The International Monetary Fund (IMF) could delay the new $7 billion bailout if Pakistan fails to secure a $2 billion financing gap from commercial lenders by the end of the current week.Pakistan must submit a signed Letter of Intent (LoI) to the IMF Executive Board for approval of the 37-month Extended Fund Facility (EFF) while committing to comply with all …

Payoneer Raises Fees for Pakistani Users: A Setback for Freelancers In a significant move, Payoneer, a widely used online money transfer platform, has increased its transaction fees for users in Pakistan. This decision has raised concerns, particularly among freelancers who rely on Payoneer for receiving payments from international clients. As of October 20, 2024, Payoneer will be charging a 3% …

The Necessity of Taxes for Economic Stability Finance Minister Muhammad Aurangzeb recently emphasized a critical point: “The country cannot be run through charity; everyone must pay taxes.” This statement highlights a fundamental truth about economic management and national development. Taxes are essential for funding government functions and ensuring economic stability. Current Economic Performance According to the Finance Minister, the country’s …

Overseas Pakistani Remittances Near $3 Billion for the Fourth Consecutive Month In a remarkable display of financial support, overseas Pakistanis sent $2.943 billion in remittances during August 2024, marking a 40% increase compared to the same month last year when the inflow was recorded at $2.094 billion. This significant rise in remittances underscores the continued dedication of expatriate Pakistanis to …

Digital Skills Training Can Add Rs. 2.8 Trillion to Pakistan’s GDP by 2030 Pakistan’s digital economy is rapidly evolving, and according to Google’s research, enhancing digital skills and embracing education technologies could add Rs. 2.8 trillion to the nation’s GDP by 2030. This shift will help future-proof the country’s economy while creating new opportunities for growth and development. Google’s Commitment …

Weekly Inflation in Pakistan Falls for Fourth Straight Week Pakistan’s inflation has shown a much-needed downward trend for the fourth consecutive week, offering slight relief to consumers. According to data released by the Pakistan Bureau of Statistics (PBS), the Sensitive Price Index (SPI)-based inflation for the week ending September 5, 2024, dropped by 0.15%. This decline marks a continued easing …

SECP Issues Consultation Paper to Improve Public Offering Regime in Pakistan The Securities and Exchange Commission of Pakistan (SECP) has released a Consultation Paper aimed at enhancing the public offering regime to promote capital formation and streamline the regulatory environment for businesses. The paper, which is open for public feedback, highlights various areas for potential improvements that will foster a …

SBP Foreign Exchange Reserves Rise by $33 Million, Reaching $9.44 Billion The State Bank of Pakistan (SBP) witnessed a modest increase in its foreign exchange reserves, which rose by $33 million on a weekly basis, bringing the total reserves to $9.44 billion as of August 30, 2024. This marks the second consecutive week of growth in the country’s forex reserves, …

Pakistan Seeks $1.75 Billion in Loans from International Financial Institutions Pakistan is seeking $1.75 billion in loans from three major international financial institutions as part of its broader strategy to meet essential financing needs. According to top sources, the Finance Ministry has applied for loans from the Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank (IDB), and Standard Chartered …

Gold Prices See a Sharp Decline in Pakistan Amid Global Market Trends Gold prices in Pakistan witnessed a notable decrease for the second consecutive session on Wednesday, aligning with the downward trend in international markets. The price of gold per tola (approximately 11.66 grams) fell by Rs1,400, bringing the rate down to Rs260,100. This drop reflects the broader global trend, …