Current Final

Category: Business

  • Pakistan and UAE forge multi-billion dollar partnerships for economic cooperation

    Pakistan and the United Arab Emirates (UAE) signed several multi-billion dollar Memorandum of understanding (MoUs) in a range of areas on Monday.

    According to the press release issued by the Prime Minister’s office, Caretaker Prime Minister Anwaar-ul-Haq Kakar and the President of the UAE Sheikh Mohammed bin Zayed Al Nahyan witnessed the signing of MoUs between Pakistan and UAE.

    Chief of Army Staff (COAS) General Syed Asim Munir was also present at the meeting.

    In a video message, Kakar said that the goal of MoUs is to enhance economic, regional, and strategic cooperation between both nations.

    https://twitter.com/PakPMO/status/1729173407332466874?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1729173407332466874%7Ctwgr%5Eaddee714f32d7b43fa9911635f92c991472709f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ftribune.com.pk%2Fstory%2F2448174%2Finvestment-worth-billions-of-dollars-unlocked-as-pakistan-uae-sign-key-deals

    The interim prime minister extended congratulations to the people of Pakistan and the UAE, highlighting that the foundation of friendship with Pakistan was established by Sheikh Zayed bin Sultan Al Nahyan in the 1970s. He further said that this legacy has been advanced by his son, ushering in a new era of bilateral cooperation.

    In a separate statement, the Prime Minister’s Office (PMO) reported that interim PM Kakar engaged in a bilateral meeting with His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates, in Abu Dhabi. The meeting was also attended by the Army chief.

  • Pakistan Stock Exchange may surpass 60,000 level soon

    Pakistan Stock Exchange may surpass 60,000 level soon

    The benchmark index of the Pakistan Stock Exchange (PSX) marked a record-breaking bullish run on Monday, closing just shy of the 60,000 mark without surpassing it. 

    There is an anticipation that, given the current pace, the stock market might breach the 60,000 level soon. 

    According to the PSX website, the KSE-100 index showed marginal gains until noon. However, at 1:11 pm, it experienced a sudden surge that persisted until closing time, reaching 59,811.34, up by 724.99 points (1.23%) from the previous day’s 59,086.35.

    In the preceding Friday session, the KSE-100 index had set a new record at 59,100 points, attributed to strong corporate profits, reduced economic volatility, the successful conclusion of an IMF staff-level deal, expectations of a stable post-poll government, and optimism about an early reversal of monetary tightening. This led to a rapid increase in share prices over the last three months.

    Regarding the current rally, Raza Jafri, head of equity at Intermarket Securities, noted, “The banking sector is driving the rally, aligning with the improving economic outlook.” He emphasised that banks, offering a combination of high dividend yields and attractive valuations, have consistently been favoured by foreign investors.

    Shahbaz Ashraf, chief investment officer at FRIM Ventures, a Karachi-based investment company, attributed the rally to “cheap valuations and an influx of liquidity.”

  • Anti-smog crackdown intensifies: Rs129 million fines issued to violators

    The Lahore High Court (LHC) has been apprised through a comprehensive report detailing the robust measures taken by the Punjab government to address the smog issue. The report highlights the imposition of fines totalling Rs129 million on violators as a strong deterrent against activities contributing to air pollution.

    The report outlines that 6,700 units were sealed for violating smog-related restrictions. Over a three-month period, authorities inspected approximately 60,000 small and large units, resulting in the closure of more than 6,700 units due to violations.

    During this crackdown, 540 cases were registered against those contributing to smog, leading to the arrest of 118 individuals.

    The report highlights the sealing of 735 smoke-emitting factories in the Lahore division and the closure of 187 brick kilns during the smog control initiative.

    Fines amounting to Rs8.6 million were imposed for burning crop residue, and 216 cases were registered against those setting fire to crop stubble.

    Despite these efforts, the air quality index (AQI) of Lahore, initially recorded at a hazardous level of 371 in the morning, later dropped to around 211 in the afternoon. This shift caused Lahore to fall to the third position on the list of the world’s most polluted cities, a noteworthy change from its consistent first and second positions in recent months due to high levels of air pollution.

    Specifically, Polo Ground Cantt and Phase 8 DHA were identified as the most polluted areas within the city, with AQIs of 291 and 259, respectively.

  • Tim Hortons to open soon in DHA Phase 2, Islamabad

    Due to overwhelming support from Lahoris, Tim Hortons is set to open soon in Defence Housing Authority (DHA) Phase 2, Islamabad. 

    The construction of the Tim Hortons building is currently underway and appears to be mostly finished. 

    Anticipated to draw considerable attention from residents of Islamabad and Rawalpindi, the introduction of this renowned Canadian coffee chain to DHA Islamabad is expected to attract a substantial crowd. 

    The peaceful reputation of DHA Islamabad contrasts with the potential influx of visitors, especially from Rawalpindi and Islamabad. 

    The ability of DHA to manage this increased activity, particularly in the initial days, remains to be seen. 

    Unlike DHA Lahore, which has numerous entry points, DHA Islamabad has limited gates, posing a potential challenge. 

    The upcoming days will reveal how residents of the twin cities respond to this new addition.

  • Pakistan forms new body led my three-star military general to expand tax base

    Pakistan forms new body led my three-star military general to expand tax base

    The government has established a new committee, led by a three-star military general, to oversee data integration efforts aimed at expanding the tax base.

    This move precedes the imminent arrival of a technical mission from the International Monetary Fund (IMF), tasked with assessing Pakistan’s tax system.

    Lieutenant General Muhammad Munir Afsar Chairman of the National Database and Registration Authority (NADRA), will head the technical committee, as notified by the Federal Board of Revenue (FBR).

    The newly formed committee will devise proposals for data integration to expand the tax base and formulate an IT infrastructure transformation plan.

    The eight-member committee, consisting of three senior FBR members, has been tasked with crafting a comprehensive plan for data integration. Their primary objective is to significantly increase the number of income tax return filers, aiming to elevate last year’s count of 4.9 million to 6.5 million within the next eight months, as outlined in an official notification.

    As reported by Express Tribune, Pakistan has shared an FBR restructuring plan with the IMF, outlining the integration of 145 entities into the FBR network to expand the tax base. However, the Prime Minister has withheld approval, instructing further refinement to address ambiguities and contradictions in the proposed restructuring plan.

    This strategic initiative aligns with the impending visit of an IMF technical mission to Pakistan, scheduled to commence next week.

    The mission will conduct a thorough review of the country’s tax laws and FBR’s administrative structure, ultimately delivering recommendations within two months. These suggestions may serve as a foundation for the upcoming IMF program.

  • CDA to receive 30 Chinese electric buses for Islamabad in January 

    CDA to receive 30 Chinese electric buses for Islamabad in January 

    The Capital Development Authority (CDA) has initiated a transformative move by securing 160 electric buses from China.

    The procurement plan involves the delivery of 30 buses in January, followed by two additional fleets arriving in February and March.

    CDA Chairman Anwarul Haq on Friday chaired a meeting to receive an update on the import of buses, as per sources from Dawn. The chairman directed the concerned wing to expedite the process, ensuring the timely arrival of all buses.

    Commencing in January, the first batch of 30 electric buses is set to play on 13 new routes across the capital city. This strategic deployment is a step towards enhancing sustainable and eco-friendly public transportation.

    The National Radio and Telecommunication Corporation (NRTC) has been entrusted with the pivotal role of managing the operation of the buses on the designated 13 routes.

    Under this arrangement, the CDA will be providing financial support to the NRTC, with a reimbursement ranging from Rs306 to Rs331 for every kilometre covered by the electric buses.

    To streamline the operation of these buses, the CDA is planning the construction of a dedicated depot at Zero Point, situated along the Srinagar Highway towards the H-8 side.

    The planning wing of the CDA has already designated a specific piece of land for the construction of this essential facility.

  • Cabinet approves seven MoUs for $10 billion investment deal with Kuwait

    Cabinet approves seven MoUs for $10 billion investment deal with Kuwait

    On Friday, during a session of the caretaker federal cabinet, seven Memorandum of Understandings (MoUs) for investments between Pakistan and Kuwait were granted approval.

    These agreements are slated to be formally signed during the upcoming visit of the prime minister to the Gulf country, signifying a commitment to fostering economic cooperation and partnership between the two nations.

    The meeting was held under the chairmanship of Caretaker Prime Minister Anwaar ul Haq Kakar.

    As a result of dedicated initiatives by the Special Investment Facilitation Council (SIFC), both countries will sign MoUs encompassing a range of projects.

    These projects span various sectors, including the expansion of water reservoirs, development of mining facilities, conservation of mangrove forests in coastal areas, advancements in information technology, and initiatives to bolster food security.

    The prime minister, presiding over the session, directed the facilitation of collaboration with the provinces to ensure the prompt and equitable implementation of the projects.

    The caretaker federal cabinet also endorsed the resolutions and actions deliberated upon during the Cabinet Committee on Legislative Affairs (CCLC) meeting held on November 14, 2023.

    Additionally, it gave its approval to the determinations reached in the Economic Coordination Committee (ECC) meeting held on November 15, 2023, showcasing a comprehensive review and endorsement of key decisions across various governmental committees.

  • Pakistan to receive $1.5 billion from international lenders following IMF approval

    Pakistan to receive $1.5 billion from international lenders following IMF approval

    Pakistan is poised to secure funds amounting to $1.5 billion from global lenders, contingent on the approval of the loan tranche under the $3 billion Stand-By Arrangement (SBA) by the International Monetary Fund (IMF), as highlighted by Dr Shamshad Akhtar, the caretaker finance minister, in a recent interview with a local news channel.

    It’s noteworthy that the IMF granted preliminary approval on November 15, 2023, for the disbursement of the upcoming loan tranche within the programme.


    Upon receiving approval, Pakistan will gain access to SDR 528 million, equivalent to approximately $700 million. This will contribute to the cumulative disbursements under the program reaching almost $1.9 billion.

    The agreement underscores the authorities’ commitment to advancing planned fiscal consolidation, expediting cost-reducing reforms in the energy sector, completing the transition to a market-determined exchange rate, and pursuing reforms in state-owned enterprises and governance.


    These measures aim to attract investment, support job creation, and simultaneously enhance social assistance.

    Nathan Porter remarked, “Anchored by the stabilization policies under the SBA, a nascent recovery is underway, supported by international partners and indications of improved confidence.”

    He added that the steadfast execution of the FY24 budget, ongoing adjustments of energy prices, and renewed inflows into the foreign exchange (FX) market have alleviated fiscal and external pressures.

  • SBP data reveals 23.5% YoY decline in auto loans

    SBP data reveals 23.5% YoY decline in auto loans

    In October, auto loans faced a decline for the 16th consecutive month due to high interest rates and inflation, as per data released by the State Bank of Pakistan (SBP).

    According to the SBP, auto loans witnessed a year-on-year drop of 23.5 per cent, amounting to Rs264 billion, and a month-on-month decrease of 3 per cent, down from Rs272 billion in September.

    While auto loans had peaked at Rs368 billion in June 2022, a subsequent decrease of Rs104 billion, or 28 per cent, occurred. This decline followed the SBP’s implementation of tighter monetary policies to address inflation and external imbalances.

    Financial analysts attribute this trend to the SBP’s measures, including elevated interest rates and the rupee’s significant depreciation against the dollar.

    These factors have led to increased costs in car financing and higher car prices, rendering them unaffordable for many consumers. The surge in inflation has further diminished consumer purchasing power.

    An analyst stated, “The auto sector bears the brunt of high interest rates and currency devaluation, rendering car financing and prices prohibitively expensive.”

    Despite recent price reductions by some car manufacturers, the anticipated boost in demand has not materialized. Consumers continue to grapple with high inflation and limited disposable income.

    Data from the Pakistan Automotive Manufacturers Association (PAMA) reveals a 44 per cent decline in car sales, totaling 27,163 units in the first four months of the current fiscal year, commencing in July.

    The SBP has aggressively increased its policy rate by a cumulative 15 percentage points to 22 per cent since September 2021, marking one of the world’s highest rates.

    Speculation suggests that the SBP will initiate a monetary policy easing in the first half of 2024, anticipating a relief in inflationary pressures and an improvement in foreign inflows to enhance the country’s external position.

    SBP data indicates a 0.8 per cent decrease in bank loans to the private sector, amounting to Rs8.10 trillion in October.

    Consumer loans, including an 8 per cent drop to Rs829 billion, witnessed personal loans declining by 4 per cent to Rs246 billion and housing loans falling by 2.7 per cent to Rs207 billion.

    Analysts predict an upswing in credit to the private sector in the coming months, as decreasing interest rates, fiscal consolidation, reducing crowding out, and improved foreign inflows are expected to alleviate liquidity constraints.

  • PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    The Pakistan Stock Exchange (PSX) extended its impressive performance, achieving a historic milestone as the benchmark KSE-100 Index surpassed the 59,000 mark for the first time ever on Friday.

    At the close of the session, the benchmark index concluded at 59,086.35, registering a gain of 186.51 points, or 0.32 per cent. This marks its highest closing level to date.

    Earlier in the day, the KSE-100 index reached an intra-day peak of 59,502.28. However, profit-taking activities in the second half of the trading session led to a partial retreat from these gains.

    The trading session commenced with widespread buying, particularly in key sectors such as automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and technology and communication, all contributing to a positive market trend.

    In the preceding session on Thursday, bulls maintained control of the bourse, with the benchmark index settling at 58,899.84, marking a substantial increase of 701.08 points, or 1.20 per cent.

    The bullish momentum in the stock market follows the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

    Market experts anticipate increased inflows in the coming weeks due to this agreement. However, data released on Thursday revealed a decrease of $217 million in foreign exchange reserves held by the State Bank of Pakistan (SBP) on a weekly basis, reaching $7.2 billion as of November 17.