The World Bank has projected Pakistan’s economy to grow by two per cent in the next fiscal year, compared to the 3.5pc target set by the National Economic Council on Tuesday. “In Pakistan, the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources to pay for imports of food, energy, and intermediate inputs, have depressed activity, with
The rupee fell 2.6 per cent against the US dollar in the open market on Monday, changing course after appreciating sharply towards the end of last week. According to the Exchange Companies Association of Pakistan, the greenback closed at Rs308 in the open market, an increase of Rs8 from Friday’s close. Analysts said today’s price movement came on the back of a shortage of dollars in the open
Pakistan’s export of services shrank 24.65 per cent year-on-year to $486.09 million in April, which is the fourth monthly drop in a row, according to the data compiled by the Pakistan Bureau of Statistics. The export of services recorded positive growth during the first half of the current fiscal year, but it started contracting in January. The export of commodities has steadily declined since
A foreign investor has acquired Zulfiqar Industries Ltd (ZIL), a fast-moving consumer goods (FMCG) entity that makes Capri soap, for around $6 million. New Future Consumer International General Trading LLC, an emerging global consumer goods player, purchased a total of 84.8 per cent shareholding in the local firm at a weighted average price of Rs301.4 a share in a transaction that was completed
The Ministry of Information Technology and Telecommunication has sought Rs16.5 billion in the upcoming budget for projects and services to promote digitisation across the country as well as in Gilgit-Baltistan and Azad Jammu and Kashmir. The requested sum includes developmental and non-developmental expenses of the ministry and its affiliated institutions, but the size of non-developmental expe