The bank lending to the private sector remained negative in the first half of the current fiscal year reflecting a pathetic economic growth scenario. Data released by the State Bank of Pakistan (SBP) on Tuesday showed that the private sector had been retiring its debts from July 1 till Dec 15. The net debt retirement during this period was Rs41 billion compared to net borrowing of Rs141in the s
Exports to the Middle East bounced back with a growth of 28.98 per cent to $1.257 billion in the first five months of the current fiscal year against $974.50m from a year ago. A surge in demand for Pakistani products was observed from countries like the United Arab Emirates, Saudi Arabia and Kuwait, according to data compiled by the State Bank of Pakistan. However, the exports to Qatar decre
Stock investors opted to book profits in the outgoing week, which resulted in the benchmark index closing in the red. Arif Habib Ltd said market-driving news included the Asian Development Bank announcing a $1.2 billion loan agreement with Pakistan. In addition, the World Bank approved $350 million for economic reforms. After June 2023, Pakistan recorded for the first time a monthly current
There have been some positive developments on the external front in the last couple of weeks. The Asian Development Bank (ADB) has signed six deals with Islamabad to help the cash starved government access $1.2 billion over the next several months. The World Bank has also approved a $350 million package for Pakistan’s budget financing for the Second Resilient Institutions for Sustainable Economy (
The country’s elite class are gearing up to purchase hybrid electric vehicles (HEV) and electric vehicles (EV) despite the uncertain political and economic environment amid the highly depressed sales scenario of fossil fuel vehicles. Will the buyers of petrol and diesel-driven SUVs and pickups shift to HEVs and EVs, or will a new wealthy class rise to acquire these costly electrified vehicles?