Economy

Nationwide Strike Announced by Traders Against Government Tax Reforms The government’s widely promoted tax reform initiative is expected to face significant resistance as the traders’ community has announced a nationwide strike on Wednesday (today). This strike has garnered partial support from several political parties and trade associations. Ahead of the strike call, representatives of traders visited the Federal Board of …

Introduction An official report from Pakistan’s Ministry of Economic Affairs has confirmed a critical shortfall in the government’s foreign funding efforts. The report, published on Tuesday, revealed that the government managed to secure only $426 million from international lenders in July, falling far short of the $9 billion in debt rollovers required to maintain financial stability. Debt Rollovers and IMF …

Pakistan Secures $436 Million in Foreign Loans During July 2024 In July 2024, Pakistan secured $436.39 million in foreign loans from various financing sources. This amount represents a sharp decline compared to the $2.890 billion borrowed in the same month of the previous fiscal year (FY24). The Economic Affairs Division (EAD) recently released data detailing the sources and amounts of …

Introduction The International Monetary Fund (IMF) has postponed the approval of Pakistan’s $7 billion bailout package, as it is not part of the IMF Executive Board’s agenda for the upcoming week. This delay adds to the uncertainty surrounding Pakistan’s efforts to stabilize its economy, which continues to struggle with significant financial challenges. IMF Executive Board Meeting Schedule The IMF’s Executive …

Introduction The National Electric Power Regulatory Authority (Nepra) has approved a significant increase in electricity tariffs, raising rates by up to Rs1.90 per unit under the quarterly adjustment for the fourth quarter of the financial year 2023-24. This decision is set to impose a financial burden of approximately Rs46 billion on consumers across the country, including those served by state-owned …

Introduction In a significant development, Saudi Arabia has made a strategic offer to acquire a 15% stake in Pakistan’s Reko Diq mining project, coupled with a substantial grant to build infrastructure around the mining area. This marks the first major investment under the Special Investment Facilitation Council (SIFC) framework and could pave the way for strengthened economic ties between the …

FBR Appeals to Traders for Dialogue Ahead of Planned Strike Against Tajir Dost Scheme In a bid to avoid an escalating conflict with the trading community, the Federal Board of Revenue (FBR) has reached out to traders, urging them to present their demands before resorting to a nationwide shutter-down strike. The strike, planned for August 28, 2024, is in response …

Government Reconsiders Cap on Solar Energy Production for Export-Oriented Industries The Pakistani government, through its Minister for Commerce, Jam Kamal Khan, has announced a significant move that could reshape the landscape for export-oriented industries, particularly in the sports goods sector. During a virtual meeting with the Sectoral Council for Sports Goods, the minister assured industry representatives of the government’s unwavering …

Introduction Pakistan finds itself in a state of economic inertia, where the usual state of affairs continues without any substantial efforts to initiate meaningful reforms. The conversations surrounding the annual budget and the IMF package may have faded from the public discourse, but the economic challenges remain as daunting as ever. Without concrete actions, the nation risks remaining a victim …

Introduction In a groundbreaking development for agricultural trade relations between China and Pakistan, the first-ever shipment of Chinese homegrown white broiler eggs has been successfully exported to Pakistan. This inaugural shipment, which included 172,800 “Guangming No 2” White Feathered Broiler eggs, marks a significant milestone in the collaboration between the two countries’ poultry industries. Significance of the Shipment This export …