For the eighth month in a row, Pakistan’s merchandise exports shrank by 26.68 per cent year-on-year to $2.12 billion in April, data released by the Pakistan Bureau of Statistics showed on Tuesday. In the first 10 months (July to April) of 2022-23, exports were down 11.71pc at $23.17bn compared to $26.24bn in the corresponding period last year. The export proceeds are declining mainly because
Inflation in Pakistan surged to a record 36.4 per cent in April from a year earlier, driven mainly by skyrocketing food prices and rising energy costs, official data showed on Tuesday. The finance ministry in its recent report projected that inflation would remain in the range of 36-38pc mainly due to the rupee’s depreciation and rising administered prices, which contributed to the increase in
Pakistan’s overall external debt and liabilities stood around $126.35 billion at the end of December 2022 against our annual exports of goods and services worth $40bn in FY23 that ended in June this year. Since the external debt and liabilities are more than three times our total exports, we are, by textbook definition, a heavily indebted nation. Large external debts and liabilities cannot be r
Most Pakistanis just enjoy the May Day holiday with little care for its significance. The government is probably content with their labour-friendly legislation. The wide gaps in the implementation of these somehow escape their attention. Employers possibly resent it but tolerate it. Workers, however, celebrate Labour Day as well as they can. Today again, workers will meet at multiple platforms
The crisis of finance capital would have been much worse than what is being currently witnessed but for the crutches provided by workers’ remittances which accounted for $29 billion in 2022. The cyclic crises have become more frequent and generally occur every two to three years as in the case of Pakistan, instead of once in a decade universally observed not very long ago. Remittances somewh