International Trade

Pakistan’s Request for Debt Rescheduling Pakistan has formally requested China to reschedule $3.4 billion in official and guaranteed debt for two years. This extension is crucial for Islamabad as it faces a $5 billion external financing gap identified by the International Monetary Fund (IMF) during the signing of a recent $7 billion bailout package. Much of this debt is owed …

Introduction Gitex Global 2024, the world’s largest technology and startup exhibition, kicked off today in Dubai, highlighting Pakistan’s rapidly growing information and communication technology (ICT) and startup ecosystem. This prestigious event provides a global platform for Pakistani companies to showcase their innovations and form partnerships with international tech firms. Pakistan’s Strong Presence at Gitex Global Alongside Gitex Global, the North …

Introduction Pakistan’s central bank has announced that the country will repay $30.35 billion in foreign debt and interest between August 2024 and July 2025. This includes significant loans that bilateral creditors roll over every year, adding pressure on the nation’s finances. Breakdown of Debt and Interest Payments The State Bank of Pakistan (SBP) reports that it needs $26.48 billion to …

Introduction The Pakistan Sugar Mills Association (PSMA) recently announced that the new sugarcane crushing season will begin on November 21, 2024. This decision comes despite the government’s recent approval to export an additional 500,000 metric tons of sugar. The PSMA assures that even after these exports, there will be sufficient sugar stocks to meet domestic demand for more than a …

The first-ever Pakistan-Russia Trade and Investment Forum took place in Moscow, marking a significant step forward in the trade relationship between the two nations. This event saw a delegation of 60 Pakistani business representatives, led by Federal Minister for Privatisation, Board of Investment, and Communication, Abdul Aleem Khan. Their goal was to explore new business opportunities and foster deeper economic …

OPEC+ Delays Planned Oil Output Increase Amid Falling Prices and Economic Concerns OPEC+, the alliance of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has agreed to delay a planned oil output increase for October and November 2024. This decision comes after crude prices fell to their lowest in nine months, with further pauses …

Merchandise Exports Show Strong Growth in August Pakistan’s merchandise exports increased nearly 16% to $2.74 billion in August 2024, compared to $2.36 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The growth momentum picked up in August due to improved international orders and exchange rate stability. On a …

Remittances sent through Roshan Digital Accounts (RDA) by overseas Pakistanis have reached a significant milestone, surpassing $8.416 billion, according to the latest data released by the State Bank of Pakistan (SBP). This achievement underscores the growing confidence of the Pakistani diaspora in the RDA platform. July 2024 Remittance Performance In July 2024 alone, overseas Pakistanis transferred $161 million through the …

Pakistan has relaxed its bidding rules to directly award a $2 billion contract to China for constructing a critical section of the Karakoram Highway, enhancing its strategic road connectivity with China. At the same time, the government approved a Rs78 billion incentive package for banks and exchange companies to boost foreign remittances. Direct Award of Road Contract to China The …

French authorities have formally placed Telegram CEO Pavel Durov under investigation, suspecting his involvement in criminal activities carried out on the messaging platform. The investigation, initiated by a French judge, includes allegations of complicity in facilitating illicit transactions, dissemination of child sexual abuse materials, drug trafficking, money laundering, and failure to cooperate with judicial authorities. The investigation has sparked widespread …