ISLAMABAD: Pakistan’s central bank on Thursday said structural impediments such as low savings, falling investment and an unfavorable business environment continue to pose challenges to its macroeconomic stability.
The State Bank of Pakistan released its annual report on the state of the country’s economy on Thursday, observing that Pakistan’s macroeconomic conditions had improved due to the government’s stabilization policies, successful engagement with the International Monetary Fund (IMF), reduced uncertainty, and favorable global economic environment.
After suffering from a prolonged economic crisis, Pakistani authorities have reported that the country’s foreign exchange reserves have improved while its stock market has seen record gains this year. Inflation in the country has also dropped to 6.9% in September this year from a staggering 38 percent in May 2023.
“Notwithstanding these positive developments, the report highlights that a host of structural impediments continue to pose challenges to sustaining macroeconomic stability,” the SBP said in a press release.
“Falling investment amid low savings, unfavorable business environment, lack of research & development, and low productivity, alongside climate change risks continue to constrain the economy’s growth potential,” it added.
The report pointed out that longstanding inefficiencies in the energy sector have resulted in the accumulation of circular debt. noting that the government has started to address energy sector challenges through “substantial price adjustments.”
However, the report said that there is a need to broaden these efforts by introducing sectoral policy and regulatory reforms.
“These reforms are also necessary to address the issue of inefficiencies in the State-owned Enterprises (SOEs) that continue to be a drain on fiscal resources, which are already constrained by low tax-to-GDP ratio,” the report pointed out.
The SBP also noted that it had kept a tight monetary policy that remained unchanged mostly throughout the outgoing fiscal year at 22 percent. It spoke of the reforms introduced by the SBP in foreign exchange companies and the government’s administrative actions to bring order in foreign exchange and commodity markets.
“The government continued the fiscal consolidation, with the primary balance posting a surplus for the first time in 17 years,” it said.
The SBP said the government’s fiscal consolidation efforts and the lagged impact of its tight monetary policy stance are anticipated to further weaken inflationary pressures in FY25.
“In addition, the continued fiscal consolidation is also expected to support further decline in inflation,” the report said.
“Further, the recent outturns suggest the average inflation to fall below the earlier projected range of 11.5 – 13.5% in FY25.”
Structural impediments pose challenges to Pakistan’s macroeconomic stability — central bank
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Structural impediments pose challenges to Pakistan’s macroeconomic stability — central bank
- Central bank’s annual report cites low savings, falling investment, energy sector woes as structural impediments
- Average rate of inflation expected to fall below projected range of 11.5 – 13.5% in FY25, says SBP report
Famed Pakistani chef Zakir Qureshi passes away in Karachi
- Qureshi inherited the passion for culinary arts from his father who worked with British Airways and PIA
- He began his professional career at Karachi’s Sheraton Hotel in 1980 and first appeared on TV in mid-2000s
KARACHI: Renowned Pakistani chef Zakir Qureshi has passed away in Karachi, his family confirmed on Tuesday, bringing an end to his famous shows that provided diverse culinary expertise to countless people.
Born in the southern Pakistani port city of Karachi on Feb. 16, 1967, Qureshi inherited the passion for culinary arts from his father, Abdul Aziz, who worked as a chef with British Airways and Pakistan International Airlines (PIA).
The celebrity chef, who had maintained a loyal audience through his television programs, had been battling a kidney disease and remained under treatment in the United States until a month ago, according to his nephew. He passed away on Monday night.
“For uncle Zakir, cooking was more than a profession; it was a family tradition. However, he distinguished himself as the only member to pursue formal culinary studies abroad. He always spoke with great affection about his mentors, especially Sultana Siddiqui and Athar Waqar Azim,” Qureshi’s nephew, Shayan Qureshi, told Arab News.
“He was a kind, well-mannered, and loving individual. His culinary skills were exceptional. He not only revitalized traditional dishes but also skillfully adapted international cuisines to appeal to the Pakistani palate. His television shows not only brought delicious flavors into countless homes but also imparted the art of cooking.”
Qureshi had traveled to Dubai, Singapore, South Africa and Botswana for work and studies, according to his family. He began his professional career at Karachi’s Sheraton Hotel in 1980 and first appeared on TV in mid-2000s.
Zohaib Aalim, producer of Zakir’s Kitchen show, told Arab News that Qureshi had always been warm and respectful toward others, and always stayed focused on his work.
“Chef Zakir worked with us from 2015 to 2021. His most admirable quality was that he taught the best recipes within a limited budget. He used to say that he wanted to teach dishes people could actually make at home within their means,” Aalim said.
“In that sense, he was truly exceptional. He popularized Chinese, Continental, and Desi cuisines through his simple and accessible methods.”
Aalim said the flavors Qureshi introduced, the lessons he taught, and the memories he left behind will “forever live in our hearts.”
He may be gone, but his taste, his style, and his expertise continue to breathe in every Pakistani kitchen.
Islamabad says more than 100,000 Afghans left Pakistan in April
- Analysts say the expulsions are designed to pressure the Taliban administration
- Islamabad blames the Taliban for fueling a rise in border attacks in Pakistan
ISLAMABAD: More than 100,000 Afghans have left Pakistan in the past three weeks, the interior ministry said Tuesday, after Islamabad announced the widespread cancelation of residence permits.
Calling Afghans “terrorists and criminals,” the Pakistan government launched its mass eviction campaign on April 1.
Analysts say the expulsions are designed to pressure the neighboring country’s Taliban authorities, which Islamabad blames for fueling a rise in border attacks.
The interior ministry told AFP that “100,529 Afghans have left in April.”
Convoys of Afghan families have been heading to the border since the start of April when the deadline to leave expired, crossing into a country mired in a humanitarian crisis.
Afghanistan’s prime minister Hasan Akhund on Saturday condemned the “unilateral measures” taken by its neighbor after Pakistan’s foreign minister Ishaq Dar flew to Kabul for a day-long visit to discuss the returns.
Pakistan, Malaysia join forces to develop Shariah-aligned digital assets framework
- The development comes more than a week after Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers
- Pakistan Crypto Council chief says Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a ‘natural alliance’
KARACHI: Malaysian Foreign Minister Mohamad bin Hajji Hasan has met with Bilal bin Saqib, head of the Pakistan Crypto Council (PCC), and discussed with him collaborative opportunities in blockchain technology, digital assets and Shariah-compliant finance, the Pakistani finance ministry said on Tuesday.
The development comes more than a week after Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
The move followed the establishment of the Pakistan Crypto Council last month to create a legal framework to create a legal framework for cryptocurrency trading in a bid to lure international investment.
The meeting between the Malaysian FM and PCC chief in Kuala Lumpur focused on laying the groundwork for a Pakistan-Malaysia Digital Finance Partnership, aimed at co-developing FATF-compliant, Shariah-aligned digital asset frameworks.
“Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a natural alliance,” Saqib was quoted as saying by the Pakistani finance ministry.
“Together, we have a historic opportunity to set global standards for ethical innovation in digital finance — from halal stablecoins and tokenized sukuks to compliant regulatory sandboxes and youth empowerment.”
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
Pakistan’s new policy for virtual assets and service providers, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, is meant to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan.
The finance ministry said the PCC is leading efforts to design a passportable crypto regulatory framework tailored to emerging markets that fosters innovation while ensuring full compliance with international standards.
During Saqib’s meeting with the Malaysian FM, both sides expressed strong alignment on key areas of cooperation, including regulatory coordination between financial authorities and cross-border talent development and education initiatives.
“This milestone engagement signals the beginning of a deeper economic and technological partnership between Pakistan and Malaysia — driven by a shared vision to build the future of finance through values-based innovation and strategic collaboration,” the Pakistani finance ministry said.
Pakistani PM meets Chinese executives in bid to increase cooperation in space, satellite technology
- GalaxySpace manufactures low-cost, mass-production low earth orbit satellites for commercial space sector
- Pakistan, China have deepened space cooperation through joint satellite development, planned lunar mission in 2028
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Tuesday met executives from Chinese space technology company GalaxySpace and discussed increasing cooperation in the fields of space and satellite technology and telecommunications.
Pakistan and China have deepened their space cooperation in recent months through the joint development of satellites and are planning a lunar mission in 2028. China has been key in advancing Pakistan’s space program, supporting satellite launches like PakSat-MM1 and PakSat-1R, and offering technical training through collaboration between the China National Space Administration (CNSA) and the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO).
On Tuesday, Sharif received a delegation from GalaxySpace, which specializes in developing and manufacturing low-cost, mass-production low earth orbit (LEO) satellites for the commercial space sector, with the aim of delivering high-speed broadband connectivity to remote and underserved regions around the world. The firm is often likened to US company SpaceX’s Starlink.
“GalaxySpace delegation expresses keen interest in investing in Pakistan’s space technology industry and joint ventures with Pakistani space technology institutions and private telecom companies,” Sharif’s office said in a statement after he met with the company’s chairman Xu Ming.
Sharif said Pakistan was looking to increase cooperation with China in space and satellite technology, telecommunications and the development of satellite Internet.
“Pakistan is giving utmost importance to the space technology sector,” the statement quoted Sharif as saying.
In February this year, Pakistan and China signed an MoU for Pakistan’s first lunar rover to be included in Beijing’s Chang’E 8 mission, which is a robotic exploration of the lunar south pole expected to launch in 2028. Pakistani scientists will operate the rover from Earth to map the lunar terrain, examine soil composition, assess radiation and plasma conditions and test emerging technologies to support long-term human presence on the moon.
Pakistan’s space agency has also signed an agreement with China for Pakistan’s first astronaut to embark on a mission to a Chinese space station.
In May 2024, Pakistan launched its first lunar satellite aboard China’s Chang’e-6 probe, which successfully landed on the moon’s far side, which is not visible from Earth. The mission returned in June, making China the first nation to bring back samples from this remote lunar region.
Pakistan starts vaccinating intending Hajj pilgrims against meningitis, flu and polio
- The annual Hajj pilgrimage is expected to take place in June
- Over 113,000 Pakistanis are expected to perform Hajj this year
ISLAMABAD: Pakistan has started vaccinating intending Hajj pilgrims against meningitis, flu and polio ahead of this year’s pilgrimage, the Pakistani religion ministry said on Tuesday.
The annual pilgrimage is expected to take place in June. Nearly 90,000 Pakistanis are expected to travel to Saudi Arabia under the government scheme, while 23,620 Pakistanis will perform Hajj through private tour operators this year.
The South Asian country has made arrangement for the vaccination of pilgrims at 11 Hajj camps established across the country, according to the religious affairs ministry.
“Hajj pilgrims should visit the Hajj camps as per the given schedule,” the ministry said. “Pilgrims must get the yellow card issued by the government after getting vaccinated.”
Pakistan will launch Hajj flight operations from Apr. 29, with the first flight departing from the eastern city of Lahore.
While a precise number of pilgrims for Hajj 2025 is difficult to be determined in advance, projections suggest it will be a record-breaking year, with over 2.5 million pilgrims expected.
“Special arrangements have been made for coronavirus vaccine for pilgrims above 65 years of age,” the Pakistani religion ministry added.
