The Pakistani Government’s efforts to sponsor half of its citizens’ Hajj trips have fallen short, with only 6,500 applications received against 44,500 seats. This represents a significant departure from the government’s expectations, as it had anticipated 44,500 applications for the new Hajj Sponsorship Scheme. The scheme aimed to provide half of the quota to non-resident […]
Gas supply crisis has worsened in Karachi, as Pakistan’s Minister of State for Petroleum, Musadik Malik, announced that the government cannot provide 24×7 gas supply, The News International reported. Load-shedding has become a daily occurrence amid an economic crisis and reserves have dropped, forcing the gas load-shedding to continue during sehri and iftar. Malik has […]
Pakistan’s inflation remained above the 40% barrier for the seventh consecutive week, reaching 45.49% YoY for the week ended on April 6, 2023, according to data released by the Pakistan Bureau of Statistics (PSB) on Friday. The YoY trend shows an increase mainly due to rising prices of cigarettes (165.88%), wheat flour (131.72%), gas charges […]
According to the Asian Development Bank’s latest report, “Asian Development Outlook (ADO) April 2023,” the average inflation in Pakistan during the current fiscal year (FY23) is expected to be higher than that of Sri Lanka. The report notes that inflation is expected to remain high in South Asia, primarily due to Pakistan and Sri Lanka.While […]
The Pakistan Association of Large Steel Producers (PALSP) has appealed to Prime Minister Shehbaz Sharif to take urgent steps to stabilize and boost the local steel industry’s exports. The industry is currently facing a dire situation with razor-thin profit margins and closure looming. PALSP has urged the government to rationalize the turnover tax rate and […]
The Pakistani rupee (PKR) continued to weaken against the US dollar during intraday trading today, as the interbank rate lost approximately Rs. 1 to reach 286 by 11 AM, and fell below 287 by 1:25 PM. At close, the PKR had depreciated by 0.78 percent to close at 287.29 after losing Rs. 2.25 during intraday […]
Pakistan and China have announced plans to reopen the Khunjerab Pass, the only land passage between the two countries, for bilateral trading and other operations. The decision comes after a three-year border closure due to the COVID-19 epidemic, which severely affected local trade. As part of the China-Pakistan Economic Corridor (CPEC), both governments have finalized […]
The Pakistani rupee (PKR) experienced a reversal of fortune against the US dollar during intraday trade on March 31, posting losses after initially gaining some ground. The interbank rate lost around Rs. 1 early in the day, dropping to 284.75 by 11 AM, before recovering to the 283 level by 1:25 PM, where it stayed […]
The Competition Commission of Pakistan (CCP) has initiated an inquiry into the suspected cartelization by primary dealers (PDs) in the auctions of Market Treasury Bills (T-bills) carried out by the government of Pakistan. However, the State Bank of Pakistan (SBP) is not cooperating with the CCP, which has prompted the CCP Chairperson Rahat Kaunain Hassan […]
According to Syed Agha Rafiullah, the Parliamentary Secretary for Overseas Pakistani and Human Resource Development, a record number of 829,549 emigrants were registered for foreign employment through the Bureau of Immigration and Overseas Employment (BE&OE) in 2022. This marks the highest amount of registered emigrants in the last five years, with many graduates and other […]