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Pakistan’s economy performed best in 3 decades under Nawaz Sharif: Bloomberg

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10 months ago

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  • Imran Khan most popular politician with 57% approval rating. 
  • “Public may be giving Sharif benefit of the doubt,” says Shukla. 
  • Says road ahead won’t be easy for upcoming ruling party. 

Pakistan’s economy under Nawaz Sharif’s premiership — who ruled the country thrice — had the best performance over the past three decades as compared to his rivals’ tenures, an analysis by Bloomberg Economics said. 

The report found that Sharif’s PML-N scored better than Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) and Bilawal Bhutto Zardari’s Pakistan Peoples Party (PPP) by using a misery index — which informally measures an economy’s state by adding its inflation and unemployment rate. 

“Bloomberg Economics used an average of the index values over the respective years when each of the major political parties ruled the country since 1990. A higher value indicates more economic hardship for citizens,” said the publication. 

According to Bloomberg, Nawaz looks ready to take power after the general elections slated for February 8 for the fourth time, with Khan being incarcerated and stuck in a quagmire of legal cases. 

However, despite being in jail, Khan is still the most popular politician in Pakistan with an approval rating of 57%, as per a Gallup opinion poll. Meanwhile, Nawaz’s popularity increased from 36% to 52% in the past six months. 

“The public may be giving Sharif the benefit of the doubt,” Ankur Shukla of Bloomberg Economics wrote in the report, adding that the “road ahead won’t be easy for any party that wins the election”, considering the high inflation and unemployment rate. 

The inflation rate in Pakistan is close to 30% while the rupee performed as the worst in Asia last year with declining foreign exchange reserves. 

Furthermore, the country is seeking a financial bailout from the International Monetary Fund (IMF) and the upcoming government will have to implement policies — withdrawing subsidies and raising taxes — that will be unpopular with voters. 

The global lender also expects the economy to grow by 2% in the fiscal year.

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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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23 hours ago

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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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23 hours ago

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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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24 hours ago

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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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