FINANCE Minister Muhammad Aurangzeb has called upon “stakeholders” to evolve a broader consensus on key economic issues facing the country to ensure sustainable stability and growth. Talking to the media over the weekend, he said “everyone” should join hands in the national interest and agree on a common “charter of economy”. He did not elaborate who exactly he was addressing but seemed to want
In May 2023, Pakistan’s consumer price index (CPI) inflation hit an all-time high of 38 per cent. Today, it stands at 4.9pc — a seemingly remarkable feat considering the country was at the precipice of a default last year before it clinched a last-minute International Monetary Fund (IMF) bailout. A Reuters report explains that when inflation numbers run high, it can cause big problems for the e
BEFORE discussing how banks became irrelevant to the economy, it is better to review their penchant for making profits and little or no contribution to economic progress. For the last three years, banks have been only a profit-making sector and contributed little to the country’s economic growth. There are several reasons for the dismal performance. A high interest rate of 22 per cent during th
The Chinese government urged local officials to provide more financial relief or step up one-time allowances to people in need ahead of major holidays over the next month, as China’s economic difficulties are set to extend into 2025. China’s economy has struggled to gather steam this year, mainly due to a protracted property crisis and weak domestic demand. Securing employment, particularly for
The commissioner of Karachi has reduced the prices of various varieties of flour but retailers, instead of implementing the new rates, are charging more from consumers. On December 26, the wholesale and retail prices of flour No2.5 were reduced from Rs90 and Rs94 to Rs85 and Rs89 per kg. The flour No2.5 is the one which is mostly used by tandoor operators. The price reduction was Rs5 per kg.