Business

PTI leaders censure PDM govt for ‘economic destruction’

Published

2 years ago

Farwa

Azhar says PDM caused economic destruction in one year.
Umar terms country’s economic collapse “catastrophic.”
“Time to rethink, reset & revive,” Umar says in tweet.

Pakistan Tehreek-e-Insaf (PTI) leaders Hammad Azhar and Asad Umar have censured the Pakistan Democratic (PDM) for the country’s “catastrophic” economic collapse.

Azhar lashed out at Finance Minister Ishaq Dar for presenting the pre-budget Pakistan Economic Survey 2022-23 stating that he should have also presented his resignation alongside the survey.

Slamming the PDM coalition government on Twitter, the former finance minister said: “The economic destruction that PDM did in one year did not happen in any war or epidemic.”

‘Biggest growth decline since 1971’

Meanwhile, PTI’s Umar termed the country’s economic collapse “catastrophic.”

“GDP growth declined from 6.1% last year to 0.3% this year as per govt statistics. This is the biggest growth decline since 1971 for Pak. Add the highest inflation in nations history,” he wrote, taking to Twitter.

The former minister reminded the government that “this ain’t working. Time to rethink, reset & revive.”

Since the ouster of their party chairman in April last year following a vote of no confidence, PTI politicians have been criticised the Prime Minister Shehbaz Sharif-led government for its economic policies.

Pakistan Economic Survey 2022-23

A day earlier, the finance czar presented the pre-budget survey during a presser in Islamabad as part of his first budget for the Shehbaz-led administration.

The federal government’s budget, which will be announced today, is said to be eagle-eyed by analysts for any hints about populist dole-outs and they would also try to ascertain if the government was willing to pursue economic discipline required to enter another International Monetary Fund (IMF) programme.

According to the economic survey, Pakistan’s GDP growth rate came to a crawl in the ongoing fiscal year — one of the worst in terms of meeting annual macroeconomic targets — dragged down by agitational politics, cataclysmic floods, trade barriers, and a dangling IMF bailout on top of bare minimum foreign exchange reserves.

At the start of the presser, Dar reminded the journalists of 2013 when Pakistan Muslim League-Nawaz (PML-N) government took charge. He explained that at the time the economy was in tatters, there was loadshedding of 18 hours and terrorism was on the rise.

“We followed our ‘three-e’s’ concept and Pakistan saw macroeconomic growth,” recalled Dar, adding that now, we are focusing on five-es — exports, equity, empowerment, environment, and energy. These are our five driving areas.

Following were the key takeaways from the economic survey:

Real GDP posted a growth of 0.29% in FY23.
GDP at current market prices stand at Rs84,657.9 billion in FY23, showing a growth of 27.1% over last year (Rs 66,623.6 billion).
Per capita income stood at $1,568 as compared to $1,765 last year.
Investment to GDP ratio stood at 13.6% in FY23 compared to 15.6% in FY22.
Growth of agriculture sector estimated at 1.55% in FY23.
The industrial sector posted a negative growth of 2.94% in FY23.
Services sector witnessed meager growth of 0.86%.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.