Category: Business

Wealth stashed by Pakistanis in Swiss banks falls by 50 per cent

A latest report has revealed that wealth stashed by Pakistanis in Swiss banks has fallen by 50% to the lowest level of $377 million in 2019. The money directly linked to Pakistani nationals stood at CHF359.6 million or $377 million in 2019. Pakistanis have been constantly withdrawing their funds from Swiss banks since 2015 when Pakistan and Switzerland finalised a revised taxation treaty. 

Pakistani travelers take 26 virus cases to Hong Kong, Emirates suspends flights

After 26 Pakistani passengers in an Emirates flight were found Coronavirus positive in Hong Kong, the UAE-based airline announced in a statement  that it has suspended passenger services from Pakistan. The flight will be temporarily suspended from June 24. Emirates will keep on continuing its cargo and repatriation flights to Pakistan as per the announced schedule.

Pakistan set to register 38 exporters with Amazon

In an effort to increase its e-commerce with outside world, Pakistan has sent a list of 38 exporters to US giant Amazon for registration. Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood revealed the news while chairing the second meeting of National e-Commerce Council on Thursday. Initially surgical, sports goods and home textiles exporters have been chosen only.

Hafeez Shaikh presents a fragile state of Pakistani economy

Advisor to the Prime Minister on Finance Abdul Hafeez Shaikh presented the Pakistan Economic Survey 2019-20 on Thursday, highlighting the fragile state of the Pakistani economy in the outgoing fiscal year. Shaikh revealed that the GDP is expected to contract 0.38% in FY 2020 despite 2.67% growth in the agricultural sector, as the industrial and services sectors see growth of -2.64% and -0.59% respectively this year.

Army unofficially back in control in Pakistan : Bloomberg

The global leader in business and financial data, Bloomberg, speculates Army is slowly tightening its grip in Pakistan and is unofficially back in control. With Imran Khan’s dwindling popularity and more than a dozen military officials in prominent government roles, the idea seems plausible to many. Military has certainly been Pakistan’s most important institution, but the supporters of “New Pakistan” had not envisioned this.

Pakistan among latest countries to get Paris Club debt relief

The Paris Club of creditor nations have agreed to suspend debt service payments from Pakistan, Chad, Ethiopia and the Republic of Congo as part of a G20 debt relief deal, the group said. The latest agreements bring to 12 the number of countries to receive debt relief under the deal with a total of $1.1 billion in debt deferred as a result.

IMF proposes to freeze government officers salaries

The International Monetary Fund (IMF) has asked Pakistan to freeze all major non-development expenditures heads, including salaries and defence, in order to bring down primary deficit. The IMF staff proposed Pakistan to to undertake massive fiscal adjustments of Rs1,150 billion to bring down primary deficit at negative 0.4 percent of GDP for the upcoming budget 2020-21 post COVID-19 pandemic. 

Three million expected to go jobless in Pakistan due to COVID-19

Owing to the outbreak of the Corona pandemic, around three million Pakistanis are expected to go jobless. The findings were submitted by the finance ministry to Senate on Friday. Out of the three million jobs, the industrial sector is likely to lose one million and the remaining two million will be lost in the services sector.

Ogra directs petrol pumps to maintain minimum 20 days supplies

The Oil and Gas Regulatory Authority (OGRA) has directed petrol pumps to maintain a minimum supply of 20 days. In order to ensure the quantities OGRA has asked Hydrocarbon Development Institute of Pakistan (HDIP) to physically inspect the availability of petrol and high speed diesel at depots, retail outlets (petrol pumps) and refineries of all oil companies.

Pakistan to remove ban on export of COVID-19 safety equipment

Pakistan is looking to remove the ban on the export of COVID-19 personal protective equipment (PPE) this week. This will allow local manufacturers to export COVID-19 related material overseas. Federal Minister for Science and Technology Fawad Chaudhry took to Twitter to announce this. It was also announced that Pakistan has received a large number of orders for face masks from different parts of the world including the US, Canada, and Europe.