Business

Govt making all-out efforts to put economy on path of sustainable growth: Dar

Published

2 years ago

Farwa

“Pakistan was expected to become world’s 18th-strongest economy in 2016.”
The country, however, is facing serious economic challenges, Dar says.
“Pakistan will not default,” retreats finance minister.

ISLAMABAD: The federal government is making all possible efforts to steer the country out of a difficult situation and put the economy on the path of sustainable growth, Finance Minister Ishaq Dar has said.

Addressing an Iftar dinner hosted by the Islamabad Chamber of Commerce and Industry (ICCI) in honour of foreign diplomats, he said that friendly countries are expected to materialise their commitments with Pakistan that would pave the way to close the deal with the International Monetary Fund (IMF) and revive the economy.

In 2016, Pakistan was a rising economy as it was expected to become the world’s 18th-strongest economy, but is now facing serious economic challenges, the financial czar added. “Pakistan will not default and the government is making all possible efforts to steer it out of a difficult situation.”

Speaking on the occasion, ICC President Ahsan Zafar Bakhtawari urged the government to ensure consistency in economic policies that would enable the business community and investors to invest in Pakistan with confidence.

He assured that the business community would fully support the government in its efforts to revive the economy.

He highlighted the business and investment opportunities in Pakistan for diplomats and said that Pakistan is a huge market with over 220 million consumers and offered great investment opportunities in various sectors of its economy.

Zafar Bakhtawari, former President ICCI, said the business community is hopeful that Finance Minister Ishaq Dar will soon conclude a deal with the IMF that will enable Pakistan to cope with its current economic crisis.

He urged the government to work hard to end the country’s reliance on foreign loans and make it self-sufficient and assured that the business community would fully support in achieving this goal.

Atadjan Movlamov, Ambassador of Turkmenistan, Yerzhan Kistafin Ambassador of Kazakhstan, Khazar Farhadov Ambassador of Azerbaijan, Ulanbek Totuiaev Ambassador of Kyrgyzstan, Dr Mehmet Pacaci Ambassador of Turkey, Adam M Tugio Ambassador of Indonesia, Dr Ramez Alraee, Ambassador of Syria, and diplomats of many other countries including Saudi Arabia, Australia, Malaysia, Poland, Sri Lanka, Nepal, Republic of Turkish Northern Cyprus attended the Iftar dinner.

They appreciated the ICCI for hosting a magnificent Iftar dinner for them.

Business

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

Published

6 hours 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.