Latest News

PM Gives Orders To Draft An Action Plan To Rejuvenate Economy

Published

2 months ago

Farwa

The responsible authorities have been instructed by Prime Minister Shehbaz Sharif to immediately draft an action plan to boost the country’s economy.

While presiding over a meeting in Islamabad to discuss measures for the nation’s economic restoration and progress, he issued these directives.

He said that his administration will seek to strengthen the nation’s economy, encourage foreign investment, and support the business community. He declared that his administration’s top goal is economic restoration and that swift action is required to solve severe economic issues.

He emphasized how crucial it is to give investors and entrepreneurs the tools and resources they need in order to create an atmosphere that is favorable to business.

The prime minister reaffirmed the government’s commitment to lowering red tape and fostering a climate that is supportive.

To further talks on the Extended Fund Facility (EFF), the prime minister also ordered urgent interaction with the International Monetary Fund (IMF).

The government’s commitment to obtaining outside assistance to strengthen the nation’s economic resilience is demonstrated by this endeavor.

The Finance Secretary provided Shehbaz Sharif with an in-depth briefing on the present status of the country’s economy during the meeting. During the briefing, topics of discussion included important economic indicators, difficulties, and possible ways to promote economic recovery.

In keeping with the government’s proactive efforts to reduce financial burdens on taxpayers and boost economic activity, the Federal Board of Revenue also cleared tax refunds of 65 billion rupees at the event.

To further improve service delivery and minimize line losses, guidelines were also issued to hasten the switch to smart metering in the gas and power industries.

At the end of the discussion, a commitment was made to continue the conversation and work together with stakeholders from all sectors in order to map out a course for sustainable economic growth and prosperity.

In addition, the gathering was attended by luminaries like as Senator Masood Malik and National Assembly members Ata Tarar, Shiza Fatima, Rominah Khurshid, Ahad Cheema, and Jehanzib Khan.

Business

Pakistan has amassed $14.5 billion in foreign exchange reserves.

Published

4 mins ago

Farwa

State Bank of Pakistan (SBP) statistics, which was made public on May 3, shows that the country’s foreign exchange reserves increased significantly to $14.45 billion.

A noteworthy increase of $1.11 billion to $9.12 billion was made in the SBP’s reserves.

The foreign exchange reserves that commercial banks possessed also experienced a notable surge, rising by $2.86 billion to $5.33 billion.

As per the State Bank of Pakistan (SBP), Pakistan got the $3 billion standby arrangement last month, including the much-awaited $1.1 billion final tranche from the International Monetary Fund (IMF).

Following the successful conclusion of the second review by the Executive Board of the IMF under Stand-By Arrangement (SBA),” the SBP stated that it had been awarded Special Drawing Rights (SDR) 828 million, or $1.1 billion in value.

SBP reserves for the week ending on May 3, 2024, will show the payout, according to the central bank.

The second review of Pakistan’s Stand-By Arrangement (SBA) was finished by the IMF Executive Board one day earlier, enabling a $3 billion increase in total disbursements under the contract.

According to a statement from the IMF, “the completion of the second and final review reflects the authorities’ stronger policy efforts under the SBA, which have supported the stabilization of the economy and the return of modest growth.”

“Policy and reform efforts by the authorities, including strict adherence to fiscal targets, are necessary to move Pakistan from stabilization to a strong and sustainable recovery,” the statement continued.

Latest News

Governor-rule attempt that is intolerable: Gandapur

Published

8 mins ago

Farwa

Chief Minister Ali Amin Gandapur of KP denounced the incident on May 9 and promised that those in charge will face national scrutiny.

While eight FIRs have been filed against him in eight different districts, Gandapur stressed that none of the accusations have been validated.

Proving he was going nowhere without a fight, Gandapur issued a warning against tampering with democracy.

Any attempt to obstruct progress will be greeted with strong resistance, he warned, so avoid using disruptive tactics.

Gandapur declared, “We will seize the governor’s mansion and I will not keep quiet about the chief minister’s seat if governor law is imposed.”

With the media there to ensure transparency, the Chief Minister boldly challenged his predecessor, Pervez Khattak, to participate in a public discussion in the Kaaba.

Business

In April, worker remittances rose by 27.9 percent year over year.

Published

12 mins ago

Farwa

Based on the central bank’s data, the United Arab Emirates (US$ 542.3 million), the United Kingdom (US$ 403.2 million), Saudi Arabia (US$ 712.0 million), and the United States of America (US$ 329.2 million) were the top four countries from which remittance inflows in April 2024 originated.

The SBP said in a statement that “for the first ten months of the current fiscal year, workers’ remittances increased by 3.5 percent cumulatively, with inflow of US$ 23.8 billion, as compared to the same period last year.”

Previous records show that in March 2024, remittances from overseas workers totaled US$3 billion.

Regarding expansion, remittances rose by 16.4% annually and 31.3 percent monthly during the month under consideration.

Comparing the first nine months of the fiscal year 2023–24 to the same period previous year, an inflow of US$ 21.0 billion in worker remittances was observed, up from US$ 20.8 billion.

Saudi Arabia (US$703.1 million), the United Arab Emirates (US$548.5 million), the United Kingdom (US$461.5 million), and the United States of America (US$372.5 million) were the top sources of workers’ remittance inflows on March 24.