Pakistan’s trade deficit narrowed to $21.7 billion in the first 11 months of the outgoing fiscal year on the back of continued contraction in imports and some momentum in exports, which brought the annual export target within reach. The trade deficit – the gap between exports and imports – was 15%, or $3.9 billion, lower during the July-May period of the current fiscal year compared to a year a
Business confidence in Pakistan has gone up by four percentage points, though it still remains negative, as reflected in the 25th Wave of the Business Confidence Index (BCI) survey conducted across the country during March-April 2024 by the Overseas Investors Chamber of Commerce and Industry (OICCI). “The OICCI Business Confidence Index has shown some positive signs of economic recovery, rising
The privatisation process of Pakistan International Airlines (PIA) has taken another turn with the government pre-qualifying six consortiums for bidding, while disqualifying two others due to concerns about their financial standing. This marks the second extension to the original deadline, with the bidding process now expected to take place in August. The decision comes amidst a continued ban i
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China
The Chainstore Association of Pakistan (CAP) has called for urgent reforms in the taxation of the retail sector to stimulate economic growth and ensure sustainable tax compliance. Chairman CAP Tariq Mehboob Rana and Senior Vice-Chairman Asfand Yar Faruukh highlighted that CAP represents over 200 tax-compliant Tier-1 retailers integrated with the FBR-POS (Federal Board of Revenue-Point of Sale) sys