ISLAMABAD: Fiscal deficit and trade deficit are collectively known as twin deficits because they often feed on each other. As for May 28, 2018, monetary policy statement admits, with a projected fiscal deficit of 5.8% of gross domestic product (GDP) for full FY18 and a trade deficit of 11% of GDP recorded in first 10 months…
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ISLAMABAD: Though the political parties realize the grave economic situation of the country, they have not shared their strategy of dealing with the immediate challenges on the economic front in their manifestos shared recently. All the major political parties including Pakistan Peoples Party (PPP), Pakistan Muslim League Nawaz (PML-N) and Pakistan Tehrik-e-Insaf (PTI) have not disclosed…
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China Southern, the largest air carrier in Asia by fleet size, plans to launch a route between Guangzhou and Lahore on August 28. Guangzhou is an important hub of Pakistan-China Cooperative Partnership. Pakistan has its Consulate General in this China’s major city which is the source of giving a boost to trade and economic ties…
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Turkey and Pakistan today signed a deal for the sale of 30 T129 ATAK helicopters, according to the Turkish Defence Industries Undersecretariat (SSB). “Contract negotiations on T129 ATAK helicopters between Turkish Aerospace Industries (TAI) and the Pakistani Ministry of Defence Production were finalized,” the undersecretariat said in a statement. This is the biggest single export in the history of the Turkish…
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ISLAMABAD: Pakistan’s trade deficit widened to an all-time high of $37.7 billion in the outgoing fiscal year, contributing to the rising current account deficit of the country. The deficit soared almost 16 percent during the 2017-18, posing a serious challenge for the government to control the menace of rising current account deficit, according to official…
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KARACHI: Pakistan’s incoming government would need belt-tightening reforms introduced by the IMF’s loan program to tackle external account challenges, a senior industry official said on Wednesday amid reports that talks are underway to obtain $1 to 2 billion from Saudi Arab or UAE. Ehsan Malik, the chief executive officer of Pakistan Business Council (PBC) said…
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KARACHI: Pakistan Business Council (PBC) has launched the 100-day economic agenda for the upcoming government. PBC Chief Executive Ehsan Malik said relying on short-term loans is not sustainable and an IMF programme is inevitable. The opposition and the government must take this opportunity to work together to revive domestic manufacturing. He said short-term solutions aim…
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KARACHI: All Pakistan Textile Mills Association (Aptma) on Monday opposed the re-imposition of customs duty on import of cotton. Aptma Senior Vice Chairman Zahid Mazhar said the customs duty of three percent and additional customs duty two percent on import of cotton with effect from July 15, 2018, was the last nail in the coffin…
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ISLAMABAD: Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Sunday said that the rising petroleum prices are not a way for the government to make money. The CJP expressed this concern while a three-member bench of the Supreme Court (SC) was hearing a case related to the same. He said that 85 percent of the…
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LAHORE: The Pakistan Carpet Manufacturers and Exporters Association (PCMEA) has urged the government to direct the Commercial Attaches abroad to facilitate the export of Pakistani products in the international market through their official network. The appeal was made by Pakistan Carpet Manufacturers and Exporters Association chairman Latif Malik while talking to office bearers of the association…
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