September 5, 2023
Economy Pakistan

Poor Response for Government’s Hajj Sponsorship Scheme

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 […]

Read More
Economy Pakistan

Official Says Can’t Supply Gas 24/7

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 […]

Read More
Economy Pakistan

Pakistan’s Inflation Remains Above 40% for the Seventh Straight Week

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 […]

Read More
Gold-Rates Pakistan

Gold Prices Reach Record High in Pakistan Amid Economic Turmoil

The price of gold in Pakistan has reached a new record high, continuing its surge with another major increase on Wednesday. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold went up by Rs. 2,500 per tola to Rs. 217,000, while the price of 10 grams rose by Rs. […]

Read More
Economy Pakistan

Pakistan Expected to Experience Higher Inflation than Bankrupt Sri Lanka

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 […]

Read More
Finance Pakistan

Pakistan’s Finance Minister Leads Delegation to U.S. for Talks with IMF on $1.1 Billion Bailout

Pakistan’s Finance Minister Ishaq Dar is scheduled to lead a high-level delegation to the United States to attend the annual spring meeting of the International Monetary Fund (IMF) and the World Bank. The primary objective of the delegation is to negotiate a $1.1 billion bailout for Pakistan with the IMF and present fresh proposals for […]

Read More
Economy Pakistan

Pakistan Steel Industry Seeks Government Support to Boost Exports

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 […]

Read More
Economy Pakistan

Pakistani Rupee Slides Against US Dollar Amid Political Turmoil

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 […]

Read More
Economy Pakistan

Pakistan and China to Reopen Khunjerab Pass for Bilateral Trade

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 […]

Read More
Economy Pakistan

Pakistani Rupee Posts Losses Despite Chinese Loan Extension and Reserve Holding

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 […]

Read More