The proceedings and recent remarks of the Supreme Court (SC) of Pakistan in the Reko Diq case have not inspired confidence in investors. They are hoping for more informed proceedings and a meritorious decision that serves development goals and projects Pakistan as a viable business destination. Some former bureaucrats and economists advised the court to be mindful of the interests and aspiratio
Over the past two decades, Pakistani banking has undergone drastic shifts. There were the good days when foreign banks could be spotted every few kilometres in the major cities, and consumer financing was all the craze. Then came the bad days and, with them, the defaults. Global players pulled out, and everyone flocked to lending to the sovereign. Amid these cycles, however, one trend had conti
After 18 years of deliberations and nineteen rounds of negotiations, Pakistan recently signed a preferential trade agreement with Turkey. Both sides have expressed optimism that with increased market access, bilateral trade will rise to $5 billion in the medium term from the current trade volume of fewer than one billion dollars. However, with the low ambition of the agreement, much will likely
The worsening economic crisis has triggered human and political crises, eroded social cohesion and posed a risk to our national security. The outlook for the future at the moment appears to be bleak. In October, inflation — mainly driven by food, transport and energy prices — measured by the Consumer Price Index rose by 26.56 per cent year-on-year against last month’s 23.56pc and 9.2pc in the s
It is like a settlement at gunpoint — an unusual requirement from the apex court to pre-sanctify precisely a commercial deal between a sovereign under distress and a top global mining firm with overwhelming powers of international jurisdictions. Subject to the clearance by the country’s top court, the provincial assemblies will pass special resolutions, and the parliament, through a joint sitti