Economy Archives

State Bank reduces foreign currency limit for travelers to $5,000 for adults

The maximum amount of foreign currency that may be carried in cash for travel expenses has been decreased annually and on each...

537

After over 4 years, Pakistan removed from FATF’s ‘grey-list’

Pakistan has been removed from the Financial Action Task Force’s (FATF) “grey list” in recognition of its efforts to combat money laundering and...

400

State Bank maintains status quo, keeps key interest rate unchanged at 15%

On Monday, the State Bank of Pakistan (SBP) made the decision to maintain its base interest rate at 15% for the following...

318

World Bank cuts GDP growth to 2% and Moody’s downgrades Pakistan’s rating to CAA1

More bad news for Pakistan as for the fiscal year 2022–2023, the World Bank forecasted a growth rate of 2% for Pakistan,...

284

Rupee gains big against dollar after 45 days of devaluation

The Pakistani rupee made a comeback on Monday by Rs 2.62 to Rs 237.03 against the US dollar in intraday trade in...

675

CDNS sets Rs 1.5 trillion savings target for current financial year

The Central Directorate of National Savings (CDNS) set a savings target of Rs 1.5 trillion for the present fiscal year (2022-23), which...

613

Govt allocates Rs 700 billion for subsidies to provide relief to common man

The Finance Ministry has announced to release subsidies earmarked in the budget on a case-to-case basis during the ongoing fiscal year. As...

891

IMF agrees on releasing $1.17 billion to Pakistan amid high inflation and instability

The International Monetary Fund (IMF) has confirmed that it had agreed to a staff-level agreement with Pakistan on the mutual seventh and...

737

Pakistan’s job market has started to shrink amid economic slowdown

Pakistan’s job market has started to shrink on the account of economic slowdown, as various sectors have reported layoffs whereas for fresh...

654

Private sector borrowing from banks jumped by 142% during FY22

The federal government’s budgetary borrowing for the financial year 2021-22 was 85 percent more than the last year, while the private sector...

1.2K

State Bank sets interest rate at 15% to tame 13-year high inflation

The State Bank of Pakistan (SBP) has increased its key policy rate by 125 basis point to 15 percent during its review...

866

Pakistan’s trade deficit increased to an all-time high of $48 billion in FY22

In the fiscal year that concluded on June 30, 2022, Pakistan’s trade deficit expanded by 55.29 percent as a result of higher...

852

World Bank warns Pakistan of macroeconomic instability

World Bank has warned Pakistan of macroeconomic instability, and the balance of payment crisis considering the widening existing account deficit and other...

745

Inflation in Pakistan accelerates to 21.32% in June amid higher food and fuel costs

Consumer price index (CPI) of Pakistan rose 21.3% in June from a year earlier, the statistics bureau said on Friday, for the...

914

Pakistan received $1.6 billion in foreign investment during July-May FY22

The current financial year is going to end this month but the Foreign Direct Investment (FDI) is still behind the previous year’s...

736

Banking sector expanded 19.6% during calendar year 2021

The banking sector has recorded an increase of 19.6 percent mainly because of much higher private sector participation in the economic growth...

472

With aggressive interest rate hike since 1994, US faces increased risk of recession

As China’s COVID-19 restrictions and Russia’s war of Ukraine affects supply chains, manufacturing growth is slowing from Asia to Europe, while the looming...

732

Total public debt crossed Rs 44 trillion by end of PTI term

According to the Pakistan Economic Survey 2021-22, the total public debt stood at Rs 44,366 billion at the end of March 2022,...

773

Pakistan Minister slammed after urging people to drink less tea to help economy

Minister for Planning Ahsan Iqbal has urged people in Pakistan to reduce the consumption of tea as sipping fewer cups a day...

785

Rupee in a free fall as it plunges to 211.48 against US dollar

The Pakistani rupee continued its free-fall and crossed the 210 threshold against the US dollar for the first time in the interbank...

2.1K

Non-resident Pakistani businessmen will now have to file tax returns

The criteria for non-resident Pakistani businessmen have been changed as they would now be required to file their income tax returns to...

611

Moody’s lowers deposit ratings of five Pakistani banks to negative

Moody’s Investors Service affirmed the B3 long-term deposit ratings of five top Pakistani banks meanwhile changing their outlook to negative from stable...

856

Pakistan’s GDP grew faster than set target according to Pakistan Economic Survey

Finance Minister Miftah Ismail revealed the Pakistan Economic Survey 2021-22 at a press conference, saying that the industrial, agriculture and services sectors had helped...

620

Budget FY23 plans to grow economy by 5% and hold down annual inflation to 11.5%

The budget for the fiscal year 2022-23 (FY23) has been presented by Finance Minister Miftah Ismail in the National Assembly on Friday....

1.6K

World Bank indicates 4% GDP growth for Pakistan in next fiscal year

The World Bank (WB) has projected a moderate Gross Domestic Product (GDP) growth rate for Pakistan standing at 4% for the coming...

703

Pakistan’s shadow economy accounts for 40% of GDP

As the key government and authorities figures have been drawing attention to the economic losses because of illegal trade, Pakistan’s shadow economy...

721

Rs 9.5 trillion FY23 budget unveiled: 15% increase in salaries, 5% in pensions

Finance Minister Miftah Ismail on Friday unveiled the coalition government’s maiden budget with an outlay of Rs 9.5 trillion for the fiscal...

754

Swvl stops daily rides in Karachi, Lahore, Islamabad, Faisalabad due to economic downturn

The popular bus-sharing service Swvl has halted its intracity shuttle service in various cities across Pakistan due to the present economic upheaval....

811

Inflation in Pakistan reached 13.76% in May, highest in over two years

The Consumer Price Index (CPI) measured the country’s inflation which is found to be increased to a two-and-a-half-year-high at 13.76 percent in...

755

Careem suspends food delivery service in Pakistan due to economic instability

Careem, a ride-hailing company based in Dubai, confirmed that their food delivery service in Pakistan has been discontinued. The decision was taken to focus...

644

Pakistan can generate $5 billion from establishment of 16 technology parks

Pakistan has the capability to generate almost $5 billion in revenue by establishing 16 technology parks within one year, according to the...

697

Moody’s downgrades Pakistan’s outlook to negative from an earlier stable rating

Pakistan’s outlook was dropped from stable to negative by Moody’s Investor Service on Thursday, citing “heightened external vulnerability” and uncertainty about procuring...

1.4K

From dollar at Rs 3.2 in 1947 to around Rs 200 in 2022, the history of Pakistani currency

We rarely notice the different pictures on the currency notes that we use on a regular basis as Pakistanis.  As many of...

859

Foreign investors earn $1.5 billion profit on their investments in 10 months

Regardless of the political unrest in the country which affected almost all sectors of life including business, the outflow of profits and...

1.4K

External debt and liabilities rose to $128.92 billion by end-March

Pakistan’s external debt and liabilities (outstanding) have shown an increase of 5.41 percent to $128.92 billion during the first nine months of...

856

Pakistan logs 5.97% growth in FY22, economy size jumps to $383 billion

The provisional GDP growth rate for the year 2021-22 is estimated at 5.97% which has increased the size of the economy of Pakistan to...

791

Pakistan bans import of over 30 luxury items including cars, smartphones

The federal government has decided to impose a complete ban on the import of superfluous and luxury items to deal with Pakistan’s...

722

Experts raise red flag for economy as rupee hits historic low of 200 against dollar

Experts have raised red flag for economy as Pakistani rupee dropped to a new historic low of 200 against US dollar in...

757

Profit rates on savings schemes increased by up to 250 basis points

During the higher policy rate of the central bank and the current increase in cut-off yields of secondary market coupons, the Central...

710

Dr Murtaza Syed takes over as acting governor of State Bank of Pakistan

Dr. Murtaza Syed, as the senior-most deputy governor, has assumed the position of the State Bank of Pakistan’s acting governor. After tough...

557

Climate change could sweep 4% of global GDP by 2050

Climate change could witness 4 percent of global annual economic output lost by 2050 and hit numerous poorer areas of the world...

1.7K

PM Shehbaz Sharif fills Economic Advisory Council with Pakistan’s billionaires

Prime Minister Shehbaz Sharif has chosen his main advisors and members of the country’s billionaire club as members of the Economic Advisory...

839

6-month KIBOR hits a 13-year high at 14.1%

The six-month Karachi Inter-bank Offered Rate (KIBOR), a standard for financing to consumers and businesses, hit a 13-year high amidst growing threats...

684

Deposits held by banks increased to reach Rs 20.47 trillion in March

On a month-on-month (MoM) basis, the total deposits held by banks have shown an increase of 2.9 percent to reach Rs 20.47...

782

IMF agree to Pakistan’s request to increase the loan size from $6 billion to $8 billion

In talks with the International Monetary Fund (IMF), Pakistan made a major advancement when a finance ministry official said the Fund would increase...

915

Private sector borrowed Rs 1.198 trillion from banks in three quarters

The overall bank credit to the private sector increased by 170 percent during the first nine months of the present fiscal year...

813

Pakistan’s industrial output grew 8.6% in February

The large-scale manufacturing (LSM) has risen 8.6 percent year-on-year in February, the Pakistan Bureau of Statistics (PBS) revealed the Pakistan’s industrial output...

1.9K

World Bank raises Pakistan’s growth forecast to 4.3% from 3.4%

Reducing Pakistan’s economic growth rate prediction for the present fiscal year by nearly one percent, the World Bank (WB) stated that the...

1.1K

ECC approved 79 billion subsidy to export sectors

The Economic Coordination Committee (ECC) of the Cabinet has approved almost Rs 97 billion worth of supplementary grants comprising Rs 16 billion...

885

Pakistan earns $315 million from export of travel services in seven months

Pakistan has earned $315.030 million by giving various travel services in different countries in the first seven months of the current financial...

817

State Bank hikes interest rate to 12.25% to avert growing risks to economy

As the country continue to struggle with uncertainties about the outlook for international commodity prices and global financial conditions, aggravated by the Russia-Ukraine...

1.3K

Rupee breaks all previous records against US dollar as political crisis intensifies

In the face of mounting political instability, the Pakistani rupee continued its record-breaking downtrend, falling below 188 for the first time in...

2.0K

Finance ministry’s sensitive data hacked in a cyber attack three months ago

According to Pakistan’s Ministry of Finance and Revenue, official data involving email communications with friendly countries and financial institutions was hacked three...

778

Private sector credit off take reached to Rs 911 billion

The increasing trend of oil prices and other commodities at the international level compelled the State Bank of Pakistan to enhance the...

861

Govt implements mechanism for improving fiscal discipline

The government has announced the latest mechanism for annual and multi-annual fiscal commitment controls for all ministries, sectors and concerned departments, and...

978

Pakistan’s current account deficit widens to $12.1 billion in eight months

The monthly current account deficit has shrunk to the lowest figures of $0.5 billion in February during the current fiscal year. Prime...

689

Pakistan’s economy maintains growth momentum in first quarter of FY22

State Bank of Pakistan (SBP) said Pakistan’s economy has maintained growth momentum in first quarter of fiscal year 2021/2022. The present government...

1.2K

ADB approves $300 million for development of Pakistan’s capital markets

The Asian Development Bank (ADB) approved a loan of $300 million on Tuesday for the improvement of Pakistan’s capital markets, enhancement of...

937

Rupee hits historic low of Rs 182.34 in inter-bank

The downfall of Pakistani rupee continued its record-breaking trend, when it hit a new all-time low at Rs 182.34 compared to the US...

987

GDP growth to exceed 5 percent mark in fiscal year 2021-22

Minister for Finance and Revenue Shaukat Tarin expressed confidence on Sunday that the country’s Gross Domestic Product (GDP) growth would surpass the...

814

Govt decides to cut development budget by Rs 300 billion

In the budget of 2021-22, Rs 900 was allocated for the Public Sector Development Programme (PSDP) but International Monetary Fund asked the...

738

Pakistan attracts $1.26 billion in foreign direct investment in eight months

Total foreign direct investment (FDI) into Pakistan rose 6.1% to $1.26 billion during the July–February 2021-22 compared to $1.19 billion in the...

798

Bank advances to private sector more than doubled to Rs 874.3 billion in eight months

Macroeconomic indicators are showing an optimistic picture of the economy of Pakistan as private sector credit off-take is more than doubled in...

738

Pakistan fully engaged with IMF for revival of bailout package

The finance ministry has said that Pakistan is fully engaged with the International Monetary Fund (IMF) over a $1 billion loan tranche...

864

Inflows under Roshan Digital Account reach $3.632 billion ending February 2022

State Bank of Pakistan has revealed that the total inflows under Roshan Digital Account (RDA) have touched $3.632 billion at the end...

784

Remittances soar to $20.14 billion during July-February

Workers’ remittances in February stood at around $2.2 billion, showing a growth of two percent month-on-month. The remittance from the overseas Pakistanis...

765

Trade deficit widens to $32 billion in eight months

Pakistan’s trade deficit has widened by 82.26% to almost $32 billion in eight months (July to February) of the ongoing financial year...

864

Fitch Ratings forecasts robust GDP growth of 4.5% this year

Fitch, one of the three leading international rating agencies, based in New York has said that GDP rate of Pakistan during the...

2.6K

Pakistan sets economic growth target of around 4.8% for the year

Despite a number of adverse geopolitical conditions and the rising trend of prices at the global level, National Economic Council (NEC) has...

640

79.1 million digital transactions amounting to Rs 2.2 trillion conducted in 1QFY22

The number of transactions conducted via mobile banking channels grew 29 percent by volume and 36 percent by value at 79.1 million...

1.0K

Pakistan heading towards record $20 billion deficit in current fiscal

The current account deficit (CAD) of Pakistan has hit $2,556 million for the month of January 2022 compared to deficit of $219...

851

China-centric economic strategy finalised to have average growth of 5.9% by 2025

Pakistan’s economic growth has been badly undermined due to the lack of proper planning, inconsistent policies, and the increasing role of international...

761

PTI government borrowed $12 billion foreign loans in seven months

As per the report, issued by the Ministry of Economic Affairs (MEA) about foreign loans, the government has borrowed loans, worth $12.022...

748

Remittances exceed $2 billion for 20th consecutive month

The overseas Pakistanis have sent the remittances that fell by 5 percent year-on-year to $2.144 billion in January as stated by the...

792

ADB marks Pakistan among the least open economies in the world

Pakistan shows one of the smallest trade-to-GDP ratios in the world presenting at only 30 percent. But, it is not all doom...

691

Bank advances, deposits and investments jump 17% to Rs 19.9 trillion

The bank advances, deposits and investments raised by 17 percent to Rs 19.9 trillion in the past 12 months from January 2021,...

799

Morgan Stanley to include Pakistan in Frontier Markets 100 Index in May

Morgan Stanley Capital International (MSCI) has made the announcement that Pakistan will be eligible for addition to MSCI Frontier Markets (FM) 100...

823

Pakistan’s efforts to strengthen economic resilience appreciated by IMF

The International Monetary Fund (IMF) has lauded Pakistan’s recent policy measures aimed at strengthening economic resilience. IMF said in a statement that its Executive...

1.0K

Trade deficit shrinks 30% to $3.36 billion in January

Mizzamil Aslam, the spokesman of the Ministry of Finance while addressing a press conference on Wednesday said that Pakistan’s trade deficit shrank...

1.2K

Pakistan to receive remaining $3 billion from IMF over the next seven months

Pakistan after getting $1.05 billion from IMF is scheduled to receive the remaining $3 billion under the International Monetary Fund’s (IMF) $6...

890

Asad Umar calls export-led growth vital for economy

On Thursday, the meeting of the members of the Pakistan Textile Exporters Association (PTEA) at Federal Minister for Planning, Development, Reforms and...

1.0K

Growing financing needs may force Pakistan to seek new IMF loan

Pakistan’s gross financing requirements are estimated to go up to $30 billion in the next budget for 2022-23, leaving no other options...

819

Rebasing of economy adds Rs 3.1 trillion value, jacking up growth rate to 5.57%

The growth rate has improved from the earlier estimate of 3.94 percent to 5.6 percent, while the size of the economy rose...

751

Pakistan launches $1 billion Ijara Sukuk in global market with maturity of seven years

Pakistan on Monday launched the $1 billion Islamic bond — Ijara Sukuk — in the global capital market, after a four-year hiatus,...

2.3K

World Bank forecasts 3.4% growth for Pakistan in FY22

According to Global Economic Prospects report 2022 by World Bank, Pakistan’s growth will be 3.4 percent during the current fiscal year and...

805

Better than ever with a long way to go: The future of Pakistan’s digital economy

According to experts, the country is rapidly adopting digitalization, still has a long way to go in order to achieve full objective....

746

PM Imran says Pakistan to increase exports to stimulate economic growth

Despite unprecedented challenges that Pakistan government faced during last 3 years, its economic condition was still better than many other countries, stated...

906

Remittances hit all-time high of $15.8 billion in July-December

Remittances from Pakistani individuals working overseas increased by 11.3 percent to $15.8 billion in the first half of this fiscal year, according...

1.7K

Can Pakistan ensure economic security with the new national security policy?

Pakistan’s first ever, long awaited National Security Policy was launched by Prime Minister Imran Khan on Friday in the presence of the...

811

Growing economic activities as private sector borrowing surges fivefold to Rs 715.7 billion

According to a report of the State Bank of Pakistan, the private sector borrowing went high by 508 percent to Rs 715.7...

1.1K

IMF postponed 6th review of $1 billion tranche for Pakistan till end of January

Pakistan’s request to extend the assessment of its $6 billion loan programme, which was due for January 12, was accepted by the...

813

Trade deficit widens 106% to $25.478 billion in first half of FY22

As per data of the Pakistan Bureau of Statistics released on Wednesday, the country’s trade deficit widened year-on-year basis by 106.4% to...

699

Banking sector assets rise 21% to Rs 28.8 trillion in 12 months

The total assets of the banking sector rose 20.9 percent to Rs 28.790 trillion till September 2021 against Rs 23.808 trillion in...

836

Exports surge by 24.71% to $15.102 billion in first half of FY22

The exports from the country during first half of current financial year (July-December 2021) witnessed about 24.71% growth to $15.102 billion as...

929

FIA recovers Rs 1.2 billion in 335 cases of financial crimes in 2021

The Federal Investigation Agency (FIA) has recovered about Rs 1.273 billion from 422 accused in 335 cases of financial crimes in the...

857

Inflation skyrockets to 12.3% in December, the highest in 22 months

Pakistan witnessed a rising swing in customer prices as inflation in Pakistan hit the roof to 12.3% in December 2021, showing the...

651

Fawad says Pakistan headed in ‘right direction’, economy will be ‘far better’ by August 2022

Information Minister Fawad Chaudhry claimed that Pakistan was moving in the “right direction” and that the economy of the country will be...

1.6K

SBP Amendment Bill bars government borrowing from central bank

Revised draft of SBP Amendment Bill 2021 has been approved by the federal cabinet that promises complete autonomy to State Bank of...

992

Foreign remittances fall by 6.6% to $2.35 billion in November 2021

Pakistan’s overseas remittances dropped by 6.6% during November 2021, as the exchange rate of the country also continues to obstinately drop against...

1.3K

Real estate market main pillar of Pakistan’s economic growth in 2021

As the last year proved to be devastating for a number of segments of economy, from which a handful of areas showed...

819

Pakistan gets $4.6 billion foreign loans in five months

According to the Ministry of Economic Affairs report, foreign loans increased to $4.69 billion in the first five months of the current...

798

Oil, food imports surge 78% to $12.4 billion in July-November

The country’s oil and food imports moved up by 78 percent to $12.4 billion during the first five months of this fiscal year...

823

Pakistan economy’s money market, stock market and exchange rate under pressure

Due to worsening macroeconomic rudiments and provoking sentiments, three of the main markets of Pakistan economy’s, including the stock market, money market,...

1.5K

Govt to impose 17% GST on 140 goods in the mini budget

The government of Pakistan completed the mini-budget to the tune of Rs 360 billion that would smack 17% General Sales Tax (GST)...

1.5K

PM Imran Khan expects GDP to grow at a higher rate

The macroeconomic indicators of Pakistan were stable, and the GDP would grow at a greater rate by the end of this financial...

846

Govt acquired $34.17 billion foreign loans in three years and returned $35.1 billion

The government has acquired $15.32 billion new foreign loans from multidimensional institutions and profitable banks in the previous fiscal year (2020-21), nearly...

877

Govt to change the formula for determining the rate of inflation

The government has decided to modify the formula for finding the rate of inflation in the country and for this purpose the...

581

Textile exports projected to cross $20 billion target during current fiscal year

Textile exports are likely to achieve the target of over $20 billion due to the government’s export-oriented policies and strong economic recoveries....

754

Inflation rises to 11.5% in November, highest in 21 months

During the month of November, inflation has registered the highest rise in 21 months with an 11.5 percent rise on a year-on-year...

1.0K

Data shows Pakistan economy entering ‘fast recovery’ period

A chain of statistics issued by authoritative international agencies and the government of Pakistan reveals that currently, Pakistan’s economy is arriving at...

745

Pakistan and Russia to soon enter new era of economic cooperation

Under the new regional and strategic alliance, Pakistan and Russia will reach new levels of economic cooperation in important areas of the...

881

Pakistan’s digital transformation can add $60 billion in annual economic value by 2030

Digital transformation can aid Pakistan to answer up to Rs 9.7 trillion ($59.7 billion) yearly financial value by 2030, equal to around 19...

770

Pakistan to announce mini-budget for revival of $6 billion IMF programme

Pakistan has decided to announce a mini-budget in accordance with the terms and conditions agreed upon with the International Monetary Fund (IMF)....

908

Foreign direct investment falls 12% to $662 million during first four months

During the first four months of current fiscal year, foreign Direct Investment (FDI) decreased by 12 percent which stood at $662 million as...

803

Pakistan-origin Dr Adnan Qadir appointed as chief economist of UK govt

Dr. Adnan Qadir Khan, a Pakistan-born economist, has been selected as Chief Economist for the Foreign Commonwealth and Development Office (FCDO) in...

882

Remittances rise 11.9% to $10.6 billion in four months

A decline of 7.4 percent has been recorded in the inflows for overseas Pakistanis in the month of October as compared to...

779

Fiscal deficit drops to 0.8 percent of GDP in first quarter due to high tax collection

The overall fiscal deficit of Pakistan in the first quarter (July-September) of the current fiscal year has dropped to 0.8 percent of Gross Domestic Product (GDP) or...

683

Export of services rises by 23% to $1.572 billion in Q1

Over 23 percent growth of Pakistan’s export of services has been recorded in the first quarter of the current financial year from...

803

Inflation in October shoots to 9.2 percent

The Pakistan Bureau of Statistics (PBS) data exhibits the continuous rising change in customer prices in October as inflation rushed to 9.2...

675

Mounting imports push trade deficit up 103% in 4 months

The first four months of the current fiscal year (4MFY22) posted a rise of more than 103 percent in trade deficit all...

734

Rupee recovers sharply to Rs 171.65 against US dollar

After Saudi Arabia stated that it was depositing $3 billion in the State Bank of Pakistan (SBP) to help bolster its foreign...

585

Saudi Arabia to help Pakistan with $4.2 billion urgent assistance

Saudi Arabia has agreed to provide $4.2 billion worth of assistance to Pakistan to support its economy after Prime Minister Imran Khan...

1.0K

Auto financing reached a new high of Rs 338 billion in September

Despite expanding supply chain challenges, delayed deliveries, rising rates of own money, and some other factors, demand for automobiles in Pakistan is...

793

Foreign investment inflows in Pakistan soared by 323 percent YoY in Q1

Foreign investment inflows increased to nearly $1 billion in the first quarter of the fiscal year 2021-22, owing primarily to government Sukuk...

642

Prices of tomatoes, ghee, 22 other items hiked as inflation rate increased by 12.66%

Tomatoes, potatoes, ghee, and 22 other products including mutton, and liquefied petroleum gas (LPG) cylinders have seen price increases across the country,...

1.0K

High trade breaks four-day losing streak of rupee against dollar

The rupee appreciated slightly against the dollar in the inter-bank market on Friday and broke a four-day losing streak against the US dollar,...

820

IMF projects current account deficit to jump over $12 billion for FY22

The International Monetary Fund (IMF) has projected the current account deficit of Pakistan to jump over $12 billion for the current fiscal...

1.0K

Fitch forecasts Pakistani rupee to weaken further in 2022

According to Reuters, Fitch Ratings now anticipates the Pakistani Rupee to depreciate considerably further against the US Dollar in 2022. It lowered...

673

FBR surpassed first quarter tax collection target by Rs 186 billion

According to the provisional information, FBR has collected net revenue of Rs 1,395 billion during the first quarter of the current Financial...

840

Dollar hits historic high at Rs 172 in the open market

The US Dollar continues to increase its worth against the rupee, mounting to a historic high of Rs 172 in the open...

888

24 percent educated Pakistanis jobless right now

The graph of unemployment continues to rise across the country, the Pakistan Institute of Development Economics (PIDE) highlights that 24 percent of...

701

ADB projects Pakistan’s economy to grow by 4 percent in FY22

Pakistan’s economy is expected to grow by 4.0 percent in the current fiscal (FY22) as business activity gradually resumes in the second...

886

GDP of Pakistan expected to grow by 4.2% in FY22: Fitch

The economy of Pakistan will grow at the rate of 4.2% during the current fiscal year against the government target to get...

940

Current account deficit widens 81 percent to $1.47 billion in August

The Current Account Deficit during the month of August has increased by 81 percent to $1.476 billion as compared to the previous...

744

Foreign investment falls 20 percent to $203 million in Jul-Aug

A 20 percent drop-down of Foreign direct investment (FDI) has been reported in the first two months (July-August) of the ongoing fiscal...

604

Output of LSM industries grows by 2.25 percent in July

The fiscal year 2020-21 has been wonderful for the Large Scale Manufacturing- LSM Industries in Pakistan which showed a growth of 14.85...

1.4K

Rupee slumps to an all-time low of 168.9 against the dollar

A decline of 85-paisa in the inter-bank market owing to the pressures caused by external payments, hauled the rupee to a record...

861

Remittances see 10 percent increase in first two months of FY22

Pakistan has received $5.364 billion in remittances during the first two months of the fiscal year 2021-22 (2MFY22), showed an increase of...

1.4K

Rupee falls to 13-month low of 168.08 against dollar as trade week closes

The rupee ended the day weaker and lost 0.26 percent against US dollar, according to today’s inter-bank closing exchange daily report. The US dollar’s...

528

Tarin unveils three-year economic plan for 14 key sectors

With the commitment not to exit the International Monetary Fund (IMF) programme and instead take it to face-to-face talks in Washington in October, Finance...

558

Rising current account deficit, imports pose threat to economy

Country’s economic managers have noted rising international commodity prices, higher import bill and current account deficit which are main risks to the...

597

PM Imran briefs nation on PTI govt’s 3-year performance

Prime Minister Imran Khan has addressed a nation and gave a review of his PTI party’s three-year performance, said exports and foreign...

821

Pakistan gets $2.77 billion from IMF’s $650 billion allocation of free money

IMF’s biggest ever allocation of $650 billion free money came into effect from Monday and also brought in additional funding of around...

749

Current Account turns negative by $773 million in July

Pakistan faced a Current Account Deficit of $773 million during the month of July this year as compared to $583 m during the...

859

LSM sector grew by 14.85 percent in FY21

The overall increase has been seen in the Large Scale Manufacturing (LSM) sector by 14.85 percent during 2020-21 (FY21) against the previous...

848

Pakistan received record $2.71 billion remittances in July

Pakistan has received the third largest workers’ remittances amounting to $2.71 billion in July, the first month of current fiscal year. The...

703

Dollar hits 10-month high against rupee, crossing Rs 164 mark

On Thursday, the US dollar surpassed the Rs 164 barrier for the first time in ten months after SBP let the rupee...

505

Saudi economy recovers from pandemic in second quarter

According to latest data released on Monday, Saudi Arabia’s economy increased for the first time since the coronavirus pandemic in the second...

609

IMF approves $650 billion to boost global economy

In a meeting held on Monday, IMF approval of $650 billion to boost the global economy, given in the form of Special...

535

Inflation rate down to 8.4% from 9.7% in June

The inflation rate has slowed down to 8.4 percent in July, from 9.7 percent in June, on the back of a slight...

848

Pakistan trade deficit widened to a record $3.058 billion in July

The present government has been claiming to squeeze the trade deficit but things are now alarming as according to the data, issued...

714

PM Imran sets wealth creation as next target to overcome economic challenges

The government’s next target is to increase exports and cut imports to save foreign exchange and create wealth that would bring prosperity...

1.1K

Rupee hits near 10-month low against US dollar

Rupee hit almost 10-month low at Rs 163.67 against the US dollar in the inter-bank market due to increase in demand for...

644

SBP expects current account deficit to be 2-3 percent of GDP

The State Bank of Pakistan is expecting the current account deficit to remain in the range of 2 to 3 percent of...

581

IMF acknowledges growth in Pakistan’s economic activity

IMF has acknowledged the country’s stronger economic activity and believed the global economy to expand by 6 percent this year. On Tuesday, the International Monetary Fund...

1.3K

Pakistani rupee weakens against US dollar in interbank market, closes at 162.32

According to data, the Pakistani rupee lost another 0.52% to close at 162.32 against the US Dollar in the interbank market on Friday,...

705

LSMI output grows 37 percent in May, 14.56 percent in 11 months

The output of Large-Scale Manufacturing Industries (LSMI) increased by 14.57 percent in July-May 2020-21 compared to 11MFY20. According to the Pakistan Bureau...

730

Bank deposits surge to all-time high in FY21

Around Rs 16.2 trillion were the bank deposits on June 30, 2020, whereas, the deposits reached the height of Rs 19.8 trillion on the...

776

Remittances in Pakistan soar all time high to $29.4 billion in FY21

Pakistan has recorded an almost two-decade high growth rate in remittances from abroad, as overseas Pakistanis remitted $29.4 billion during the fiscal...

692

Investment by Islamic banking industry rises by 23 percent

The Islamic Banking Industry (IBI) invested 23 percent more than the deposit growth during Jan-March 2021 (3QFY21), according to report issued by the State...

676

Experts alarmed at country’s population growth rate

The reason behind increasing poverty, the child labor, and the rising mother mortality rate is the high population growth rate of Pakistan...

650

Banks see 43 percent jump in calendar year 2020 profits despite Covid

The profits of Pakistani banks have surged by 42.92 percent in the calendar year 2020, according to the stats released by State Bank of...

684

Domestic debt, liabilities goes up by 12 percent in 11MFY21

The government’s domestic debt and liabilities has increased by 12 percent to Rs 26.755 trillion during the 11 months of fiscal year 2020-21. ...

882

Pakistan ranked third in Global Normalcy Index by The Economist

Pakistan has ranked third in The Economist’s Global Normalcy Index, out of 50 countries. Many have pondered when the world will return...

908

PIBs attract net inflow of $256 million in 12 months

Foreign investment in Pakistan Investment Bonds (PIBs) attracted a cumulative net inflow of $256 million during the outgoing financial year. During the...

603

AJK assembly approves over Rs 141 billion tax-free budget

The Azad Jammu and Kashmir government on Tuesday presented tax-free budget for financial year 2021-22 at the AJK State Legislative Assembly. The...

673

FBR collects Rs 4,732 billion tax revenue during outgoing financial year 2020-21

FBR collected Rs 4,732 billion tax revenue in the outgoing fiscal year exceeding the revised target of Rs 4,691 billion by Rs...

724

National Assembly passes budget FY22

The National Assembly has passed the budget for the new fiscal year with a majority vote amid a dismal showing by the opposition. The...

1.2K

Gilgit Baltistan presents Rs 106 billion budget for FY22

The annual budget of Gilgit-Baltistan for the fiscal year 2021-22 was presented with a total volume of Rs 106 billion. On Saturday, the Finance Minister...

647

Pakistan secures $12.135 billion in foreign loans during July-May period

Pakistan secured $12.135 billion in foreign loans from multiple financing sources during the first 11 months of the current fiscal year as compared...

754

IMF to have more discussion with Pakistan about financing program

The International Monetary Fund (IMF) is going to hold open and constructive discussion with Pakistan regarding sixth review of its 39-month, $6...

579

PTI govt willing to discuss charter of economy with opposition, says Tarin

Federal Finance Minister Shaukat Tarin on Thursday said the government is willing to speak to the Opposition on the charter of economy. ...

766

Punjab presents Rs 2.653 trillion budget for next fiscal year

Punjab has presented the budget of the new fiscal year 2021-22, with an estimated total outlay of Rs 2.653 trillion, including an Annual Development Programme (ADP) worth...

1.3K

Large-scale manufacturing expands by 68pc in April, 13pc in 10 months of FY 2021

Large-Scale Manufacturing (LSM) in Pakistan has seen a growth of 68.07 percent in April whereas, the sector’s output grew 12.84 percent in...

926

Job creation biggest challenge after health crisis

The present PTI government is already making efforts to eradicate poverty, however now it aims to address the issue of job protection and creation...

1.0K

Literacy rate stagnant at 60 percent, reveals economic survey

Literacy rate of Pakistan remained stagnant at 60 percent and education-related expenditures witnessed a drop of 29.6 percent in the year 2019-20,...

961

Exports increase by 14 percent in Jul-May 2021

The exports from Pakistan has witnessed an increase of 13.97 percent during the first 11 months of the current fiscal year (11MFY21). ...

504

Private sector borrowing from banks jumps by 70 percent

The private sector’s borrowing from banks jumped by 70 percent in the first 11 months of the current fiscal year, reflects higher...

835

Govt’s people-friendly budget for fiscal year 2021-22 targets 4.8% GDP growth

With a target of 4.8% growth rate, the PTI government has unveiled the federal budget for the fiscal year 2021-22 to turn...

731

Remittances surge by 29.4 percent in 11 months

Workers’ remittances stayed above $2 billion for 12th consecutive month, as sending money home rose to $26.7 billion during July-May 2020-21, higher by 29.4 percent...

920

Rupee expected to remain stable after volatile week, say traders

The Pakistani rupee is projected to remain firm during the coming week, thanks to market optimism after the Asia Pacific Group (APG)...

575

Covid impact on work four times worse than 2008 economic crisis: ILO

The impact of Covid-19 pandemic on work was four times worse than the 2008 economic crisis, said International Labour Organisation (ILO). The United Nation’s ILO...

584

Pakistan revives economy as world economies grapple with pandemic: Forbes

American business magazine Forbes has praised the efforts by Pakistan government to stabilize and grow the country’s economy. According to the report about the...

1.1K

Pakistan’s various sectors ready to receive CPEC benefits

Pakistan’s various sectors are ready to receive maximum benefits from the China-Pakistan Economic Corridor (CPEC) project which is considered a game-changer for Pakistan. According to experts...

722

No new taxes to be included in budget 2021-22 on salaried person

The federal budget for 2021-22, with a total budget of Rs. 8.4 trillion, will be submitted to the National Assembly on June 11. ...

568

FBR surpasses May collection target by around 8 percent

The Federal Board of Revenue (FBR) has surpassed its collection target in May by 7.82 percent to hit Rs 386 billion against...

780

‘Economic growth to catch pace in coming years, GDP to reach 6% by 2023’

As the government is preparing the budget for the upcoming fiscal year, the economic growth rate of Pakistan would catch pace next...

476

Consumer inflation eases slightly to 10.9 percent in May

Consumer inflation slightly eased to 10.9 percent in May from 11.1 percent in April, released by the Pakistan Bureau of Statistics (PBS). ...

889

Current account posts $773 million surplus in July-April

The current account of the country continued to surplus with $773 million during the first 10 months of the current fiscal year...

772

Shaukat Tarin predicts 6 percent GDP growth in next fiscal year

Finance Minister Shaukat Tarin has predicting that based on the current trend the GDP growth would be 5 percent in 2021-22 and...

897

Pakistan reports higher-than-expected GDP growth at 3.94 percent for FY21

Pakistan reports that its GDP is on course to grow nearly 4 percent in the fiscal year that ends in June, almost...

753

Remittances rise to an all-time high of $2.8 billion in April

Remittances by overseas Pakistanis rose to an all-time high of $2.8 billion in April, showing growth of 56 percent higher than a...

1.2K

Rupee upsurge against dollar continues, hits a new 23-month high

For the eighth consecutive working day, rupee has maintained its uptrend, hitting a 23-month high of Rs 152.27 against the US dollar...

863

Inflation accelerates to 11.1 percent in Pakistan during April

April has seen a double-digit increase in prices of consumer items as inflation edged up to 11.1 percent from 9.1 percent in...

804

ADB puts Pakistan growth rate at 2 percent this year

The Asian Development Bank (ADB) has forecasted Pakistan GDP growth by two percent during 2021, subject to successful vaccine rollout and implementation...

616

Roshan digital account scheme attract historic $1 billion

Inflows of foreign exchange through the Roshan Digital Account (RDA) crossed the $1 billion mark, making space for the architects of the...

1.1K

Shaukat Tarin started budget preparation for next fiscal year

The process of preparing the federal budget for the fiscal year 2021-22 has started, according to newly appointed Finance Minister Shaukat Tarin. After...