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Pakistan earns $935m from export of travel services during FY22-23

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ISLAMABAD: Pakistan has earned over $900 million by providing different travel services in various countries during the first eleven months of the fiscal year 2022-23. 

According to data issued by the Pakistan Bureau of Statistics (PBS), the country has made a growth of 86.99% as compared to fiscal year 2021-22. 

Pakistan — which is going through its worst economic crisis — managed to make $935.172 million in the fiscal year 2022-23 as compared to $500.130 million in 2021-22.

During the period under review, personal travel services increased by 86.48%, from $497.560 million last year to $927.872 million during July-May 2023.

Among the personal services, the exports of health-related expenditure surged by 33.02% to $4.190 million from $3.150 million while the education-related expenditure also rose by 3.64% from $10.170 million to $10.540 million.

Meanwhile, the PBS data revealed that the exports of business services grew by 184.05%, from $2.570 million to $7.300 million.

The exports of services from the country witnessed an increase of 2.78% during the fiscal year 2022-23 as compared to the corresponding period of last year, it added.

The exports of services during July-June from 2022-23 were recorded at $7,300.13 million against the exports of $7,102.35 million during the same period of last year.

The imports of the country witnessed a decline of 38.04%, falling from $12,942.46 million last year to $8,019.58 million during the period under review.

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Business

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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