Multiple challenges push economic growth down to 0.29% in FY 2023
Owing to multiple external and domestic challenges, the country’s economy has been estimated to witness growth of 0.29 percent (provisionally) during the Fiscal Year 2023. “Pakistan economy experienced 0.29 percent provisional GDP growth in the FY 2023 on account of many challenges emanating from uncertain external and domestic economic environment,” says Monthly Economic Update and…
Adil Aziz
Pakistani students secure top positions in Huawei ICT competition
The students from Pakistan won the second and third prizes in the Network Track and third prizes in the Innovation Track at the Huawei ICT Competition 2022-2023 Global Final concluded at Huawei Headquarters in Shenzhen, China. The first to be held in person since 2019, the event’s culmination was a competition between finalists in 146…
National Bank Records 100% Growth in App Registration
The National Bank of Pakistan (NBP) has achieved impressive milestones, including a 100% YoY increase in NBP Digital App registrations, a remarkable 100% growth in debit card point-of-sale transactions, and over a trillion rupees’ worth of digital transactions. Through collaborative efforts, NBP is revolutionizing the banking experience for customers and employees with innovative digital product…
Around 21% banks become Shariah-compliant: Ishaq Dar
Minister for Finance and Revenue Senator Mohammad Ishaq Dar said almost 21 percent of the banks operating in the country had so far been aligned with Islamic laws due to concerted efforts of the policymakers. Addressing Pakistan’s first international conference on “Islamic Capital Markets,” jointly organized by the Security and Exchange Commission of Pakistan (SECP)…
PACRA Updates Entity Ratings of National Refinery Limited – Rating Watch
The ratings reflect National Refinery Limited’s (NRL) association with the integrated oil group – Attock Group (AG). The strength of the Company is its base oil business wherein NRL possesses a notable share in meeting the economy’s demand for lubricants. The local refinery sector took a toll owing to deteriorating economic conditions of the country….
MALAK Launches One-Stop Multi Brand Beauty Shop, Unveiling Flagship Store in Karachi
MALAK, a revolutionary beauty brand dedicated to providing premium beauty products, had the grand opening of its flagship store in an exclusive ceremony here in Karachi. With an ambitious vision to establish a retail network of ten stores nationwide within the next three years, MALAK aims to become the go-to destination for beauty enthusiasts across…
Mondelez Pakistan sends teams to flood-affected areas as Phase II of part of its rehabilitation efforts
As families from Pakistan’s flood-hit regions from last year still work towards rebuilding their lives, Mondelez Pakistan has initiated Phase II of its rehabilitation efforts in the respective areas. As part of this initiative, the country’s leading confectionery manufacturer partnered with Akhuwat Foundation again, and sent teams to Sujawal, a town in interior Sindh that…
Tax policies encouraging businesses to join informal sector
Former Vice President of FPCCI Atif Ikram Sheikh on (28 May) Sunday said the tax-to-GDP ratio is below 10 percent in Pakistan which is below the level required for any proper economic growth. There have been no serious efforts to expand the tax base and tax machinery relief on increasing collection through indirect taxes and…
China’s home-grown C919 completes first commercial flight
CHINA Eastern Airlines entered China’s home-grown narrow-body C919 jet into passenger service on Sunday (May 28) and completed its first commercial flight, marking a milestone in the country’s effort to become more self-reliant. The C919 is the product of state-backed Commercial Aviation Corp of China (Comac) which began developing the jet 15 years ago to…
Oil imports from Russia; a ray of hope for cheaper fuel
Fluctuating global oil prices, devaluation of the currency, taxation on oil imports and very low local oil exploration put a heavy strain on the fragile economy of a country like Pakistan which heavily relies on oil import for power generation industrial production and transportation. The soaring prices of petroleum products have a trickle-down effect on…