helping to secure funds from other bilateral countries and international financial institutions. However, the report also underscores several …

The supply of cement across Pakistan has been halted indefinitely, as All Pakistan Cement Manufacturers and All Pakistan Cement Distributors have united in a nationwide strike. This strike follows similar strikes by petroleum dealers and flour mills, adding to the growing unrest in the country’s commercial sectors. The decision to cease cement distribution stems from grievances related to the implementation …

BEIJING: China’s industrial production growth remained stable in June, as industrial upgrading and new quality productive forces continued to advance. The country’s value-added industrial output, an important economic indicator, expanded 5.3 percent year on year in June, data from the National Bureau of Statistics (NBS) showed Monday. On a monthly basis, the industrial output edged up 0.42 percent in June …

BEIJING: China’s gross domestic product (GDP) grew 5 percent year on year in the first half of 2024, data from the National Bureau of Statistics (NBS) showed Monday. China’s GDP reached around 61.68 trillion yuan (about 8.65 trillion U.S. dollars) in the first half, NBS data showed. In the second quarter, the country’s GDP expanded 4.7 percent year on year, …

Pakistan and the International Monetary Fund reached a three-year, $7 billion aid package deal, the Washington-based institution said on Friday. The new programme, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to a statement. The agreement is subject to approval …

TIANJIN: Automated container cranes and driverless transport vehicles are busy unloading and carrying containers at Tianjin Port in Tianjin Municipality, north China. Smart port construction, which incorporates technologies such as 5G, AI, autonomous driving, and cloud computing, has completely transformed Tianjin Port. The port now stands as the world’s first intelligent zero-carbon terminal. The smart terminal increases the operating efficiency …

The International Monetary Fund (IMF) will continue to discuss policy goals and actions that could form the basis of a medium-term home-grown reform program for Pakistan that could be supported under the Extended Fund Facility (EFF) arrangement with the IMF. This was stated by Julie Kozack, Director of the Communications Department at IMF while addressing a press briefing. She further …

Pakistan and Azerbaijan decided to increase their bilateral investment level to up to US$2 billion in the sectors which will be benefiting both countries. Addressing a joint presser with Azerbaijan President Ilham Aliyev, Prime Minister (PM) Shehbaz Sharif said that they discussed an initial figure of US$2 billion of investment in areas of mutual beneficial projects. Both leaders also witnessed …

The International Monetary Fund (IMF) has intensified its demands on Pakistan to ‘do more’ and enhance transparency within government institutions as part of negotiations for a new bailout package. Despite Pakistan fulfilling its strict conditions in the new budget, the IMF still demands it to ‘do more’. The IMF’s stringent conditions include pushing for a 45% tax on agricultural income …

The All Pakistan Flour Mills Association has initiated a nationwide strike and shut down mills across the country in protest against the imposition of a withholding tax, leading to disruptions in the supply of flour across major cities. Association Chairman Asim Raza told, that they had decided to continue the strike until their demands are met, highlighting concerns over the …

After flour, the government has imposed advance and withholding tax on the sale of rice to be collected from distributors or dealers. The tax will be collected from the manufacturer and the commercial importer as per Section 236-G, 236-H. As per 236-G one percent tax will be collected from distributors and dealers while tax will be collected by the manufacturer …

The process of blocking mobile SIMs of non-filers is underway and so far SIMs of 230,000 non-filers have been blocked in a phase-wise. According to FBR sources, the data of non-filers was provided to various telecom companies. 76636 submitted income tax returns upon which their mobile SIMs are restored. So far, 230,000 SIMs of non-filers have been blocked in a …

Federal Finance Minister Muhammad Aurangzeb warned that Pakistan will stay in the IMF cycle if taxes are not increased. In an interview with Financial Times, he said that the “upcoming IMF program will not be our last fund programme if we don’t bring our tax revenues up,” Aurangzeb maintained that he is hoping Pakistan will reach a staff-level agreement with …

Oil & Gas Development Company (OGDCL) Monday made the announcement to increase local oil and gas production as crude oil production increased from Kunar Well No. 11 in Hyderabad district of Sindh. “960 barrels of oil per day are being obtained from Kunar Well No. 11,” OGDCL spokesperson said. Increasing production will reduce the country’s import bill by $$3.19 million. …

Prime Minister Shehbaz Sharif has issued directives to establish Business Facilitation Centers across Pakistan, following his recent visit to China. The Special Investment Facilitation Council (SIFC) is facilitating the implementation of this initiative. These centers, modeled after China’s approach in Shenzhen, will be set up in all provinces, starting with Islamabad. They aim to provide comprehensive services to businesspeople and …

Government and military leadership’s efforts to revive the national economy and address the electricity crisis are showing results. The ongoing crackdown on electricity theft has recovered Rs103 billion and led to the arrest of over 83,000 individuals across the country. From June 23 to 30, relevant agencies collected more than Rs1.8 billion from electricity thieves in Lahore, Gujranwala, Faisalabad, Multan, …

BEIJING: China’s exports of passenger vehicles hit 378,000 units in June, marking a 28 percent increase year on year and staying flat compared to the previous month, the latest data showed. With the South American market recovering, exports of Chinese-brand cars hit 325,000 units in June, up 31 percent year on year, while the exports of luxury vehicles and cars …

Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam has unveiled Pakistan’s plans to launch Kisan TV channel to support farmers in combating the impacts of climate change. PM’s aide in a statement on Sunday said the idea of this innovative channel aims to educate farmers on climate adaptation strategies, disaster management techniques, and sustainable practices to mitigate …

BEIJING: China’s foreign exchange reserves stood at 3.2224 trillion U.S. dollars at the end of June 2024, official data showed Sunday. The amount shrank by 0.3 percent compared with the previous month, the State Administration of Foreign Exchange (SAFE) said, attributing the decrease to the combined impact of currency translation and asset price changes. Affected by various factors such as …

ISLAMABAD: Pakistan has achieved a significant milestone in agricultural sector with agro-exports reaching an unprecedented 8 billion U.S. dollars mark for the first time in previous fiscal year from July 2023 to June 2024, Pakistani Commerce Minister Jam Kamal Khan said Saturday. The achievement underscores the collective efforts of traders, farmers, the Trade Development Authority of Pakistan and the commerce …

Balochistan’s fishing industry is set for significant expansion, with several government initiatives underway. The province’s current marine fishing capacity of $500 million could potentially reach $100 billion. In 2023, 137,000 metric tons of fish were caught, valued at $105 million. The sector currently employs 600,000 people, with 82,583 registered fishermen. New projects include a marine ambulance service, the construction of …