Current Final

Tag: pakistan economy

  • Bajwa’s resignation amid political uncertainty affects stock market

    Bajwa’s resignation amid political uncertainty affects stock market

    Pakistan’s stocks reversed gains on Monday as Prime Minister (PM) Imran Khan’s Special Assistant on Information (SAPM) Lt Gen (r) Asim Saleem Bajwa resigned ahead of protests planned by opposition parties, raising concerns of increased political uncertainty, foreign media reported.

    “Imran Khan approved my request to relinquish the additional post,” Asim Bajwa tweeted Monday.

    The resignation of Imran’s key spokesperson comes amid increasing challenges to his about two-year-old government as he struggles to contain inflation and revive the country’s economy. Meanwhile, an alliance of 11 opposition parties is planning on holding its first protest rally this week, which is the start of a series of such meetings aimed at ousting Imran Khan.

    The benchmark KSE-100 index closed down 1.4%, reversing earlier gains of as much as 0.6%. The stocks have advanced 48% since touching this year’s low on March 25. “The investors are being cautious and booking profits after recent events including Bajwa’s resignation and the opposition’s planned protest add to the uncertainty,” said Qasim Shah, head of international sales at JS Global Capital Ltd in Karachi.

    The premier had turned down Bajwa’s earlier request to resign.

  • ‘IMF putting Pakistan on path of stability’ says Dr. Reza Baqir

    ‘IMF putting Pakistan on path of stability’ says Dr. Reza Baqir

    Dr Reza Baqir, the governor of State Bank of Pakistan (SBP) has said that the International Monetary Fund (IMF) is the government’s partner in reforming the country’s current economic system, Pakistan Today reported.

    In a briefing of the Public Accounts Committee (PAC) on Tuesday, chaired by Rana Tanvir Hussain, the SBP governor said that the relationship of Pakistan and the IMF was based on common interests.

    However, he assured the house that “inflation will go down and the general public will feel the relief.”

    Baqir says that the SBP’s monetary policy committee had decided to keep the policy rate unchanged at 13.25 per cent. “The monetary policy committee stance is appropriate to bring inflation down to the medium-term target range of 5-7pc over the next six to eight quarters.”

    Right now, reducing the interest rate would affect the people who have kept their savings in the banks. However, he admitted that higher interest rate created difficulties for the borrowers.

    “The national savings rate is already very low and if the people are discouraged, then the country will have to borrow the required money from international agencies, and that will raise our current account deficit,” he further added.

    “The main focus of the SBP is to maintain foreign exchange reserves in the country.”

    Baqir also noted that if the foreign reserves would grow, Pakistan would not have to approach international agencies for borrowing.

    The SBP governor said due to higher interest rates in the past, manufacturing had almost ended, but after reforms carried out by the incumbent government, manufacturing activities were once again on the rise despite higher policy rates.

    “The present government did not take loans from the SBP due to which inflation is now being controlled. However, the state bank, at the same time, is making efforts to restore the confidence of foreign and local investors.”

  • PM announces buffaloes, cows and goats for women

    PM announces buffaloes, cows and goats for women

    Prime Minister (PM) Imran Khan has announced to empower women through the allocation of domestic animals to them, so that they can support their families and earn a livelihood, The News reported.

    Addressing the Ehsaas Amdan (income) programme launching ceremony in Layyah on Friday, the premier said the government had decided that women will be given one cow, one buffalo and three goats, so that they could run their households.

    Addressing the gathering, he said the government had launched the programme — which he described as “the first of its kind” in Pakistan — to alleviate the sufferings of the poorest members of society. Soon people will get more good news about their wellbeing and country’s prosperity, PM Imran added.

    The premier assured the nation that Pakistan’s difficult time was over now, and the country had been put on the right track. He said the Pakistan Tehreek-e-Insaf (PTI) government was making efforts for its vision of formation of an Islamic welfare state on the patron of the state of Medina.

    The PM said the government was working on different projects to establish an Islamic welfare state. He said neither he was afraid of death nor defeat, and believed in making his best efforts to leave the matter to Allah, whose all decisions would be acceptable to him.