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Pakistan receives $2.5 billion from the export of IT services.

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5 months ago

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According to the Pakistan Bureau of Statistics (PBS), this indicates a gain of 20.41 percent when compared to the US $2.135 billion received through the provision of services during the corresponding months of the previous fiscal year 2022–2023–23.

From US $1.729 billion in July of last year to US $2.153 billion in July through April of 2023–24, the export increased by 24.55% over the reviewing months.

The export of computer services saw a rise of 10.80% in software consultation services, from US$ 633.107 million to US$ 701.456 million this year, and a 19.24% growth in hardware consultancy services, from US$ 4.793 million to US$ 5.715 million.

Nonetheless, the export of maintenance and repair services fell by 45.69%, from US $2.762 million to US $1.500 million, while the import and export of computer software services increased by 6.77 percent, from $489.737 million to $522.909 million.

At the same time, the export increased by 105.90% from US $4.240 million to US $8.730 million during the review months.

The information services had a 167.58% growth in news agency services exports from US $2.505 million to US $6.730 million, while other information-related services saw a 16.83% increase from US $1.735 million to US $2.027 million.

From US $402.260 million to US $430.590 million, the export of telecommunication services climbed by 7.04 percent, according to the numbers.

In terms of telecommunication, the PBS data showed that the export of call centre services rose by 17.59 percent over the course of the month, from US $180.682 million to US $212.467 million. In contrast, the export of other telecommunications saw a 1.56 percent decline this year, from US $221.578 million to US $218.123 million.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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