October 03, 2025

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Home Economy (page 6)

Economy

Pakistani cherries set to enhance competition in Chinese market

By Afnan Wasif
June 13, 2024
in :  Business, China, China Pakistan, CPEC, Economy, Featured, headlines, Latest News, Pakistan, Top Story, Trade, Xi Jinping
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BEIJING: China is the world’s largest cherry market, and Pakistan has reached a significant milestone by exporting its first shipment of fresh cherries to China. Utilizing a reefer container, Pakistan aims to export 260 tonnes of fresh cherries to China in reefer containers by the end of June. This achievement is a result of a phytosanitary agreement signed between China …

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China denounces U.S. new sanctions on Chinese enterprises

By Afnan Wasif
June 13, 2024
in :  China, Economy, Featured, headlines, Latest News, Top Story, Trade, US, Xi Jinping
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BEIJING: China on Thursday denounced the U.S.’s new sanctions on over 300 entities and individuals, including dozens of Chinese enterprises, which the U.S. side claimed helped Russia sustain military production to combat Ukraine. “China firmly opposes any illegal unilateral sanctions and long-arm jurisdiction. The normal economic and trade exchanges between China and Russia should not be interfered with, nor should …

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Finance Minister Aurangzeb presents Rs18.9tr federal budget ‘in line with IMF guidelines’

By Afnan Wasif
June 12, 2024
in :  Economy, Featured, Federal Government, headlines, IMF, Latest News, Pakistan, Top Story
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ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday presented his first federal budget with a total outlay of Rs18.9 trillion, which analysts say is broadly “in line with IMF guidelines”. Pakistan’s budget for the upcoming year aims for a modest 3.6 per cent GDP growth, and sets an ambitious Rs13tr tax collection target, raising taxes on salaried classes and removing tax …

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PES 2023-24: Agriculture sector only saving grace in otherwise dismal year

By Afnan Wasif
June 11, 2024
in :  Business, Economy, Featured, Federal Government, headlines, Latest News, Pakistan, Top Story
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ISLAMABAD: Pakistan’s economy failed to meet most of its targets set in the previous budget due to challenging conditions, but the agriculture sector achieved unprecedented growth, Finance Minister Muhammad Aurangzeb announced on Tuesday while unveiling the Pakistan Economic Survey (PES) 2023-24. The strong 6.25pc expansion in the agriculture sector — said by the report to be the highest in 19 years — drove Pakistan’s …

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Budget 2024-25: NEC approves Rs3.8tr PSDP to boost economy

By Afnan Wasif
June 11, 2024
in :  Business, Economy, Featured, headlines, Latest News, Pakistan, Top Story
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ISLAMABAD: In a return to previous practice, the National Economic Council (NEC) decided on Monday to continue funding constituency-based schemes and ongoing provincial projects, while approving an indicative national development plan worth Rs3.792 trillion for the next fiscal year to increase the economic growth rate to 3.6 per cent from the current 2.4pc. The expansionary public investment stance is likely to come under tight …

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SBP slashes key policy rate to 20.5pc after 1 year

By Afnan Wasif
June 10, 2024
in :  Business, Economy, Featured, headlines, IMF, Latest News, Pakistan, Top Story
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KARACHI: The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut the interest rate by 150 basis points (bps) to 20.5 per cent. The decision to cut the key rate to 20.5pc comes ahead of the annual budget and a week after data showed inflation slowed to a 30-month low of 11.8pc in May. In a statement, …

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President Zardari forms National Economic Council

By Afnan Wasif
June 8, 2024
in :  Economy, Featured, headlines, Latest News, Pakistan
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ISLAMABAD: President Asif Ali Zardari on Friday ap­­proved the constitution of the 13-member National Eco­no­mic Council (NEC) — a constitutional body responsible for reviewing the country’s overall economic condition and formulating plans while ensuring balanced development and regional equity — under Article 156 of the Constitution. According to a notification from the Cabinet Division, the council includes Prime Minister Shehbaz …

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Six companies chosen to bid for PIA: minister

By Afnan Wasif
June 4, 2024
in :  Economy, Featured, headlines, Latest News, Pakistan, Top Story
0
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ISLAMABAD: Pakistan has selected six companies qualified to bid to buy national carrier Pakistan International Airlines (PIA), the privatisation minister said on Monday. The announcement came a couple of weeks after Pakistan had extended the date for submitting expressions of interest. A total of eight companies and consortiums had expressed an interest. Air Blue, Arif Habib Corporation, Blue World City, Fly …

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Pakistan, China ink deal to boost investment in key projects

By Afnan Wasif
June 2, 2024
in :  China, China Pakistan, CPEC, Diplomacy, Economy, Featured, headlines, Latest News, Pakistan, Top Story, Xi Jinping
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BEIJING: The National Bank of Pakistan (NBP) and China-Pakistan International Silk Road Industry Investment Management Company Ltd have signed an MoU to facilitate investment in key projects, promote industrial cooperation, support the establishment of special economic zones (SEZs) and boost bilateral trade. Economic Minister Aslam Chaudhary, Liu Jiang Hua from China-Pakistan International Silk Road Industry Investment Management Company Limited, representatives …

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Fina­nce Minister Aurangzeb, US envoy discuss economy

By Afnan Wasif
May 28, 2024
in :  Diplomacy, Economy, Featured, headlines, Latest News, Pakistan, Top Story, US
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ISLAMABAD: Fina­nce Minister Muha­mmad Aurangzeb on Monday underscored the long-term mutual relations between Pakistan and the United States. The minister informed US Ambassador Donald Blome, who called on him, about the successful completion of the Stand-By Arrangement (SBA) and that the government was engaged with the International Monetary Fund to build upon the reforms under the SBA. He highlighted the government’s priority …

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