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KARACHI: The decline in cotton prices continues to persist, with the spot rate experiencing a further drop of 300 rupees. Business activities are increasingly constrained, and the crisis in the textile sector is deepening. Experts are calling for the provision of the Export Finance Scheme (EFS) facility at the local level and a reduction in energy prices. Similarly, there is a strong emphasis on discontinuing the EFS facility for imported yarn and fabrics. Head Transfer of Technology Central Cotton Research Institute Multan Sajid Mahmood said that the benefits of stabilising and activating the Pakistan Central Cotton Committee (PCCC) have not…
China has reported a 4 per cent growth in consumption in the first two months of 2025, a modest increase that keeps the pressure on policymakers as China strives to achieve its ambitious annual economic growth target of “around 5 per cent”.The 4 per cent jump in retail sales for January and February, released by the National Bureau of Statistics (NBS) on Monday, was up from the 3.7 per cent growth recorded in December and below the 4.5 per cent forecast by Chinese financial data provider Wind. The metric is a closely watched indicator for national consumption.“A package of existing…
Argentina is one of the largest and most frequent borrowers of the International Monetary Fund (IMF). The country first sought assistance from the IMF in the mid1950s and has since entered into over 20 separate arrangements. Notably, during the 2001 economic crisis, Argentina secured one of the largest-ever IMF programmes, and the country again received a record $57billion loan in 2018 under former president Mauricio Macri. Hence, it is instructive for countries like Pakistan, another frequent user of IMF bailouts, to study and learn from Argentina’s history. Argentina’s economic saga has been a rollercoaster of stunning recoveries and crushing crises…
Not too long ago, the outskirts of Karachi had dense mangroves. Often, in the early mornings, you could see rowers powering through their boats just as the sun was rising. But the habitat has changed since then: unfettered urbanisation and an obsession with ugly concrete structures have done immeasurable damage to the city’s ecology. Fortunately and unfortunately, we are far from the only one. As a country, Pakistan has seen steady deforestation, with forest cover consistently declining from 6.5 per cent in 1990 to 4.7pc by 2023. The impact has been hard to miss. In the last two decades, each…
DIBPL partners with Salaam Family Takaful Dubai Islamic Bank Pakistan Limited has entered into a strategic partnership with Salaam Family Takaful Limited by signing a Memorandum of Understanding at the DIBPL Head Office in Karachi, as per a press release. This collaboration aims to transform Shariah-compliant financial solutions by integrating innovative savings and investment opportunities with life Takaful coverage, to be launched soon. The signing ceremony was attended by senior executives from both organisations, highlighting their shared commitment to promoting financial inclusion and stability through tailored Islamic financial products. Through this partnership, DIBPL customers will gain access to Salaam Family…
Given the prolonged sluggish or negative industrial growth and low tax-to-GDP ratio, policymakers and relevant institutions are taking a more concerted and integrated approach to promote small and medium enterprises (SMEs) and encourage them to enter the formal sector. The Small and Medium Enterprises Authority (Smeda) recently held a consultative session with various stakeholders from the textile industry to align the second phase of its Industrial Stitching Units project with the Uraan Pakistan programme, aimed at boosting exports through SMEs. Concerned stakeholders from the industry also provided recommendations for Phase II, which will now cater to multiple textile export sectors,…
Source: SBP via Karandaaz Pakistan’s economy is sending contradictory signals. The stock market is doing well, but large-scale manufacturing is not. Inflation is at a record low, but the interest rate was not cut in the last monetary policy meeting. The current account is afloat, but driven by record-high remittances rather than exports. Most of these indicators do not reflect the ground reality, where about 40 per cent of the population lives below the poverty line. A bull run in the stock market does not mean more jobs in the economy. A low inflation rate means prices have stopped rising,…
Not too long ago, the outskirts of Karachi had dense mangroves. Often, in the early mornings, you could see rowers powering through their boats just as the sun was rising. But the habitat has changed since then: unfettered urbanisation and an obsession with ugly concrete structures have done immeasurable damage to the city’s ecology. Fortunately and unfortunately, we are far from the only one. As a country, Pakistan has seen steady deforestation, with forest cover consistently declining from 6.5 per cent in 1990 to 4.7pc by 2023. The impact has been hard to miss. In the last two decades, each…
The foreign exchange reserves held by the State Bank of Pakistan (SBP) slipped to $11.1 billion on March 7 from $11.25bn at the end of February, the latest data reveals. Total forex reserves, including those held by the commercial banks, however, rose to about $15.93bn from around $15.87bn. Despite impressive growth in remittances throughout this fiscal year, SBP’s forex reserves have remained on the decline for some time due largely to external debt payments. The central bank’s reserves peaked at $12.04bn in November before falling to $11.73bn at the end of the last calendar year. Since then, the SBP’s reserves…
The 1991 Indus Water Apportionment Accord was a landmark agreement designed to ensure the fair distribution of Pakistan’s most precious resource — water. However, over time, discussions around the accord have become narrowly focused on Clause 2, which deals with water apportionment, while neglecting the broader, forward-looking provisions aimed at securing Pakistan’s water future. This agreement was never meant to be just a water distribution formula. It laid out a comprehensive vision for water management, addressing storage development, surplus distribution, ecological sustainability, provincial autonomy, and efficiency in water use. Unfortunately, delays in implementing key provisions — especially the construction of…