KARACHI: Pakistan’s blue economy could swell to $100 billion by 2047 and serve as a “game changer” for the nation’s growth, Finance Minister Muhammad Aurangzeb said, as the government pushes to harness ocean resources amid efforts to stabilise the broader economy.
Economy
PIA engineers’ walkout grounds flights, leaves hundreds stranded at major airports
ISLAMABAD: Hundreds of air travellers, including many Umrah pilgrims bound for Saudi Arabia, were stranded at three major airports on Monday night after aircraft engineers at Pakistan International Airlines staged a walkout, delaying at least six flights and bringing international operations to a near halt.
Competition watchdog calls for dedicated steel ministry to fix distortions in Pakistan’s steel sector
ISLAMABAD: The Competition Commission of Pakistan is pushing for a dedicated steel ministry and a national policy to tackle longstanding distortions in the country’s steel industry, including weak regulation, unfair tax exemptions and heavy reliance on imports.
Pakistan nears cashless economy with 88 percent of retail payments now digital
KARACHI: Digital payments made up 88% of retail transactions in Pakistan during the fiscal year that ended in June, the central bank said on Monday, as the government accelerates efforts to digitize its $400 billion economy.
October inflation quickens to 6.2 percent, highest in a year, as floods, border closures bite
ISLAMABAD: Pakistan’s consumer price inflation accelerated to 6.2% in October from a year earlier, the highest reading in 12 months, as flood-related supply disruptions and temporary border closures with Afghanistan pushed up prices of essential commodities.
FM Aurangzeb says economy stabilised as reforms take hold
ISLAMABAD: Pakistan’s economy has entered a stabilisation phase, with the government advancing structural reforms in taxation, energy, privatisation and digitalisation to drive sustainable and inclusive growth, Finance Minister Muhammad Aurangzeb said on Monday.
Pakistan opens major maritime expo to tap ‘blue economy’ potential
KARACHI: Planning minister on Monday inaugurated a major international maritime exposition in the southern port city of Karachi, calling the country a “natural maritime bridge” between East and West and urging greater investment in an underdeveloped sector that he said could unlock billions in economic potential.
Pakistan needs deeper trade deals, flexible currency to revive exports, World Bank says
ISLAMABAD: Pakistan must revamp its lopsided trade pacts with 10 bilateral partners, adopt a market-driven exchange rate and slash energy and other input costs to reverse more than three decades of slumping exports and underpin lasting economic growth, according to the World Bank.
Pakistan tax filings jump 18 percent as PM Sharif hails reform gains
ISLAMABAD: Pakistan’s tax returns for the fiscal year ending June 2025 surged by 17.65% to a record 5.912 million, a milestone Prime Minister Shehbaz Sharif attributed to rising public confidence in the government’s economic overhaul and a broader crackdown on evasion.
Pakistan pledges debt turnaround as ratio hits 74.5 percent of GDP
ISLAMABAD: The finance ministry projected a plunge in the public debt-to-GDP ratio to 63.3% by fiscal 2028, down from a record 74.5% at the end of June, banking on fiscal consolidation and macroeconomic stability to tame liabilities that swelled 13% in a year.