As the dollar crisis deepens and strong reaction is beginning to appear from almost all sectors of the economy, Finance Minister Ishaq Dar on Monday reiterated that government will facilitate all exporters, including five previously zero-rated sectors, for the import of raw material, parts and accessories to meet their requirements. Mr Dar took to Twitter to announce that the export industry wa
Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-2022 U-turn in Covid policy still supported hopes of recovery in the country’s fuel demand this year. Brent crude futures had risen 16 cents, or 0.2 per cent, to $84.62 by 0414 GMT, recouping some of the 1pc loss of the previous session. US West Texas Intermediate (WTI) cr
Trading on the stock exchange commenced on a positive note in the outgoing week as investors celebrated the reported progress towards the resolution of the circular debt, said Arif Habib Ltd. The benchmark index of the stock market remained in then green zone subsequently as Pakistan secured more than $10 billion in pledges from international financial institutions. The United Arab Emirates als
Pakistan remained in the grip of the foreign exchange crisis in 2022. Now, at the beginning of 2023, the situation has deepened further. On January 6, forex reserves held by the State Bank of Pakistan (SBP) plunged to $4.343 billion, enough to cover just three weeks of imports, after the country repaid $1bn commercial loans of two UAE-based banks. Despite such a massive decline in the forex res
In a book I put together two decades ago, the late Meekal Ahmed, one of Pakistan’s most distinguished economists, contributed a chapter titled ‘An economic crisis state’. He had this to say then: “Economic management in Pakistan has steadily deteriorated to the point where the economy has lurched from one financial crisis to the next. At the heart of the problem has been poor management of public