Pakistani currency on Monday depreciated Rs0.17 and settled at Rs278.37 against the US dollar in the inter-bank market over projections that demand for the foreign currency was set to jump in the coming weeks following a reduction in the State Bank of Pakistan (SBP)’s policy rate. According to the central bank data, the rupee had closed at Rs278.20 against the greenback on Friday. The local
Pakistan is poised to re-enter the global financial markets to procure expensive ‘commercial borrowing,’ which includes the launch of Panda bonds in the Chinese market, following the anticipated approval of the next International Monetary Fund (IMF) loan programme in the forthcoming fiscal year commencing on July 1, 2024. During the launch of the Economic Survey 2023-24 in Islamabad on Tuesday,
The agriculture sector in Pakistan witnessed robust growth in 2023-24, with an overall increase of 6.25%, contributing significantly to the economy, according to the finance minister. The sector, which contributes 24% to the national GDP, emerged as a saviour for the outgoing fiscal year. According to the Economic Survey of Pakistan 2022-23, released on Tuesday, the crops sub-sector saw a remar
The Economic Survey of Pakistan 2024 has highlighted significant growth prospects in the IT and telecommunication sectors, driven by the China-Pakistan digital corridor. The Information Technology (IT) Industry Joint Working Group (JWP) under the China-Pakistan Economic Corridor (CPEC) is dedicated to enhancing and developing China and Pakistan’s information and communication technology infrastruc
The annual cost of tax losses due to various exemptions has surged to a record Rs3.9 trillion in the current fiscal year, a 73% increase from last year, becoming a contentious issue in ongoing negotiations between Pakistan and the International Monetary Fund (IMF). The Economic Survey of Pakistan 2024, released by Finance Minister Muhammad Aurangzeb on Tuesday, revealed that despite multiple ro