The interbank currency rate for the US dollar is currently Rs278.60.

In August 2024, remittances from workers in Pakistan increased significantly, totaling $2.9 billion. This represents a 40.5% increase over the same month the previous year, underscoring the vital role that Pakistanis living abroad play in bolstering the national economy.

The total amount of remittances received during the first two months of the fiscal year 2025 (FY25) was $5.9 billion, a 44% increase over the $4.1 billion received during the same period in the previous fiscal year (FY24).

In August 2024, Saudi Arabia was the top contributor of remittances, at $713.1 million. Following with $538.4 million, the United States of America (USA) and the United Kingdom (UK) contributed $322.4 million and $474.8 million, respectively. The United Arab Emirates (UAE) came in second.

Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of around $7 billion is not included in the IMF schedule for the executive board meeting, which is scheduled for September 9, 13, and 18. This information is based on the Fund’s website.

A deal on the 37-month loan package was agreed in July between Pakistan and the IMF.

The Fund’s Executive Board must approve the new programme before it can be implemented, but it should allow Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive, and resilient growth,” the statement reads.

“The programme aims to capitalise on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers, and remove economic distortions to spur private sector-led growth,” the IMF statement stated, citing Nathan Porter, the head of the Fund’s mission to Pakistan.

Notably, the administration is allegedly trying to get important allies like China, Saudi Arabia, and the United Arab Emirates (UAE) to roll over $12 billion in loans.

In an effort to strengthen the port’s economic importance, the Federal Government has made the decision to direct fifty percent of all imports from the public sector to Gwadar Port.

By taking this action, which has the backing of the Special Investment Facilitation Council, the port’s financial situation is going to be improved.

The Cabinet will be presented with a summary of imports through Gwadar by the Ministry of Maritime Affairs, which will take place after Prime Minister Shehbaz Sharif’s recent trip to China.

When the next Cabinet Meeting takes place, Ahsan Iqbal, the Federal Minister for Planning, Development, and Special Initiatives, will examine the Chinese offer for the Karachi to Hyderabad Section of the ML-1 Project and bring it to the Cabinet.

Company preparations for the Shanghai International Import Expo, which will take place in November 2024, are being made by the Board of Investment and the Ministry of Commerce of Pakistan.

One of the most important aspects of the China-Pakistan Economic Corridor is the Gwadar port, which serves as a significant commerce route connecting China, the Middle East, Africa, and Europe. At this time, the Gwadar Port is able to accommodate two huge ships, and by the year 2045, it is anticipated that it would be able to handle up to 150 ships.

By developing the Gwadar Port, regional connectivity would be improved, employment will be created, and international investment will be attracted.