Tag: Pakistan

The textile industry in Pakistan has achieved a record increase of 26% growth in quantitative terms after 10 years, according to a statement issued by All Pakistan Textile Mills Association (APTMA).

APTMA states that the growth did not directly reflect in dollar amounts due to a substantial worldwide decrease in textile prices, however, if this growth in quantity had not been achieved the exports would have been less than $ 8.5 billion as the international prices have now recovered.

Further records reveal that the profits of companies were over 5% and that the companies have posted a turnover of $ 16 billion out of which $ 13.3 billion was exported and $ 2.8 billion were sold in the domestic market.

The industry has contributed a total of Rs40 billion to the exchequer through income tax as well as various other indirect taxes and levies of over Rs 35 billion.

As a result of the profits posted, the industry has strong balance sheets and an equity fund of $ 1 billion earned directly from the international market. These funds can be leveraged to invest at least $ 4 billion in the next year alone.

Wing Commander Abhinandan Varthaman, who was captured by Pakistan after an aerial dogfight led a formation of the MiG-21 Bison as the Indian Air Force (IAF) put up a show on its 87th birthday on Tuesday.

According to the details, three Mirage 2000 aircraft and two Su-30MKI fighter aircraft flew in ‘Avenger formation’.

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Responding to IAF’s violation of Pakistani airspace on February 26, PAF had hit back by sending fighters to strike Indian targets the following day.

In the pursuit, a PAF fighter jet had downed at least one Indian MiG-21 aircraft and captured Abhinandan, who had ejected and landed within Pakistani territory.

He was later handed over to India by Pakistani authorities as a goodwill gesture within 60 hours of the standoff.

Pakistan needs to repay China more than double the amount it owes the International Monetary Fund (IMF) in the next three years, Al Jazeera reported.

According to the details, the country owes $6.7 billion in commercial loans to China over the three years through June 2022, according to the IMF, which this year approved a new program to bail out Pakistan from an economic crisis.

On the other hand, the country needs to pay the multilateral lender $2.8 billion in the same period.

“The borrowing picked up after the Belt and Road started,” said Hafiz Faizan Ahmed, head of research at Karachi-based Optimus Capital Management Pvt.

He added, “A bulk of the Chinese lending happened about two years ago when dollar reserves were dwindling, so the government kept borrowing and borrowing.”

Pakistan, one of the biggest beneficiaries of China’s Belt and Road Initiative, has been borrowing from Beijing to tide over a financial crisis.

Still, the money was not enough to completely bridge the financing gap and pushed the country to knock at the IMF’s doors.