The new fiscal year opened with a decline in Pakistani foreign workers’ remittances, which were valued at $2.03 billion in July, the central bank said on Thursday. The remittances were 19.3 per cent lower compared to $2.51bn in July last year and 7.3pc down compared to $2.187bn in the previous month, i.e. June 2023, according to the State Bank of Pakistan (SBP) data. The July figure was also
Pakistan continues to face five major and persistent economic challenges, resulting in rising poverty and social vulnerabilities, said the Ministry of Finance a day after the national assembly and the federal cabinet were dissolved. In its first quarterly performance report to the Asian Development Bank (ADB) on $1.5bn Building Resilience with Active Country-cyclical Expenditures (BRACE) releas
The conventional norms of reasoning often fall short of explaining the shifts in today’s world, especially in Pakistan. The visible spike in investor confidence at this point is puzzling, considering the economic challenges and terrorist threats the country is facing. Moreover, the fact that the current government’s term is ending this week adds further complexity to the situation. The investor
The formation of the Special Investment Facilitation Council (SIFC) — a ‘hybrid’ civil-military forum created to attract investment from the Gulf countries — anticipates the civilian leadership’s failure to ensure policy predictability, continuity, or execution. At the same time, the initiative has “institutionalised” the army’s increasing role in the country’s economic decision-making. The gov
Electricity prices have gone up — once again. And petrol prices are up by about Rs20 per litre. There are chances of a rise in gas tariffs as well. And petrol and electricity prices, too, will continue to rise for some time. The reason is international oil prices are on the rise — and Pakistan has promised the International Monetary Fund to keep increasing petroleum development levy, end remaining