Tag Archives: Pakistan economy

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 …

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 …

Cement Sales Plummet by 27.54% in August Due to Tax Increases and Monsoon Slowdown The local cement industry experienced a sharp decline in sales in August 2024, with local cement sales plunging by 27.54% year-on-year to 2.752 million tonnes. The decrease was driven by a combination of tax-driven price increases and a slowdown in construction activities during the monsoon season. …

J.P. Morgan Explores Investment Opportunities in Pakistan: A High-Level Engagement In a significant move towards enhancing foreign investment, Pakistan’s Federal Minister for Finance and Revenue, Muhammad Aurangzeb, held a high-level meeting with a delegation of international investors led by Amin Mohammad Khowaja, CEO of J.P. Morgan Pakistan. The meeting, which took place on Wednesday, focused on the potential for fixed-income …

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 …

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 …

FBR Misses August Tax Collection Target by Rs102 Billion The Federal Board of Revenue (FBR) fell short of its August 2024 tax collection target by Rs102 billion, despite taking advances from major cities. The FBR blamed import compression for the shortfall, increasing the likelihood of a mini-budget. The government had set a collection target of Rs898 billion for August, but …

Pakistan’s Inflation Rate Hits 34-Month Low Pakistan’s Consumer Price Index (CPI) rose by 9.6% year-on-year (YoY) in August 2024, marking the lowest inflation rate in 34 months. Notably, according to the Pakistan Bureau of Statistics (PBS), this represents a significant drop from the 11.1% recorded in July 2024 and, moreover, a dramatic decline from the 27.4% inflation rate in August …

Karachi Wholesale Grocers Announce Market Closure in Tax Protest The Karachi Wholesale Grocers Association has announced a complete shutdown of Pakistan’s largest wholesale market on Saturday, August 31, to protest the government’s withholding tax policies. This decision followed an emergency meeting at Jodia Bazaar, where traders, importers, and exporters expressed their dissatisfaction with the tax measures. Consequently, the association’s move …