The United States remained the top export destination for Pakistani products during financial year 2023-24, followed by China and the United Arab Emirates (UAE). Total exports to the US reached $5.43 billion during July-June 2023-24 against exports of $5.93 billion in 2022-23, showing a decline of 8.4%, according to the State Bank of Pakistan (SBP). It was followed by China, where Pakistan e
Businessmen have cautioned the government that the signing of a staff-level agreement with the International Monetary Fund (IMF) should not be used as an excuse to retard economic growth of the country. “We understand that the country cannot survive without another IMF programme. At the same time, the government should prioritise economic growth, provide employment and reduce inflation,” remark
Trade and industry people have asked the government to seriously look into the matter of high electricity tariffs for all categories of consumers, particularly export and general industries, and rationalise the same to bring down the cost of production. SITE Association of Industry President Muhammad Kamran Arbi said there is much unrest amongst the business community due to high electricity bi
The financial market is abuzz with speculation as the State Bank prepares to announce its monetary policy by the end of this month, with researchers, analysts and bankers widely anticipating a rate cut, though opinions vary on the extent of the reduction. Given June’s inflation rate of 12.6 per cent, significantly lower than the prevailing interest rate of 20.5pc, the market expects a substanti
Finance Minister Muhammad Aurangzeb briefed officials of a global rating agency on Monday about Pakistan’s economy and the successful agreement with the International Monetary Fund (IMF) to stabilise macroeconomic indicators. A virtual meeting via Zoom was held five days after the Business Monitor International (BMI), a subsidiary of Fitch credit ratings firm, released its detailed analysis of