The financial results for the third quarter have started pouring in, and for banks, it’s a bonanza with triple-digit bottom-line growth. However, what the numbers really represent is a broken economy where the sovereign can’t keep its house in order and financial institutions fail to do their job. And the biggest casualty of this collective incompetence is perhaps borne by the small and medium ent
While the authorities struggle with structural policy reforms, regulatory and administrative measures have made some incremental gains. Owing to the rupee’s appreciation against the dollar over five consecutive weeks, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI ) said Pakistan’s external debt had reduced by a staggering Rs400 billion. The dollar trading at Rs336 on Se
Living the retirement plan as a real-estate owner seems unattainable in today’s Pakistan. And not buying coffee on the way to work won’t make a difference. Having worked (and saved) from an early age, commencing with an esteemed magazine during adolescence, followed by part-time employment while pursuing higher education, and working full-time with a lucrative take-home, it is a small wonder th
Pakistan’s economic growth has been persistently hampered by its current account deficit (CAD), a situation where the country’s imports exceed its exports, resulting in a shortage of foreign currency. This deficit has been escalating over several decades, posing significant challenges to Pakistan’s economic stability. The CAD issue is exacerbated by Pakistan’s dependence on international financ
In just over three months of this fiscal year (between July 1 and October 6), the federal government’s borrowings from banks almost tripled to Rs1.835 trillion from Rs628 billion in the same period last year. Funds borrowed from banks are being used chiefly for debt servicing but also for meeting the high cost of running the day-to-day affairs of the government. Current bank borrowing of the go