Pakistan has witnessed a decline in gas and oil production over the past decade, with no major discoveries of new reserves. According to the Pakistan Petroleum Information Service, the country’s oil production has decreased by 24,000 barrels per day over the past 10 years. In 2015, the daily oil production was 94,500 barrels, which dropped to 70,500 barrels in 2024. …

Pakistan’s current account deficit witnessed a sharp decline in July 2024, though it did not achieve a surplus. According to the current account statistics released by the State Bank of Pakistan (SBP), the country faced a current account deficit of $162 million in the first month of the current financial year. This figure represents a significant 78% decrease compared to the …

Pakistan’s debt-to-GDP ratio fell to a 6-year low in the financial year 2023-24 to 70 percent, as nominal GDP has grown faster than debt driven by higher inflation. The State Bank of Pakistan (SBP) reported a 3.4 percent rise in the country’s total external debt and liabilities, which reached $130 billion by June 30, 2024, up from $126.142 billion last …

Deputy Prime Minister Muhammad Ishaq Dar chaired a meeting to address challenges faced by Exploration and Production (E&P) companies and vowed government’s commitment to ensuring energy security and fostering economic growth was at the forefront, as new measures were outlined to attract both local and foreign investment in the sector. Ishaq Dar led the first meeting of a newly formed …

Danish shipping company Maersk has announced to invest $2billion in Pakistan’s port and transport infrastructure over the next two years. According to state-owned news agency, the investment under this project will contribute to the infrastructure development and economic improvement. In this regard, Minister for Maritime Affairs Qaiser Ahmed Sheikh will visit Denmark this month for the signing of a Memorandum …

The International Air Transport Association (IATA) has formally reached out to the Federal Board of Revenue (FBR) chairman, raising concerns over the challenges airlines face due to the lack of federal excise duty (FED) differentiation for labour visas to Gulf countries. In its letter, the IATA emphasized that airlines will struggle to differentiate and verify passengers based on the specific …

The cellular internet in Pakistan is currently experiencing severe slowdowns, profoundly impacting digital activities across the country. The ongoing internet issues are causing significant disruptions, with the internet industry reportedly losing $50 million per day. This has particularly affected IT exports, which are losing around $13 million daily, highlighting the specific impact on the technology sector. Reports indicate that the …

ISLAMABAD: The State Bank of Pakistan (SBP) said Thursday that its foreign exchange reserves reached around 9.3 billion U.S. dollars during the week ending on Aug. 9, marking an increase of 119 million dollars. Net foreign reserves held by commercial banks came at around 5.4 billion dollars, the central bank said in a statement. Total liquid foreign reserves held by …

Pakistan’s economic crisis continues to worsen despite a recent dip in the inflation rate, according to a report on the country’s economy by Bloomberg. The report says that while inflation has slightly decreased, it remains at the highest level compared to other Asian countries, placing immense pressure on the nation’s struggling population. It noted that the government was compelled to …

In an important development for the Pakistani stock market, Morgan & Stanley Capital International (MSCI) has included seven Pakistani companies in two of its prominent indices. This update brings the total number of Pakistani companies listed in MSCI indices to 82, reflecting the growing presence of Pakistan in global financial markets. According to experts, this inclusion is expected to boost …

ISLAMABAD: Governor State Bank of Pakistan Jameel Ahmad on Wednesday stressed the need for adopting new and innovative strategies to resolve perennial economic issues in Pakistan. The central bank is particularly addressing challenges in the context of digital innovations and emerging cybersecurity threats, Ahmad said. He urged the banking industry to upgrade their systems to enhance cybersecurity and inform their …

The Ministry of Finance has unveiled its Medium-Term Macroeconomic Framework, projecting a favourable economic outlook for the upcoming fiscal year, with expectations of increased economic growth and reduced inflation. According to the Finance Ministry report, the Gross Domestic Product (GDP) growth is anticipated to reach 4.8% for the fiscal year 2025-26. In addition to this growth, inflation is expected to …

The three-day Food and Agricultural International Exhibition held at Karachi’s Expo Centre has come to an end. At the conclusion of the exhibition, the Trade Development Authority of Pakistan Chief Executive Officer Zubair Motiwala presented a briefing. He said that the value of trade agreements at the current expo was 200% more than the volume at the previous exhibition. Pakistani …

Balochistan has enormous variable renewable energy (VRE) potential which can electrify the province and help Pakistan in achieving the 30 percent VRE target, besides reducing the approximately $500 million annual losses by 2028, contributing to reducing the circular debt in the sector, says the World Bank. The bank in its latest report, “Balochistan Renewable Energy Development Study”, stated that enhancing …

The federal government has failed to convince the International Monetary Fund (IMF) on giving tax exemption on stationery items. Despite the Federal Board of Revenue’s (FBR) efforts during virtual talks, the IMF has refused to lift the 14 percent sales tax on these stationery items. Last month, traders announced a nationwide strike against the 14 percent sales tax imposed on …

Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday said Pakistan’s total outstanding debt for FY25 stands at $26.2 billion. Friendly nations will roll over more than $16 billion, leaving $10 billion to be repaid by June 30 next year. Last month, the central bank paid $1.5 billion, with $8.5 billion remaining for the fiscal year. In FY24, SBP …

The government collects a substantial revenue of Rs954 billion annually from taxes levied on electricity bills, according to newly released documents. Of this amount, the federal government receives Rs391 billion, while the provinces benefit from Rs563 billion. The breakdown of the tax revenue is as follows: General Sales Tax (GST): All consumers, including households, commercial establishments, industries, and agricultural users, …

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has pleaded to the Supreme Court for forensic audit of the IPPs. The petitioner asked the apex court to issue order for recovery of the surplus profit paid to the independent power producers (IPPs). The FPCCI also called court order for amendment in agreements with IPPs with the condition that …

Special Investment Facilitation Council (SIFC) efforts led to an extraordinary increase in domestic exports during the financial year 2024-2023. According to the data released by the Pakistan Bureau of Statistics, Pakistan’s merchandise exports in 2023-2024 increased by 10.54 percent to reach $30.64 billion over the previous year. Pakistan Bureau of Statistics data shows, that imports decreased by 0.84% ​​to 54.73 …

During a meeting of the Senate Standing Committee on Cabinet Division, chaired by Rana Mahmoodul Hasan, NEPRA Chairman Waseem Mokhtar shared potential solutions to the ongoing issue of high electricity bills. He said only maintaining microeconomic stability could prevent further increases in electricity rates. NEPRA Chairman said that stable microeconomics is crucial for keeping electricity rates steady. “If the microeconomics …

Finance Minister Muhammad Aurangzeb has said that the private sector is being encouraged to play a role in the economy. The government will not be involved in a business being undertaken by the private sector. Speaking at a ceremony in Islamabad, Minister Aurangzeb said that good news has started coming for the economy, as ratings agency Fitch has improved Pakistan’s …

Chairman Federal Board of Revenue (FBR) Malik Amjad Zubair Tiwana has requested early retirement after being unable to reconcile with the Prime Minister’s Office (PMO). Sources told, that Shehbaz Sharif in his last few meetings continuously criticized Tiwana’s performance. The chairman even missed his Monday meeting at PM house. Tiwana has opted for retirement effective August 15th, six months ahead …

International rating agency Standard & Poor’s (S&P) has maintained Pakistan’s long-term credit rating at Triple C Plus (CCC+), according to its latest report. The agency cited political instability and chaos as significant threats to the country’s economic stability. The S&P report indicates that Pakistan’s long-term rating outlook is stable, noting improvements in the country’s economic situation over the past year. …

In order to address the increasing issues of electricity consumers in Pakistan, the National Electric Power Regulatory Authority has finalised ‘NEPRA Asaan Approach’ app. According to the NEPRA spokesperson, the ‘NEPRA Asaan Approach’ will be launched across Pakistan, tomorrow. NEPRA Asaan Approach is the app for electricity consumer where they can submit complain of electricity issue and they can also …

“The government should take immediate and decisive action against illicit trade to enhance revenue and reduce the tax burden on the common citizen. It’s almost six weeks post the budget and you still see heaps of illicit items in the market,” said Fawad Khan, spokesperson for Mustehkam Pakistan, an advocacy firm dedicated to curbing illicit trade and tax evasion in …

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 …