Connect with us

Business

As the PSX rises in anticipation of an SBP policy rate drop,

Published

on

The Pakistan Stock Exchange (PSX) persists in its upward trajectory as investors anticipate the State Bank of Pakistan’s (SBP) pronouncement on monetary policy.

The KSE-100 index presently stands at 92,016 points, having increased by approximately 1,100 points from the prior close of 90,859 points.

The recent increase in the PSX is attributed to the anticipated reduction in the policy rate during the Monetary Policy Committee (MPC) meeting.

United States Currency

The dollar appreciated against the Pakistani rupee by Rs0.07, now valued at Rs277.77.

Business leaders advocate for the government to lower the interest rate to 12.5 percent.

Former federal minister Gohar Ejaz recently stated that the government should promptly declare a winter package for the business.

At the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office, former provincial minister SM Tanveer and ex-Federal Minister for Commerce Gohar Ejaz endorsed significant economic reforms.

Business leaders implored the government to promptly lower the interest rate to 12.5%, with an additional reduction to 5% by December 31, 2024.

They have requested a specialised winter package to supply electricity to enterprises at a rate of Rs20 per unit to alleviate operational expenses.

Gohar Ejaz warned that Pakistan’s industrial sector is on the verge of collapse, characterising factories as “transforming into graveyards.”

He emphasised that sustaining elevated interest rates will impede growth, noting that nations in the region have effectively maintained their rates in the single digits. “He cautioned that the service sector will not endure if we forfeit the agricultural and manufacturing sectors.”

Ejaz attributed the erosion of economic stability on present economic policies, highlighting the ongoing devaluation of the currency and inflation resulting from capacity payments.

He implored the government to establish a definitive objective of a 10% annual increment in exports, forecasting that this trajectory will elevate Pakistan’s exports to $50 billion within five years. He emphasised the importance of reinstating the confidence of the business sector for the success of the privatisation agenda.

Former provincial minister SM Tanveer emphasised the necessity of incorporating FPCCI in policy-making procedures. “To transform Pakistan into an economic superpower, it is imperative to consult business leaders,” he asserted.

Regional Chairman Zaki Ijaz encouraged the government to acknowledge the importance of the industrial sector and emphasise policies that promote industrial activity to mitigate increasing unemployment.

Business

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

Published

on

By

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.

Continue Reading

Business

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

Published

on

By

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.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

on

By

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.

Continue Reading

Trending