The Ministry of Finance has anticipated that inflation will experience a gradual decline from this month mainly due to an improved supply situation, alleviation of imported inflationary pressures and the influence of a high-base effect. Inflation is expected to remain at 27.5-28.5 per cent in December 2023 and to fall further to 24-25pc in January 2024, according to the Monthly Economic Update
Pakistan’s current economic model is not working since it has fallen behind its peers, significant progress in poverty reduction has now started to reverse, and the benefits of growth have accrued to a narrow elite, observes World Bank Country Director Najy Benhassine. “There is a broad consensus that action is needed to change policies that have plagued development, benefitted only a few, and
With the approval of $250 million by the Asian Infrastructure Investment Bank, for the Second Resilient Institutions for Sustainable Economy (RISE-II) development policy financing, the government is now in full gear to implement critical policy reforms to accelerate economic recovery and build the foundations for sustainable growth. Last week, the World Bank had approved $350m for the second ph
Foreign exchange reserves of the State Bank of Pakistan (SBP) surged by $853 million during the week ended on Dec 22. The central bank reported on Thursday that its forex holdings increased to $7.757bn from $6.9bn on Dec 15. However, the SBP did not provide details about the inflows, only saying that it was the receipt of official Government of Pakistan inflows. However, sources in the fin
The Economic Coordination Committee (ECC) of the Cabinet has asked the Employees’ Old-Age Benefit Institution (EOBI) to devise a comprehensive plan to clear the Rs2 trillion dues of pensioners. The decision was made during the ECC meeting, which was presided over by Caretaker Finance Minister Shamshad Akhtar, which approved the budget for the EOBI. EOBI Chairperson Ms Naheed Durrani gave a c