Economy

Multan District Administration Lowers Transport Fares Amidst Fuel Price Cut In response to a recent decrease in petroleum prices, the district administration of Multan has announced a 2% reduction in commercial fares for both passenger and goods transport services. This initiative aims to provide financial relief to citizens amid fluctuating fuel costs. Regional Transport Authority (RTA) Secretary Mohsin Nisar stated, …

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 …

Market Overview: Positive Close Amid Volatility The Pakistan Stock Exchange (PSX) managed to close in the green on Tuesday, overcoming a volatile trading session. The positive close was primarily driven by expectations of a third consecutive interest rate cut by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee meeting scheduled for September 12. Ahsan Mehanti, an …

KCCI Calls for Urgent NEPRA Hearing on K-Electric Issues The Karachi Chamber of Commerce and Industry (KCCI) has called on the National Electric Power Regulatory Authority (NEPRA) to urgently convene a hearing with all relevant stakeholders to address pressing issues related to K-Electric (KE) that are significantly impacting both industrial and domestic consumers in Karachi. In a letter addressed to …

Pakistan’s Trade Deficit Shrinks to $3.6 Billion in Early FY25 Pakistan’s trade deficit has shown a slight improvement, narrowing to $3.6 billion during the first two months of the fiscal year 2024-25 (2MFY25), according to recent data from the Pakistan Bureau of Statistics (PBS). This decrease is largely attributed to a significant boost in exports. Trade Balance Overview The trade …

Introduction of the Contributory Pension Fund Scheme The federal government has launched a new Contributory Pension Fund Scheme aimed at all civil employees, including those paid from Defence Estimates, who are appointed on a regular basis starting from July 1, 2024. This significant policy shift is designed to enhance the financial security of federal employees in their retirement years. Applicability …

Lahore’s Traffic Congestion: A Major Factor in Worsening Smog The Punjab Traffic Impact and Pollution Authority (TIPA) has identified 65 critical traffic choke points in Lahore that are significantly contributing to the city’s smog problem. The report highlights how traffic congestion in these areas is leading to increased air pollution, exacerbating Lahore’s environmental crisis. Key Areas of Concern: Nasir Bagh …

US Dollar Gains Against Pakistani Rupee in Interbank Market On Tuesday, the US dollar appreciated by six paisas against the Pakistani rupee, reaching Rs278.70 in interbank trading. This marginal gain reflects ongoing volatility in the currency market as Pakistan navigates a complex economic landscape. Improved Economic Indicators Highlight Positive Shift The Ministry of Finance has released its latest monthly economic …

PTA Receives Proposals for 5G Spectrum Auction Despite Industry Concerns Five international consultants have submitted proposals to the Pakistan Telecommunication Authority (PTA) to oversee the 5G spectrum auction, anticipated to be completed within the ongoing fiscal year. However, there are concerns within the industry about whether this is the right time to roll out 5G technology in the country. In …

IMF Imposes New Conditions Following Punjab’s “Fiscally Reckless” Electricity Subsidy The International Monetary Fund (IMF) has imposed several new conditions on Pakistan’s provincial governments concerning energy subsidies and budget management. This move follows Punjab’s controversial decision to provide Rs45 to Rs90 billion in electricity subsidies over two months, which the IMF has labeled as “fiscally reckless.” Government sources revealed that …