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Challenges to economy


According to Country Director of the World Bank, Pakistan could face serious challenges to its economy in next decade due to lack of consensus on political issues. The official also praised the government for depreciation of rupee against dollar and recommended more flexibility in the exchange rate to move in the desired direction. Unfortunately, the policymakers in this country are ... Read More »

Corruption in provincial departments


The Auditor General of Pakistan has detected irregularities of around Rs 300 billion in financial record of the Punjab government for the year 2015-16, smashing all the hopes of transparency in the official business and narratives and rhetoric of the chief minister that corruption has been banished from the province. In its report on the accounts of the Punjab government ... Read More »

Rising economic problems


As the Financial Action Task Force, a world anti-money-laundering watchdog, has started discussing proposals to put Pakistan on a list of countries which have failed to prevent terrorist financing, the economy of the country has already been showing bleak performance during the last four years of the Pakistan Muslim League-Nawaz government. The watchdog was founded in 1989 to combat money ... Read More »

Loan of $500m from Chinese bank

File photo of a clerk counting Chinese 100 yuan banknotes at a branch of China Construction Bank in Hai'an, Jiangsu province

The government has signed another commercial loan programme of $500 million with the Industrial and Commercial Bank of China, bringing the total loan it obtained from the bank to $1 billion just in three months. Last month, the government took a total of $704 million loans, taking foreign borrowings to new heights of $6.6 billion just in seven months of ... Read More »

Dictation by foreign lending agencies

public debt

Senate Chairman Mian Raza Rabbani has called it extremely worrisome that the International Monetary Fund and other financial institutions are interfering in the internal affairs of the country over the devolution of powers under 18th Constitutional Amendment and are also creating an impression that the National Finance Commission is a futile exercise. The criticism of the senate chairman came at ... Read More »

Missing major macroeconomic targets

Indian wool exports likely to miss target for 2016-17

According to newspaper reports, the government has missed all the major macroeconomic targets in its 11th five-year development plan, including the target it had set to achieve growth rate of 5.4 percent to the gross domestic product. However, the government has managed to make progress in all the sectors of the economy and achieved a secure growth rate of 4.4 ... Read More »

External pressures on economy


The external debts of the country have crossed $85 billion mark in five years, but the government is still in process to get more assistance from the international donor agencies. The Pakistan Muslim League-Nawaz government had accepted a three year extended facility programme of over $6 billion from the International Monetary Fund in 2013. Unfortunately, the economy has been experiencing ... Read More »

Reforms in tax collection system


The government is still far from introducing structural reforms in the tax collection system aimed at not only to enhance tax net, but also rationalize the tax rates and plug the loopholes in the tax collection process. The recommendations of the Tax Reforms Commission are also awaiting implementation by the Tax Implementation Reform Committee led by none other, but Special ... Read More »

Need to break monotony


A new programme for capacity building of bureaucrats, a new government narrative and a new standard operating system are the need of the hour to put the country on the road of development. However, in a country like Pakistan where political system is unstable, corruption has been institutionalized and bureaucracy blindly follows red tap as an official policy, there is ... Read More »

Irrational increase in oil prices


The oil prices dropped in the international market, including the US benchmark, marking the lowest settlement in a couple of months. Reports suggest the number of active US rigs drilling for oil rose this week but abrupt fall in prices in the international stock markets has contributed to losses in the oil business. Ironically, prices of petroleum products have been ... Read More »

Resilience of Pakistani economy


According to media reports, the World Economic Forum has put Pakistan ahead of India in terms of emerging economies of the world. This is the economic performance of a country which is marred by corruption, mismanagement and in most of the cases administrative failure. If you bring logic and reasons to your side, there is no way Pakistan should have ... Read More »

Rendering SAARC ineffective


The chief of the SAARC Chamber of Commerce and Industry has pledge to take result-oriented steps for greater economic integration between the member states. The official, who is the Indian national, explained that all indigenous natural resources need to be exploited for development, prosperity and welfare of the people and do away with poverty in the South Asia region. Addressing ... Read More »

Potentials of shoes industry

DG Valuation revises customs value of men, women leather shoes

Shoe making is not mere an industry, but economy. However, the country could not utilize full potentials of this industry which can be the engine of growth for the overall economy. As a country of meat-eating nation, Pakistan produces high-quality leather in the world and its shoes industry has been picking up for the last many years. The population is ... Read More »

Future of Pak-Iran gas pipeline

Iran-Pakistan gas pipeline in Iran

The future of Pak-Iran gas pipeline is in doldrums, but the onus of failure is more on Pakistan than Iran. The people sitting at the helm of affairs in Islamabad are either incapable of protecting the national interest or they are too obsessed to consider anything without the nod of their foreign masters. The project was conceived in 1952, but ... Read More »

Another World Bank loan


The external debt liabilities of Pakistan have crossed $85 billion mark in the second half of the current fiscal year, but the government has signed another loan programme with the World Bank to get $305 million purportedly to support projects in agriculture sector in Punjab and improve nutrition status of women and children in Khyber Pakhtunkhwa. Reports suggest the loan ... Read More »

Abandoning development schemes

port development

  According to media reports, the federal government has cut the budget for 400 development schemes partly to fund the projects in the political constituencies and partly to save money for the general elections. The decision will spare at least Rs 200 billion at the cost of 175 new and 217 ongoing schemes. Apart from this, the Ministry of Finance ... Read More »

Fallouts of international bonds


News are circulating in the media that the government is considering floating another Eurobond to raise around $1 billion to arrest the fast depletion foreign currency reserves. Only two months ago, the government had issued two international sovereign bonds worth $2.5 billion and the move not only shacked the entire financial system, but economic stability of the country. As the ... Read More »

Money in Swiss banks

Swiss banks face withdrawals due to tax clampdown

A senior official of the Federal Board of Revenue has informed the Senate Standing Committee on Finance that there is a little hope and scope the government will be able to retrieve the money stashed by corrupt Pakistanis in Swiss banks. The situation is the same after the Supreme Court sent the then prime minister Yousaf Raza Gilani home for ... Read More »

Weak financial management

financial sector

The government’s admission that the country’s external debt bearing capacity has deteriorated shows how much it lacks ability to manage financial and economic affairs. The admission came through a debt policy statement by the Finance Ministry that there was disproportional increase in the country’s external debt than the foreign exchange earnings last year. Experts put increase in the external debt ... Read More »

Need for new airlines


In the backdrop of its open skies policy, the government is likely to allow at least five new airlines to become part of Pakistan’s aviation industry in one year. The new entrants will not only create competitive environment in Pakistan, but will also break the monopoly of the airlines already operating in the country. However, the new airlines will also ... Read More »