ISLAMABAD: Pakistani exports registered a whopping increase of over 13 percent in February when compared to the corresponding month of the last year as the country received more orders from the international market amid the coronavirus pandemic.
Global stock markets, businesses, manufacturing and production have slowed down since January when the novel coronavirus outbreak was first reported in China’s Wuhan city that has now spread to more than 80 countries and territories.
The virus has killed more than 3,300 people, most of them in mainland China, with more than 95,000 global cases.
The country has registered an increase of 13.82 percent in the exports with a 1.71 percent decrease in imports, bringing down the balance of trade to 14.61 percent in February, according to the Pakistan Bureau of Statistics.
Pakistan’s total exports were recorded at $24.7 billion in the last fiscal year which the government is struggling to double in the next five years to bridge the fiscal deficit, avert balance of payments crisis and boost foreign exchange reserves.
“The recent increase in our exports is mainly attributed to the coronavirus crisis which has slowed down global production, especially in China,” Shahid Sattar, executive-director of the All Pakistan Textile Mills Associations, told Arab News on Thursday.
He said that Pakistani exporters had started getting more orders from different countries after the spread of coronavirus since it decelerated production and manufacturing activities in China, one of the largest exporters to the developed countries.
“We will be able to retain this global market share and increase our exports manifold in the coming months, provided that our exporters maintain the quality of their products,” Sattar said.
Pakistan has devalued its currency by approximately 32 percent in the last two years and introduced a number of incentives for manufacturers and industrialists in a bid to boost its exports. The country also secured a $6 billion bailout package from the International Monetary Fund (IMF) in May last year, promising to let the currency exchange rate adjust to market conditions.
“The increase in the export figures is a sign that the economy of the country is moving in the right direction,” Abdul Razak Dawood, Adviser to Prime Minister Imran Khan for Commerce, Industry and Investment, said on Thursday.
Economists and experts have, however, urged the government to formulate a long-term export policy to retain the upward trend and increase the country’s access to global markets.
“Until and unless we boost our competitiveness in the global market with respect to Bangladesh, Turkey and Vietnam, we won’t be able to sustain the increase in our exports,” Haroon Sharif, senior economist and former chairman of the Board of Investment, told Arab News.
He said that Pakistan would need to increase its exports to at least $40 billion in the next five years to boost its foreign exchange reserves and strengthen its economy to a level where it can avoid IMF loans.
“It’s a long struggle to boost the exports, and we need to be consistent in our policies to achieve the goal,” Sharif added.
Pakistan’s exports pick up amid coronavirus pandemic
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Pakistan’s exports pick up amid coronavirus pandemic
- The country can retain the global market share by providing quality products, say industrialists
- Experts believe Pakistan must adopt consistent policies to boost the exports to $40 billion in five years
$170 million raised in Pakistan’s largest-ever IPO for Lucky Islamic Money Market Fund
- Lucky Investments says investors demonstrated “overwhelming confidence” in its first Shariah-compliant offering
- State Bank of Pakistan has set the target to increase the share of Islamic banking system to 35 percent by 2025
ISLAMABAD: Lucky Investments Limited said on Wednesday it had successfully raised Rs50 billion ($170 million) during the Initial Public Offering (IPO) of its debut fund, the Lucky Islamic Money Market Fund, the largest ever mutual fund launch in Pakistan.
The Fund had declared the launch of its IPO for April 9, inviting all interested investors to become part of a historic interest-free, Shariah-compliant Pakistan initiative, as per a notice issued by the company.
“This landmark achievement marks an extraordinary milestone in Pakistan’s financial sector, where investors nationwide demonstrated overwhelming confidence in the company’s first Shariah-compliant offering,” Lucky Investments said in a statement.
“The record-breaking subscription underscores robust demand for Islamic financial products and firmly positions Lucky Investments’ place as a promising new player in Pakistan’s Asset Management Industry.”
Lucky Investments, a subsidiary of Pakistan’s Lucky Group, focuses on investment and portfolio management across sectors like energy, real estate and manufacturing. Originally known as Interloop Asset Management Limited, the company was acquired by Yunus Brothers Group in December 2024 and rebranded as Lucky Investments Limited.
The company listed Lucky Islamic Money Market Fund as the first in a planned series of Shariah-compliant mutual funds set to be introduced by the company.
“We are profoundly grateful for the extraordinary trust placed in us by investors across Pakistan,” Lucky Investments Chief Executive Officer Mohammad Shoaib was quoted as saying in the statement.
“Breaking the national record with a Rs50 billion subscription in a single day is not just a milestone for Lucky Investments, but a testament to the growing strength of Islamic finance in our market.”
Shariah-compliant investments are gaining traction in Pakistan as investors seek ethical, faith-based financial solutions. Supported by a growing Islamic finance sector and regulatory backing from the Securities and Exchange Commission of Pakistan and the State Bank, the market continues to expand through mutual funds, sukuk, and Islamic banking products.
In 2024, Islamic banking in Pakistan held a significant market share, with assets and deposits accounting for approximately 19 percent and 24 percent of the overall banking industry, respectively, by the end of September.
The State Bank has set the target to increase the share of the Islamic banking system to 35 percent by 2025.
Pakistanis divided as Afghan migrants face expulsion under new policy
- Pakistan has asked all “illegal foreigners” and Afghan Citizen Card holders to leave or face deportation from April 1
- Move is part of larger deportation drive that began in November 2023 and has seen over 900,000 Afghans expelled
ISLAMABAD: As Pakistan intensifies its campaign to expel thousands of Afghan migrants, opinions in Islamabad remain divided, according to interviews with residents.
Earlier this year, Pakistan’s interior ministry asked all “illegal foreigners” and holders of Afghan Citizen Cards — a document launched in 2017 to grant temporary legal status to Afghan refugees — to leave the country before Mar. 31, warning that they would otherwise be deported from April 1. The move is part of a larger repatriation drive of foreign citizens that began in November 2023, with over 900,000 Afghans expelled from Pakistan since.
While 19-year-old student Rubab Iffat called the deportations “not right,” others like teacher Pervaiz Akhtar supported the government’s decision, saying Afghans were against Pakistan and were behind terror attacks in the country. The government in Kabul denies Afghanistan is to blame for Pakistan’s security problems.
“Even on social media, they [Afghans] are against Pakistan ... They make their living here, but they are against us,” Akhtar said.
“If you look overall, even locally, if you ask someone what Afghans say about us, they are against our country. Terrorism is also being carried out from there [Afghanistan] so it is justified that they leave. And they should go by all means, their country is Afghanistan.”
But Iffat said the government was not “doing the right thing” by expelling Afghans:
“Because they have been living here [Pakistan] for a long time and their home is here now, their children are studying here, so this is their country too. They should be given the same rights as us.”
Meanwhile, Afghanistan-bound trucks have been piling up outside Pakistan migrant camps as pressure to leave mounts.
In a migrant camp in the southwestern border town of Chaman, Afghan migrant Ismail prepared to return to his home country, leaving behind an “unfinished” life after a decade in Pakistan.
“I had a stable job, I had found stability,” he said, standing in front of rows of loaded trucks bound for Afghanistan. “Then the government told us we had to leave.”
Ghulam Hazrat said he had to leave behind his house and business and in the days leading up to leaving Karachi where he has lived for years, he had faced harassment from police.
“We were harassed every day. They didn’t even spare us on the streets and threw us straight into jail,” Hazrat added.
“Because of all this, we became very desperate and decided to leave Karachi [for Afghanistan].”
KFC, Domino’s Pizza outlets attacked in Pakistan over Gaza war — police
- Mobs have attacked KFC and Domino’s Pizza outlets in Pakistan’s commercial capital of Karachi in three separate assaults since Monday
- Attacks widely blamed on TLP religious-political party which denies involvement and says using peaceful means to force boycotts
KARACHI: Three Kentucky Fried Chicken restaurants and one Domino’s Pizza outlet were attacked in the Pakistani city of Karachi over the past three days, causing some damage but no injuries, police said, describing the assaults as being motivated by anger over Israel’s war in Gaza.
Boycott campaigns have hit Western brands in many Muslim countries since the start of Israel’s latest war on Gaza in October 2023, spearheaded by the BDS Movement, a global, Palestinian-led campaign advocating for non-violent pressure on Israel to respect Palestinian rights under international law. The movement calls for the boycott of certain companies and organizations that it says have invested in Israel or donate to its military and are directly profiting from its economy.
While not officially on the BDS boycott list, KFC has faced backlash from pro-Palestinian advocates in many countries who believe the brand’s operations in Israel contribute to the conflict. KFC, owned by Yum! Brands, has faced boycotts in many Arab nations and accusations of supporting Israel due to Yum! Brands’ investments in Israeli-based startups, but the company maintains it is non-political and denies supporting the Israeli military or government. Dominos is on the boycott list of the BDS, which says it donates to the Israeli military, an accusation the company denies. There is, however, an Israeli subsidiary of Domino’s Pizza.
“A mob of about 100 to 150 people attempted to ransack a multinational food chain outlet and block the main highway,” Senior Superintendent of Police (SSP) in the Malir area, Kashif Abbasi, to Arab News, confirming that the outlet was a local branch of KFC.
He said police acted promptly, dispersed the crowd and prevented damage to the building while arresting nine suspects.
On Tuesday, a mob of around 35 people attacked KFC and Domino’s Pizza restaurants in Karachi, with ten suspects arrested.
“The attack on the food outlets was motivated by anger over the situation in Gaza,” said Syed Asad Raza, Deputy Inspector General (DIG).
“There is a similar pattern across the Muslim World, especially Bangladesh and other countries, mostly incited through social media.”
In a third attack on Monday over a dozen men hurled stones at a KFC outlet and broke its windows.
“They were unable to enter the outlet and fled due to the prompt response of the police. No arrests have been made, but we have registered a case against the unidentified attackers,” Dr. Farrukh Raza, Senior Superintendent of Police for East Karachi, told Arab News.
On Wednesday, media also reported attacks on a KFC branch in the eastern Pakistani city of Lahore.
The attacks have been widely blamed on the Tehreek-e-Labbaik Pakistan (TLP) religious-political party, known to lead violent protests in the country, most prominently in support of blasphemy laws.
However, TLP spokesperson Rehan Mohsin Khan distanced the party from the attacks on the KFC and Domino’s Pizza restaurants and told Arab News that while TLP’s stance on the Palestine issue was “clear,” violent protests were “not part of our policy.”
“If one or two members of Tehreek-e-Labbaik Pakistan were present among the protesters out of their love for Gaza, it does not mean that it was the policy of the party or we support violence,” he said.
“We are in favor of peaceful protests, and we are trying to pressure the Pakistani government to officially boycott all these products.”
Pakistanis eligible for five-year visa to UAE — officials
- There have been widespread reports in recent months of a decline in visa approvals for Pakistanis by the UAE
- Problems with documents, criminal records and lack of respect for local laws among reasons for refusals to Pakistanis
KARACHI: A provincial governor in Pakistan and the UAE consulate in Karachi said this week visa issues between the two countries had been resolved and Pakistanis could now apply for five-year visas to the Emirates.
There have been widespread reports in recent months of a decline in visa approvals by the UAE for Pakistanis and a decrease in overall employment opportunities for the South Asian country’s nationals, allegedly due to their lack of respect for local laws and customs, as well as their participation in political activities and sloganeering while abroad.
News that visa issues had been resolved first came on Monday from the office of the governor of Pakistan’s Sindh province after he met UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi in Karachi.
“In a meeting with Governor Sindh Kamran Khan Tessori, UAE Ambassador Hamad Obaid Al-Zaabi said that visa issues have been resolved, Pakistanis can get five-year visas,” Tessori’s office said in a statement.
On Tuesday, the UAE’s consulate in Karachi, the provincial capital of Sindh, also released a statement about the meeting between Al-Zaabi and Tessori, quoting the governor as saying Pakistanis could avail the five-year visa facility.
“We love Pakistanis very much,” the statement added, quoting Consul General Bakheet Ateeq Al-Rumaithi. “Every person can apply for a UAE visa … Pakistani citizens can also apply for a UAE visa for work, medical treatment and other needs.”
In February, Pakistani Ambassador to the UAE, Faisal Niaz Tirmizi, had said several factors were contributing to Pakistanis’ inability to obtain visas, including problems with documentation and criminal records of applicants.
There are approximately 1.5 to 2 million Pakistanis living in the UAE, making them the second-largest expatriate group after Indians. The Gulf nation is also the second largest source of foreign remittances to Pakistan after Saudi Arabia.
Pakistan stocks remain under pressure on uncertainty over US tariffs
- Benchmark KSE-100 index experienced significant intraday pressure on Wednesday, plunging as much as 2,640 points during the session
- Global markets took a pummeling on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China came into effect
ISLAMABAD: Pakistan’s benchmark KSE-100 index experienced significant intraday pressure on Wednesday, shedding as much as 2,640 points during the session before settling at 114,153 points on uncertainty over US tariff measures.
Global markets took a pummeling on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China came into effect, and a savage selloff in US bonds sparked fears that foreign funds were fleeing US assets.
This week has brought crisis-era volatility to markets, wiping off trillions of dollars in value from stocks and hitting commodities and emerging markets with force.
“The Pakistan Stock Exchange remained under significant pressure today, as mounting uncertainty over potential US tariff measures reverberated across global financial markets,” Pakistani brokerage house Topline Securities said in its daily market review.
“In line with the negative trend witnessed in international equities, the local bourse experienced heightened volatility throughout the session.”
After plunging as much as 2,640 points during intraday trading on Wednesday, some recovery was seen in the latter half of the day and the index closed at 114,153 points, marking a net decline of 1,379 points or 1.19%.
On Tuesday, Pakistan stocks had closed at 118,938, gaining 623 points (0.54%), a day after the exchange fell to an intraday low of 8,687 points, the largest intraday point-wise drop in PSX history.
Major stock indexes plunged on Monday after Trump announced tariffs on goods imported from the rest of the world, saying a 10% tariff on all nations and much higher rates of up to 50% on individual countries will boost the US economy and protect jobs.
The Trump administration has also imposed a 29% tariff on Pakistan.
