The country’s exports shrank for the fifth month in a row dropping by 15.42 per cent year-on-year to $2.21 billion in January raising fears about the closure of industrial units especially textile and clothing across the country. On a month-on-month basis, export proceeds decreased by 4.41pc in January, official data showed on Thursday. The exports started posting negative growth in the firs
The beverage industry has warned the Federal Board of Revenue (FBR) that the proposed four per cent federal excise duty (FED) dubbed as sugar tax would not only push up prices but would also hit $200 million investments plan by two key carbonated soft-drink companies. In a recent meeting with the finance ministry, Pepsi and Coke have assured that they will obtain loans worth around $200 million
In contrast to ongoing construction of an auto assembly plant in Hub for rolling out Skoda and Volkswagen vehicles, the existing auto players and vendors are in a state of paralysis due to severe paucity of foreign exchange and supply issues in parts. In a joint letter, Pakistan Automotive Manufacturers Association (PAMA) and Pakistan Association of Automotive Parts and Accessories Manufacturer
The rupee touched another all-time low on Thursday and the central bank’s reserves fell close to a precariously low level of $3 billion as the country continues to reel from economic and political turmoil. According to State Bank of Pakistan (SBP) data, its reserves dropped 16 per cent to $3.09bn — barely enough to cover less than three weeks of imports — in the week ending Jan 27 due to extern
After exhausting nearly all traditional sources of foreign exchange, it seems the government is now looking to tap the kindness of philanthropists to replenish its rapidly depleting dollar coffers. But unlike the recent fund-raising campaign for dams, where the government remained front and centre, an upcoming drive to generate free-of-cost dollars from abroad will likely be led by social worke