Pakistan on Monday signed a debt relief agreement with the Republic of Korea (RoK) for the deferment of repayment of about $20 million loan under the G-20 Debt Service Suspension Agreement (DSSI) offered to poor nations to sustain economic challenges in the aftermath of Covid-19 pandemic. The agreement was signed by Secretary of Economic Affairs Dr Kazim Niaz and Ambassador of Korea to Pak
Large-scale manufacturing (LSM) shrank 25 per cent in March over the same month last year, the highest monthly decline since the Covid-19 pandemic, showed data released by the Pakistan Bureau of Statistics on Monday. The big industry production contracted for the seventh consecutive month of the current fiscal year mainly contributed to a slowdown in the production of export-based textile and c
The high-growth industries in Pakistan lack industry-specific action plans that set a long-term growth vision to match with the Fourth Industrial Revolution (4IR) aimed at consolidating plans for innovation, technology adoption, and skills development of employees, said a new study published by Asian Development Bank on Monday. “The Industry Transformation Maps (ITMs) developed by Singapore tha
Trading on the stock exchange commenced on a negative note in the outgoing week as ratings agency Fitch stated that Pakistan faced a substantial debt payment of $3.7 billion in May and June. Arif Habib Ltd said another reason for pessimism was the absence of Pakistan from the agenda of the International Monetary Fund (IMF) meetings, which dampened the hope for the resumption of the Extended Fu
OVERSEAS Pakistanis are sending fewer dollars back home these days, with workers’ remittances dropping 13pc to $22.7bn during the 10-month period between July and April of this fiscal year as compared to the last one. The loss of $3.4bn in home remittances nearly matches the upcoming debt repayments of $3.7bn during May-June. The amount is also equal to the ‘financing gap’ that Pakistan has bee