Business

Pakistan solicits an additional $2 billion from the IMF for climate finance.

Published

5 hours ago

Farwa

International Monetary Fund (IMF) Deputy Managing Director Kenji Okamura met with Pakistan’s economic delegation, headed by the finance minister, at the IMF and World Bank’s annual meetings.

$1.5 to $2 billion in climate finance was sought by the Pakistani delegation in order to lessen the effects of environmental change in the nation. Officials from the IMF responded by promising to take the request into consideration.

The governor and finance secretary of the State Bank of Pakistan were among the important authorities who attended the meeting, which discussed a variety of economic topics. According to sources, the Pakistani side explained to IMF representatives how to boost financial resources by broadening the tax base, bringing provincial agricultural income taxes into line with federal taxes, balancing subsidies, and looking into measures to lower energy prices.

Actions pertaining to the continuation of prudent financial and external sector policies and the acceleration of private sector development were also considered.

For long-term economic stability, the IMF Deputy MD underlined the necessity and significance of Pakistan continuing to carry out the IMF’s proposed reforms.

Separately, the delegation from Pakistan met with IMF Director Jihad Azour and conveyed their appreciation for the IMF’s assistance in stabilizing Pakistan’s economy by approving the $7 billion Extended Fund Facility (EFF). Azur reaffirmed how critical it is to uphold reforms, ensure financial stability, and work toward income growth.

Additionally, in Washington, DC, the Pakistani economic team met with members of Alvarez and Marsal to examine ways to reach global capital markets and interact with external creditors in order to obtain the money they need.

In response to the growing challenges brought on by climate change, which has had a significant negative impact on its agricultural sector and economy as a whole, Pakistan is urgently seeking climate financing.

Business

China Contributes 43 New Foreign Firms to the 6% Growth in SECP Registrations

Published

4 hours ago

Farwa

The Securities and Exchange Commission of Pakistan has registered 2,617 new firms this year, a 6% increase from 2023, with assistance from the Special Investment Facilitation Council. This increases the overall number of businesses that are registered to 231,111.

Non-profits, trade associations, and public unlisted firms make up 4% of these, while private limited corporations make up 55% and single-member companies 41%. It is noteworthy that 99.8% of the registrations were done online, demonstrating SECP’s attempts to digitise.

Real estate has 237 new businesses, services has 306, and trade has 377 new businesses. These are the main sectors exhibiting growth. While the healthcare and textile industries each had 49 new businesses, the education sector saw 101.

China contributed the most, adding 43 new companies, out of the 61 new companies that were registered as a result of foreign investment.

These recently registered businesses are anticipated to decrease imports, increase domestic production, and contribute to closing the trade deficit.

Business

PSX reaches an all-time high as the KSE-100 Index surpasses 86,000 points.

Published

5 hours ago

Farwa

The Pakistan Stock Exchange (PSX) has achieved a significant milestone, as the benchmark KSE-100 Index has attained an unprecedented peak.

On Tuesday at midday, the index ascended by 788 points, attaining a record high of 86,846 points. Following the ratification of the constitutional amendments, the stock market has increased by 1500 points over a span of two days.

Earlier today, the KSE-100 Index increased by 683 points, attaining a value of 86,741 points, before concluding at this new apex.

The bullish trend was apparent from the commencement of the trading session, with the index rising an additional 555 points to reach 86,612 points throughout the day. The reinstatement of the 86,500-point threshold signifies robust market performance.

Business

In three months, Pakistan’s IT exports increased by 33.54 percent.

Published

5 hours ago

Farwa

During the first three months of FY 2024-25 (July to September), Pakistan’s IT export remittances hit US$ 876 million, a notable 33.54 percent rise from US$ 656 million during the same period previous year (FY 2023-24).

In a statement, Minister of State for IT and Telecommunication Shaza Fatima Khawaja stated that the amount of money sent home by the export of ICT services was US$ 292 million in September 2024, a 41.7% increase from US$ 206 million in the same month the previous year.

She stated that efforts to make it easier for businesses to conduct business in the nation are the reason why IT exports are rising and that actions are being taken to increase them.

In response to the Prime Minister’s directions, Shaza Fatima stated that the Ministry of IT and Telecommunication, the Pakistan Software Export Board, and the IT industry are dedicated to boosting IT exports with the full assistance of the Special Investment Facilitation Council (SIFC).

A trade surplus of US$ 764 million was recorded by the IT & ITeS sector in the first three months of FY 2024–25, accounting for 87.21 percent of all ICT export remittances.

Over the same period last year, this surplus represents a 36.67 percent gain over US$ 559 million. The services industry as a whole, however, experienced a trade deficit of US$ 699 million during this period.

The largest of all service sectors, ICT export remittances from July to September 2024, were US$ 656 million, followed by “other business services” at US$ 374 million.