Finance Minister of Pakistan Shaukat Tarin has directed the Ministry of Commerce to be very careful in forecasting imports, exports as the imports for August were way off the forecasted number. Economic expansion was seen as one of the major determinants for driving imports.
Pakistan Rupee was the best performing currency in March 2021, and in just six months' time, it has been labeled the worst performer in September, continuing its downward plunge. On Monday alone, the PKR fell 0.19% against USD. Recent events in Afghanistan are playing a major role in this fall.
Pakistan's premier multimodal logistics organization National Logistics Cell has achieved a major milestone in obtaining Transports Internationaux Routiers (TIR) admission. With this in mind, the organization plans to play its role in expanding Pakistan's trade routes to Central Asian Republics and Turkey.
Pakistani-American Economist Atif Mian talked about the severity of Afghanistan’s economic situation and said that the country is experiencing “mother of all sudden stops”. He said that the Taliban’s ascend to power will be not as easy as more than two decades ago when the economy was much stable.
The production of cotton in Punjab is expected to touch 4.5 million bales at an increase of approximately 8.5% from last year. Overall cotton production is expected to reach 8.46 million bales.
Trade deficit for the country rose, as the imports grew twice as fast as the growth in exports. The deficit for the month of August reached to an all time high of $4.05 billion, increasing 133.1 per cent year-on-year and 24.4 per cent month-on-month.
While the consumer price index inflation did not increase much compared to last month of July, it recorded a slightly higher increase on a year-on-year bases compared to August 2020. According to a recent government report the inflation is poised to reach 9 per cent due to monetary expansion and increasing prices in international market.
Following the government's push for the construction sector, Pakistan is to see its third REIT this year as the country's leading IoT company TPL Trakker Limited to list REIT in Pakistan, overseas within three years. Plans to raise $500 million from private investments, from domestic, international sources.
A consortium of Pakistani oil exploration companies led by Pakistan Petroleum gets green signal to explore offshore UAE block and invest $305 million in UAE Oil. This is the first time that Pakistani companies have invested in UAE oil, and this would help unlock additional energy supply to Pakistan.
On the condition of implementation of economic reforms by the government, the credit rating agency Standard & Poor’s Global sees Pakistan progressing on economic fronts. It has estimated that Pakistan’s foreign financing needs are covered for the next twelve months, with bilateral and multilateral inflows.
The federal cabinet of Pakistan under the presidency of Prime Minister Imran Khan has approved the redemption of cash for the points earned by remitters under National Remittance Loyalty Programme from October onwards.
Pakistan's leading oil company Hascol Petroleum Limited has partnered with the National Command & Control Centre (NCOC) and the Oil & Gas Regulatory Authority (OGRA) to set up various drive-thru vaccination centers on M2 to further Pakistan's vaccination drive.