Power production, in April, witnessed a staggering 14% decline, plummeting to 8,640 gigawatt-hours (GWh), attributed to a significant surge in electricity prices, a slowdown in industrial activities, and a notable migration of businesses and households towards solar power from the national grid, thus exacerbating the burden of capacity payment and circular debt on the nation. Despite a rise in
Pakistan’s economy remained in stagflation for the second consecutive year, growing by 2.4% amidst a 26% inflation rate and high poverty during the outgoing fiscal year—an outcome reflecting harsh ground realities that compelled the government to slow down the economic wheel. The 109th meeting of the National Accounts Committee (NAC), responsible for approving the nation’s output, savings, and
Agriculture is pivotal to Pakistan’s economy, contributing 23 per cent to the gross domestic product (GDP) and employing 37.4pc of the labour force. With 70pc of the country’s exports directly or indirectly linked to agriculture, disruptions in this sector can have profound economic impacts. Recent protests by farmers, sparked by governmental policies and market conditions, have thrown the sector
The banks made record investments of Rs7.6 trillion during the year, mostly in risk-free and lucrative government papers, while advances during the same period declined instead of increasing. The latest data issued by the State Bank of Pakistan (SBP) on Monday shows that the total investment of scheduled banks till April 2024 reached Rs27.281tr, compared to Rs19.694tr in April 2023. The jump
France and the United Arab Emirates on Tuesday signed a “strategic partnership” on artificial intelligence (AI) aimed at boosting cooperation between them, French Finance Minister Bruno Le Maire told AFP. The agreement signed with Khaldoon Al Mubarak, managing director of the Abu Dhabi government-controlled fund Mubadala, opens “a new era of economic cooperation” in the burgeoning sector, Le