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FAISALABAD: Faisalabad Chamber of Commerce and Industry President Rehan Naseem Bharara has said that there is absolutely no justification for closing major highways in Sindh over the issue of canals following Prime Minister Shehbaz Sharif’s decision to convene a meeting of the Council of Common Interests on May 2. He said that in a democratic society, differences are resolved through mutual dialogue. Under this positive thinking, the Prime Minister has called a meeting of the Council of Common Interests to resolve the canal dispute so that differences can be resolved democratically. He said that the earlier demand of the strikers…
KARACHI: Cotton prices have shown overall stability, while trading activity remained limited. New York cotton futures also recorded an improvement in prices. Indications suggest that the EFS (Export Finance Scheme) matter may be postponed until the budget. Frustrated with the government, the PCGA (Pakistan Cotton Ginners Association) has reportedly sent a letter to the Chief Justice of the Supreme Court after approaching the Army Chief, seeking judicial intervention in the matter. Meanwhile, the import bill is rising due to rising imports of cotton, cotton yarn, and textiles, as highlighted by Shahid Rasheed Butt, former President of the Islamabad Chamber of…
Addressing the first Overseas Pakistanis Convention in Islamabad, Prime Minister Shehbaz Sharif paid tribute to the expatriates for their unmatched contribution to nation-building. A mega overseas convention will be held every April to recognise the important role of the 10 million diaspora spread across 160 countries. In an article, ‘Rethinking the diaspora’s role’, analyst Durdana Najam wrote that the state, and its various departments, view overseas Pakistanis as critical stakeholders and are ready to reset the relationship based on terms that go beyond mere transactions. When the country’s financial health is on the line, she said, mobilising one of the…
Opting for consensus rather than contention, Prime Minister Shehbaz Sharif and PPP leader Bilawal Bhutto-Zardari agreed to go forward with the controversial Cholistan canal only if the provinces agreed. Previously, the military-backed Green Pakistan Initiative (GPI) had become a political flashpoint, with protests escalating across Sindh. Critics have warned that the canal projects threaten ecological stability, violate interprovincial water agreements, and risk displacing communities, all without sufficient consultation or safeguards. It is not only the farmers and the people who are affected; it affects all living creatures associated. “This is not a people-centred initiative. It’s a for-profit scheme for cash…
Economics 101 indicates that a country with a savings rate below its investment will find it difficult to achieve sustained growth. It also states that a country with a low financial literacy rate, high inflation and high cash in circulation (cash printed but not in any bank account) will have a very low national savings rate. Pakistan fits this diagnosis perfectly. Firstly, the official savings rate (savings in banks as a percentage of GDP) stood at 14 per cent. Secondly, although inflation has eased in the recent past, rates provided by banks for savings products were well below the inflation…
Economics 101 indicates that a country with a savings rate below its investment will find it difficult to achieve sustained growth. It also states that a country with a low financial literacy rate, high inflation and high cash in circulation (cash printed but not in any bank account) will have a very low national savings rate. Pakistan fits this diagnosis perfectly. Firstly, the official savings rate (savings in banks as a percentage of GDP) stood at 14 per cent. Secondly, although inflation has eased in the recent past, rates provided by banks for savings products were well below the inflation…
India’s recent suspension of the Indus Water Treaty marks a grave turning point in regional politics and underscores a critical imperative for Pakistan: to resolve its internal political squabbles with utmost urgency. At a time when external pressures threaten to compromise access to shared water resources, domestic discord, such as the infighting over the Cholistan canal project, only deepened Pakistan’s vulnerability. The nation can ill afford to be divided over water policy when the very lifeline of its people is at stake as a matter of national survival. It’s a welcome relief that, following the meeting between Prime Minister Shehbaz…
Once a rising economic power in South Asia, Pakistan now finds itself at the bottom of the regional ladder. Fifty years ago, the average Pakistani had a higher income than his South Asian peers. Today, he earns about half as much. What went wrong, and what must be done to turn things around? The roots of Pakistan’s economic troubles go back decades. A booming population and poor economic management have combined to sap the country’s ability to save and invest. Compared to its neighbours — India, Bangladesh, and Sri Lanka — Pakistan’s living standards, healthcare, and education have all fallen…
WASHINGTON: Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump’s tariff assault and on just how much pain it will bring to the world economy. Most headed home with more questions than answers. Many participants in the International Monetary Fund (IMF) and World Bank Spring Meetings had a sense that Trump’s administration was still conflicted in its demands from trading partners hit with his sweeping tariffs. During the whirlwind week, many finance and trade ministers sought to meet US Treasury Secretary Scott Bessent and other…
• Transporters say thousands of trucks are now stranded; cargo being spoilt with each passing day• Ports anticipate crisis; manufacturers face raw material shortages• President wades in to resolve situation KARACHI: Efforts to disperse protesters, who have paralysed cross-country traffic by blocking national highways in parts of Sindh, remained futile on Sunday, with manufacturers saying they have been forced to halt production due to a shortage of raw material, while port authorities also anticipate serious congestion. The road closures in several parts of Sindh are due to continuing protests against the controversial proposal to build new canals on the River…