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
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)…
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…
Govt vows to continue to tread path of reforms to stabilize economy
The government has vowed to continue to tread the path of reforms to stabilize the economy and steer it towards the path of sustainable growth. In a statement on Saturday, the Ministry of Finance strongly rejected the assertions made by a prominent economist Atif Mian about Pakistan’s economy, terming them misplaced. The Ministry of Finance…
Long-term policies are indispensable to get out of difficult economic situations: President ICCI
President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari has said that the budget 2023-24 is very important in the current economic situation, the government should focus on the formulation of long-term and sustainable policies instead of short-term ones. Business community is the biggest stakeholder in Pakistan’s economy. The proposals of the country’s…
PM asks exporters to come up with innovative ideas for boosting exports
Prime Minister (PM) Muhammad Shehbaz Sharif stressed the country’s exporters to come up with innovative and unique ideas to boost exports which would ultimately help the country earn valuable foreign exchanges. “Despite various challenges, we have very robust, very futuristic, and extremely hardworking entrepreneurs that have gradually built Pakistan’s export culture,” he said while addressing…
SECP Issues Requirements for Grievance Handling Mechanisms for the Insurance Sector
The Securities and Exchange Commission of Pakistan (SECP) has issued requirements for Grievance Handling Mechanism for the Insurance Sector to ensure effectiveness, robustness, and uniformity in the grievance handling function with the objective of protecting policyholders. The Code of Corporate Governance for Insurers 2016 requires insurers to establish a grievance function. Giving due consideration to…
Russian container ship arrives at Karachi Port
Russian container ship Crystal Saint Petersburg arrived at Karachi port for the first time. As per details, Federal Minister for Maritime Affairs Faisal Subzwari, Chairman Karachi Port Trust (KPT) Raza Zaidi and Consul General Andrey Viktorovich Fedorov welcomed the ship which arrived from Russia to Pakistan in 21 days. Minister for Maritime Affairs Faisal Subzwari…
Social Champ Empowers Women in the Digital Space, Championing Gender Equality, and Inclusion
Social Champ, a trailblazing digital platform, is taking a bold stance in supporting women in the digital realm and championing gender equality. Recognizing the uphill battle faced by women in the tech industry, Social Champ is determined to create an inclusive environment where women can excel and thrive. In an industry long dominated by male…