ISLAMABAD: Prime Minister Shehbaz Sharif touched down in Davos on Tuesday to lead his country’s delegation at the World Economic Forum, aiming to pitch investment opportunities in energy, agriculture and tech as the South Asian nation pushes forward with reforms under a $7 billion IMF bailout.
Macro
Import spike pushes Pakistan into $244mln current account deficit in December
KARACHI: Pakistan’s current account swung to a deficit in December as a surge in imports overwhelmed rising exports and remittances, pointing to the fragility of the country’s external position even as foreign reserves continue to climb.
Pakistan plans $2 billion debt tokenization to tap retail investors
ISLAMABAD: Pakistan’s finance ministry is considering tokenizing as much as $2 billion of its domestic government debt in an initial push, according to a senior official, as the cash-strapped nation looks to harness blockchain technology to widen access to its bond market and cut costs.
Sharif to seek IMF backing for massive tax relief at Davos meeting – report
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif plans to meet with International Monetary Fund Managing Director Kristalina Georgieva next week at the World Economic Forum in Davos, pressing for support on a sweeping relief package aimed at easing crushing taxes and energy costs that have hammered industries and households, Express Tribune newspaper reported on Sunday.
Industry sees sharp November rebound, led by cars and refining
ISLAMABAD: Pakistan’s large-scale manufacturing sector posted its strongest monthly growth in years during November, expanding 10.37% from a year earlier amid a rebound in automobiles, petroleum products and other key industries, even as exports continued to slide and some segments lagged.
Govt holds pump prices, taps oil windfall to boost revenue
ISLAMABAD: The government opted to hold fuel prices steady for the next two weeks, even as it hiked a key levy on gasoline and diesel, effectively pocketing gains from falling global oil prices rather than passing relief to consumers.
High costs push multinationals out, Aurangzeb urges firms to revamp business models
ISLAMABAD: Finance Minister Muhammad Aurangzeb acknowledged that high taxes and energy costs have driven some multinational companies to exit the country, but urged those firms to update their outdated business models to align with the modern economy.
Pakistan grants one-time waiver for re-export of Afghan transit cargo stuck at ports
ISLAMABAD: Pakistan has allowed Afghan importers to re-export more than 6,500 containers of transit cargo stranded at its Karachi ports, offering relief from mounting demurrage charges amid a prolonged border closure with Afghanistan that has crippled trade.
Pakistan weighs ‘export emergency’ to cut IMF reliance, targeting 40 percent growth
ISLAMABAD: Pakistan is gearing up to declare an export emergency as part of a sweeping push to revamp its economy, with officials aiming to ramp up shipments by 40% over the next four years and nearly triple them by 2035 to break free from reliance on IMF bailouts and foreign aid.
Pakistan bets on energy, tariff overhaul to double exports and avoid IMF return
ISLAMABAD: Pakistan is pushing for sweeping reforms to slash energy costs and revamp trade tariffs in a bid to more than double its exports to over $60 billion within three years, aiming to dodge another bailout from the International Monetary Fund once its current program winds down.