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Karachi, November 7, 2024 – Pakistan’s foreign exchange (forex) reserves have witnessed a decline of $117 million by the week ended November 1, 2024, according to a report from the State Bank of Pakistan (SBP) on Thursday.
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The International Monetary Fund (IMF) will dispatch a mission to Islamabad from November 11 to 15 to address Pakistan’s fiscal challenges and explore potential corrective measures, including a possible mini-budget.
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The economic trajectory of Pakistan is firmly on course for stabilization, attributed to the government’s prudent policies, asserted Finance Minister Muhammad Aurangzeb. Addressing the 8th edition of the Future Summit in Karachi, the Finance Minister highlighted several indicators pointing toward an economic upturn, including a narrowed current account deficit, robust remittance inflows, a fortified rupee, and a recent policy rate cut.
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Karachi, November 4, 2024 – The State Bank of Pakistan (SBP) projects significant fiscal savings following its recent policy rate cuts, estimating that total interest expenses for the fiscal year 2024-25 will decrease to Rs 8.5 trillion from the initially budgeted Rs 9.8 trillion.
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Prime Minister Shehbaz Sharif announced Monday that the recent reduction in the policy rate by the State Bank of Pakistan (SBP) will invigorate business activities, bolster exports, and create new employment opportunities across the country.
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Karachi, November 2, 2024 – Pakistan’s economy appears to be on a path of gradual stabilization, supported by the new International Monetary Fund (IMF) program, according to analysts at Topline Securities Limited. With significant improvements in external accounts, a sharp decrease in inflation, and fiscal consolidation, analysts suggest that while the growth outlook remains modest, the country’s economic fundamentals are strengthening.
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Islamabad, November 1, 2024 – Pakistan’s trade deficit narrowed by 5.59% during the first four months (July-October) of the fiscal year 2024-25, according to the latest data from the Pakistan Bureau of Statistics (PBS). The trade deficit stood at $6.97 billion, a significant reduction from $7.39 billion recorded during the same period last year, signaling a positive shift in the country’s trade balance.
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Islamabad, November 1, 2024 – Pakistan’s headline inflation, as gauged by the Consumer Price Index (CPI), surged to 7.2% on a year-on-year basis in October 2024, up from 6.9% in September. This increase, while marginal, underscores an emerging inflationary trend following the more extreme inflationary environment of 2023, which saw a dramatic 26.8% rise in prices year-on-year in October.
(more…)Karachi, October 31, 2024 – Pakistan’s foreign exchange reserves posted a modest uptick, increasing by $32 million over the past week, as revealed by the latest data from the State Bank of Pakistan (SBP) on Thursday.
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Karachi, October 31, 2024 – In a landmark development, Pakistan has reported its first budget surplus in decades, marking a significant turnaround for the nation’s economic landscape. The surplus, recorded at 1.4% of the GDP for the first quarter (July-September) of the fiscal year 2024-25, reflects an amount of PKR 1.7 trillion. This achievement comes amid Pakistan’s longstanding struggle with fiscal deficits and spiraling debt.
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