Pakistan's Economy - News and Updates

[A.Rafay]

Well, it is 104.33 already and it has only been a few months of this government. Another 4 years or so and it will get to 150. The new loans taken from IMF will ensure such a great fall.

Our economy is already struggling and shaking with rupee gone to 150, what will happen then?? It will become harder to pay back the loans we loaned to pay the existing loans of ppp govt! How will our economy run??

 

[Argus Panoptes]

Our economy is already struggling and shaking with rupee gone to 150, what will happen then?? It will become harder to pay back the loans we loaned to pay the existing loans of ppp govt! How will our economy run??

Run? No. It will do what it is doing already: crawl ahead on all fours. Slowly. That is all.

 

[A.Rafay]

Run? No. It will do what it is doing already: crawl ahead on all fours. Slowly. That is all.

150 is too high, our economy will come under too much pressure, I will disagree on this claim of yours, it may go higher but won't go to 150.

 

[Argus Panoptes]

150 is too high, our economy will come under too much pressure, I will disagree on this claim of yours, it may go higher but won't go to 150.

Sure, we still have nearly four and a half years to go. A lot can happen in that time. Who knows?

 

[A.Rafay]

Sure, we still have nearly four and a half years to go. A lot can happen in that time. Who knows?

Fingers crossed bro!! If energy problem resolve things may change.

 

[Argus Panoptes]

Fingers crossed bro!! If energy problem resolve things may change.

It costs about a billion dollars per 1000MW of reliable power generation. What do we need to cure our shortfall and where will that come from? Not to mention our circular debt problem that is still there. And power theft. It is not going to be easy at all.

 

[A.Rafay]

It costs about a billion dollars per 1000MW of reliable power generation. What do we need to cure our shortfall and where will that come from? Not to mention our circular debt problem that is still there. And power theft. It is not going to be easy at all.

I saw in news and a couple of threads here that circular debt problem solved it was payed off, last time I checked they are curbing power theft as much as they can, our tax revenue has increased than that in previous govt, foreign remittances has increased to $14 billion, govt has initiated gadani power project and ordered completion of dams, begging to China and turkey for investments in energy sector!

 

[That Guy]

I saw in news and a couple of threads here that circular debt problem solved it was payed off, last time I checked they are curbing power theft as much as they can, our tax revenue has increased than that in previous govt, foreign remittances has increased to $14 billion, govt has initiated gadani power project and ordered completion of dams, begging to China and turkey for investments in energy sector!

Yup, you pretty much summarized it. Al in all, things may be looking up for Pakistan.

 

[Argus Panoptes]

I saw in news and a couple of threads here that circular debt problem solved it was payed off, last time I checked they are curbing power theft as much as they can, our tax revenue has increased than that in previous govt, foreign remittances has increased to $14 billion, govt has initiated gadani power project and ordered completion of dams, begging to China and turkey for investments in energy sector!

Only half of the total circular debt was paid off as a stopgap measure. All the factors that went into accumulating all that debt in the first place are still there.

The tax measures and the energy subsidy withdrawals are part of the IMF package. The rest of the measures are still to bite, including massive currency devaluation.

The only part I agree with you is that much begging will go on in the near future. We have no other choice.

 

[A.Rafay]

Only half of the total circular debt was paid off as a stopgap measure. All the factors that went into accumulating all that debt in the first place are still there.

The tax measures and the energy subsidy withdrawals are part of the IMF package. The rest of the measures are still to bite, including massive currency devaluation.

The only part I agree with you is that much begging will go on in the near future. We have no other choice.

Loan taking will go on meanwhile the currency devaluates, energy crises deepen.

 

[ejaz007]

Habib Metropolitan Bank records profit of Rs 2.69bn in 6 months of 2013


KARACHI: Habib Metropolitan Bank registered a profit-before tax of Rs 2.69 billion for the half-year ended June 30, 2013 and demonstrated a quarter-on-quarter increase of Rs 458 million in profitability. A half yearly growth of 14 percent in the Bank’s total assets, which stood at Rs 341.77 billion on June 30, 2013 and an increase in the Bank’s deposit base, complemented this augmented profitability. Meanwhile CASA deposits exhibited a significant growth of 12 percent against the year-end level, as the CASA mix of the Bank amounted to an increased 60 percent. Net Markup Income of HabibMetro Bank increased by 7 percent over the first quarter of 2013 and stood at Rs 4 billion for the half year, while non-markup income registered a quarter-on-quarter increase of 6.45 percent to stand at Rs 2.95 billion. President and CEO Sirajuddin Aziz said, “We attribute this financial accomplishment to our customers’ trust in us and our business ethics-to which we remain committed”. staff report

Daily Times - Leading News Resource of Pakistan

 

[Argus Panoptes]

Loan taking will go on meanwhile the currency devaluates, energy crises deepen.

Yes, today the PKR is at 104.54, down a further 21 paisa in the last two days already.

 

[A.Rafay]

 

[ejaz007]

Forex reserves fall to $10.390 bn

KARACHI: Pakistan’s foreign exchange reserves fell to $10.390 billion in the week ending August 23, from $10.399 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday. Reserves with SBP stood at Rs 5.203 billion from Rs 5.248 billion while commercial bank held Rs 5.187 billion foreign reserves against Rs 5.151 last week. Remittances from Pakistanis abroad rose 5.56 percent to $13.92 billion in 2012-13 fiscal year from $13.18 billion during the same period last year. Overseas Pakistani remitted an amount of $1,404 billion in July compared with $1,204 billion in the same month year
earlier. reuters

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

‘Pakistani mangoes can grab Australian market’

KARACHI: Pakistani mangoes could grab maximum share in Australian annual imports of around 15,000 tonnes at faster pace because of its delicious taste, different varieties and sweet aroma.

Australian High Commissioner in Pakistan Peter Heyward at the first departure of Pakistan mangoes’ shipment weighing 4.5 tonnes valued at $31,000 to Australia on Thursday said despite of the fact Australia produces mangoes itself in a particularly season, the country of 24 million people have been seeking to imports of mangoes in off-season from countries like Pakistan having a production of high class mangoes as well.

He hoped Aussies would love it taste and hoped Pakistan’s mangoes would tap big Australian market soon because Aussies were fruits lovers and would love to eat delicious mangoes from Pakistan.

With the exports of mangoes to Australia, it is hoped Pakistan will explore the big foreign market of Australia with its different fruits and vegetable as well through maintenance of all quality standards that has met recently by a Pakistani company, Pak Horti Fresh Limited.

He said Pakistani companies have potential to commence its exports to Australian market in the future particularly in textile sector, which is biggest exports market in Australia.

Heyward vowed to make all-out efforts to boost trade ties between the two countries, pledging its full support and technical assistance to ensure an easy access to the Pakistan business community to Australian trade markets.

Bashir Hussain CEO of Pakistan Horticulture Development and Export Company (PHDEC) said exporters and farmers were being provided an opportunity to enhance their business via exports of their crops mainly fruits and vegetable through Pak Hort Fresh Limited. staff report

Daily Times - Leading News Resource of Pakistan