The International Monetary Fund (IMF) has projected a growth in Pakistan’s trade deficit. As per the forecast, during the upcoming fiscal year, both exports and imports are anticipated to expand. The IMF anticipates a $4.165 billion increase in Pakistan’s trade deficit in the new fiscal year. Imports are predicted to surge by $5.517 billion, while exports are forecasted to climb by $1.352 billion. The IMF suggests that Pakistan’s trade deficit could reach $27.923 billion in the coming fiscal year. Import volumes are projected to hit $60.48 billion, whereas exports are estimated to be $32.56 billion. For the current fiscal year,…
Author: WebDesk
A remarkable geomagnetic storm in mid-May illuminated the skies with auroras across much of the world, even extending deep into the tropics—a rare occurrence that may not happen again soon. However, as we approach the solar maximum, the peak of the sun’s 11-year cycle of activity, more strong geomagnetic storms are likely later this year, offering hope to aurora enthusiasts worldwide for more dazzling displays in the near future. The captivating aurora spectacle on May 10, 2024, was the result of three coronal mass ejections (CMEs) originating from the sun’s outer atmosphere and heading towards Earth. These CMEs, composed of…
French Ambassador Nicolas Galey remarked that education in France for international students is more cost-effective compared to many other countries. Ambassador Galey extended a warm welcome to members of the business and education sectors, distinguished guests, and former students at the second edition of Alumni Days in Pakistan. This event aimed to connect and honor graduates from French higher education institutions globally. Ambassador Galey cited the recent Ernst and Young study, which consistently ranks France as the top European destination for foreign investment. He attributed France’s appeal to various factors, including legislation, infrastructure, and support for businesses. Notably, the quality…
In Lahore, the Provincial Disaster Management Authority (PDMA) has anticipated rain in various cities of Punjab from May 28 to June 1. The PDMA spokesperson has indicated the likelihood of heavy rain, dusty winds, and thundershowers in several districts of Punjab during this period. These conditions are expected in Rawalpindi, Murree, Guliyat, Attock, Chakwal, Jhelum, Mandi Bahauddin, Gujarat, Gujranwala, Hafizabad, Sialkot, Narowal, Khushab, Sargodha, Mianwali, Lahore, Kasur, Okara, Faisalabad, Toba Tek Singh, and Jhang. Authorities have advised district administrations across Punjab to remain vigilant and informed about the weather situation. Meanwhile, the Meteorological Department has forecasted rain in the upper…
In Beijing, high-level representatives from Bahrain, Egypt, Tunisia, and the United Arab Emirates will join Chinese President Xi Jinping at the 10th Ministerial Conference of the China-Arab States Cooperation Forum. This gathering underscores the deepening ties between China and Arab nations and highlights their commitment to advancing bilateral relations. Chinese officials anticipate that the conference will provide a platform to reinforce cooperation across various sectors and strengthen the foundation for a shared future between China and Arab countries. Discussions will focus on implementing agreed-upon goals, expanding collaboration, and fostering a closer China-Arab community. In previous meetings, both sides have supported…
Abbottabad: The Provincial Disaster Management Authority (PDMA) issued a comprehensive advisory on Tuesday, urging farmers, herders, tourists, and the general public to take necessary precautions due to anticipated dust storms and severe weather conditions. According to the advisory, the Meteorological Department has issued a weather alert indicating that weak westerly winds are expected to affect the upper regions of the country starting May 28. This weather system is expected to bring intermittent rain, thunderstorms, and strong winds from the evening of May 28 to June 1. The regions likely to be affected include Chitral, Dir, Swat, Abbottabad, Mansehra, Haripur, Kohistan,…
During the initial 10 months of the fiscal year 2023-24, foreign companies saw a significant increase in profit and dividend repatriation, reaching $887 million, marking a 250 percent year-on-year surge from $253.4 million in the corresponding period of the previous year, according to data released by the State Bank of Pakistan. However, in April 2024, this figure dropped substantially to $56.6 million. The manufacturing sector led in total foreign investment payments, amounting to $226.9 million in the first 10 months of FY24, showing a notable 646 percent increase compared to $30.4 million in the same period last year. Profit repatriation…
According to a report, the country’s economy is showing signs of recovery, mainly attributed to improvements in the agriculture sector. The National Accounts Committee (NAC) released a report covering the first nine months of the current fiscal year (FY) 2024, indicating unexpected growth in the economy due to increased agricultural output. Last year, the growth rate was a mere 0.21%, whereas this year it is anticipated to exceed 2.38%. The NAC report highlights a growth rate of 3.94% in the agriculture sector, 3.84% in the industrial sector, and 0.83% in the services sector so far in the ongoing fiscal year.…
Non-filers received unwelcome news as the government deducted Rs10 billion in withholding tax from their withdrawals during the first 10 months of the current fiscal year. Citing sources within the Federal Board of Revenue (FBR) that if a non-filer withdraws Rs50,000 from a bank, Rs300 will be deducted from the withdrawal as withholding tax. Similarly, if the same amount is withdrawn through an ATM or a credit card, Rs300 will be deducted. The report indicated that the Rs10 billion was collected from banks headquartered in Karachi. Under section 231 of the Income Tax Ordinance, 2001, advance tax is imposed on…
As the nation grapples with extreme heat, meteorologist Owais Hyder has predicted that Karachi could encounter its “most intense week of heat” in the upcoming week. Hyder pointed out the likelihood of a significant temperature spike in the metropolis, stating, “There’s a chance of heightened heat levels in the city next week.” Temperatures are anticipated to range from 40 to 42 degrees Celsius between Tuesday and Thursday. Amidst the heatwave, the public is advised to stay indoors and ensure proper hydration to avoid heat-related illnesses. The city’s blistering temperatures often coincide with power outages, leading to extended periods of load…