Islamabad, March 21: On Friday, Finance Minister Muhammad Aurangzeb referred to climate change as an “existential threat” that could undermine the government’s efforts to achieve its economic sustainability objectives. Aurangzeb made these comments during his address at a high-level event organized by the Ministry of Climate Change & Environmental Coordination in celebration of World Day of Glaciers. He highlighted the government’s ongoing efforts to turn around the economy, including structural reforms, and expressed confidence that these measures would place the country’s economy in a strong position. He added that while Pakistan has already attained macroeconomic stability, the country’s economic growth…
Author: Ahmad Mukhtar
Islamabad, March 21: The Indus River System Authority (IRSA) has scheduled back-to-back meetings of its technical and advisory committees on March 25 and 26 to finalize water estimates and provincial shares for the upcoming Kharif season, amid ongoing concerns about the filling capacity of Tarbela Dam. These meetings are being held at a critical juncture, as both the Tarbela and Mangla dams are at their dead level, meaning there is no water storage available. The provinces are facing a 51 percent water shortage at rim stations, with actual shortages at canal heads expected to exceed 60 percent. This shortage is…
Karachi, March 21: Private sector lending in Pakistan has significantly slowed down, raising concerns about the country’s economic growth and revenue generation, both of which are already underperforming. Despite a 1,000 basis point reduction in interest rates, there is little interest from either borrowers or banks in long-term lending. A key driver of growth, also reflects the government borrowing is crowding out the private sector lending. This hurts the growth in medium term. According to data from the State Bank of Pakistan (SBP), lending to the private sector has dropped sharply to Rs563 billion as of March 7, 2025, down…
Islamabad/Geneva, March 21: The World Trade Organization (WTO) announced that Pakistan has officially accepted the Agreement on Fisheries Subsidies. Pakistan’s Ambassador to the WTO, Ali Sarfaraz Hussain, presented the instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala on Thursday, as confirmed on the WTO’s website. The WTO Director-General emphasized that Pakistan’s formal acceptance of the agreement represents a crucial step toward ensuring the sustainability of global marine resources while safeguarding the livelihoods and food security of millions who rely on healthy fisheries. She highlighted that Pakistan’s participation in this initiative shows its dedication to its coastal communities and the environment,…
London/Islamabad, March 21: Heathrow Airport in London announced it would be closed all day Friday following a large fire at a nearby electrical substation that caused a massive power outage, disrupting flight schedules globally. The London Fire Brigade reported that around 70 firefighters were tackling the blaze in the western part of the city, which led to a widespread power loss at Heathrow, Europe’s busiest airport and the fifth-busiest in the world. Dramatic orange flames and thick smoke were seen rising into the sky, with authorities evacuating around 150 people from nearby buildings. Thousands of properties were left without power,…
Islamabad/Karachi, March 21: The Economic Coordination Committee (ECC) of the Cabinet is set to approve the gradual phasing out of the State Bank of Pakistan’s (SBP) Long Term Financing Facility (LTFF) portfolio, valued at Rs 330 billion, to the newly established EXIM Bank, according to sources close to the Secretary of Finance. The EXIM Bank, established under the Export-Import Bank of Pakistan Act, 2022, aims to promote exports and reduce reliance on imports. The Finance Ministry has pointed out that, traditionally, the SBP has provided refinancing facilities to incentivize exports through initiatives like the Export Finance Scheme (EFS) and the…
ISLAMABAD, March 21: On Thursday, State Bank of Pakistan (SBP) Governor Jameel Ahmed expressed optimism that Pakistan and the International Monetary Fund (IMF) would soon reach a staff-level agreement (SLA). He made this remark after the Public Accounts Committee (PAC) meeting, which reviewed the Finance Division’s Audit Report for 2023-24 at the Parliament House. Responding to a media question about the timeline for finalizing the SLA, both the SBP governor and the Ministry of Finance Secretary, Imdadullah Bosal, refrained from providing a specific timeframe for the signing of the agreement. Pakistan IMF Agree on SLA: No Time Frame But Soon:…
Washington/Islamabad, March 21: Over 30 U.S. lawmakers have urged President Donald Trump to reconsider his proposed reinstatement of a controversial travel ban, arguing that it would negatively impact the American economy, damage diplomatic relations, and fail to enhance national security. Thursday marked the deadline set by the Trump administration for finalizing any travel restrictions. While the administration has not officially confirmed the imposition of a ban, reports about a draft list of affected countries have raised concerns, particularly among countries like Pakistan. Travel Ban Not Good: Letters by US Congressmen In a letter led by Arizona Democrat Yasmin Ansari and…
Islamabad, March 21: The repatriation of profits and dividends from foreign investments in Pakistan has experienced a remarkable surge of 104% during the first eight months of the current fiscal year (FY25), reflecting the improving economic environment and growing investor confidence. According to the State Bank of Pakistan (SBP), foreign investors repatriated a total of $1.55 billion between July and February of FY25, compared to $760 million during the same period in FY24. This represents an increase of $791 million, marking a significant year-on-year rise. Experts attribute this growth to the ongoing improvement in Pakistan’s external accounts, which have allowed…
Islamabad, March 20: U.S. Department of Homeland Security (DHS) has accused an Indian man studying at Georgetown University, Badar Khan Suri, of having ties to Hamas, a group the U.S. designates as a foreign terrorist organization. As a result, Suri is being detained and faces deportation. According to Suri’s lawyer, the DHS claims he spread Hamas’s propaganda and anti-Semitic content on social media, though no specific evidence has been presented. Suri, who resides in the U.S. on a student visa and is married to a U.S. citizen, was arrested outside his home in Rosslyn, Virginia, on Monday night and is…
