Pakistan’s economy grows 0.92 percent in Q1 of ongoing fiscal year

Pakistan’s economy grows 0.92 percent in Q1 of ongoing fiscal year
People buy grocery items at a store in Peshawar, Pakistan, on April 5, 2021. (AFP/File)
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Updated 30 December 2024
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Pakistan’s economy grows 0.92 percent in Q1 of ongoing fiscal year

Pakistan’s economy grows 0.92 percent in Q1 of ongoing fiscal year
  • The country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the IMF
  • The growth was driven by positive performances in agriculture and services sectors, which grew by 1.15 percent and 1.43 percent, respectively

KARACHI: Pakistan’s economy grew by 0.92 percent in the first quarter of the fiscal year 2024-25, despite a contraction in the industrial sector, according to data approved by the National Accounts Committee, and released by its Statistics Bureau on Monday.
The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.
The growth was driven by positive performances in the agriculture and services sectors, which grew by 1.15 percent and 1.43 percent, respectively, in the first quarter of the fiscal year which ends in June 2025.
Pakistan’s economy grew by 2.69 percent year-on-year in the first quarter of the previous 2023-24 fiscal year.
However, the industrial sector contracted by 1.03 percent, mainly due to a decline in mining and quarrying activities during July-September, read the report.
The committee compiling the national accounts approved the introduction of quarterly estimates of expenditure of the economy.
On the basis of latest figures of the national accounts aggregates for the last fiscal year, the overall size of the economy stood at 105.6 trillion Pakistani rupees ($379.31 billion).
Annual per capita income in rupees was recorded at 472,263 Pakistani rupees ($1,696.35).
The committee also approved an updated annual growth rate for the last fiscal year 2023-24, which stood at 2.50 percent, slightly lower than the previously estimated 2.52 percent.


Pakistan warns of more showers, landslides after rains kill 31 this week

Pakistan warns of more showers, landslides after rains kill 31 this week
Updated 9 sec ago
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Pakistan warns of more showers, landslides after rains kill 31 this week

Pakistan warns of more showers, landslides after rains kill 31 this week
  • The downpours, likely to continue till July 5, may disrupt transportation, communication and electricity services
  • Pakistan, home to over 240 million, is currently bracing for an extreme monsoon season that lasts till mid-Sept.

ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Sunday warned of more showers, flash floods and landslides in the country from June 29 till July 5, following the deaths of more than 30 people rain-related incidents this week.

Downpours are expected to hit Kashmir, northeastern Punjab, Potohar region, Islamabad, and upper and central parts of Khyber Pakhtunkhwa between June 29 to July 3. This may result in urban flooding in low-lying areas of Central Khyber Pakhtunkhwa, particularly in the cities of Peshawar, Charsadda, Nowshera, and Kohat.

In the Potohar region, including Attock, Chakwal, Rawalpindi, and Islamabad, there is a high likelihood of urban flooding, especially during the nighttime hours from 9pm to 4am on June 29. Rain emergencies may also occur in the low-elevation areas of Jhelum, Mandi Bahauddin, Gujrat, Sialkot, Gujranwala, Narowal, Lahore, Faisalabad and Sargodha.

“These conditions could lead to disruption of transportation in hilly and mountainous regions, landslides, and interruption of communication and electricity services,” the NDMA said in a statement on Sunday afternoon.

“NDMA urges all provincial and district administrations to remain on high alert, activate contingency plans, and ensure timely dissemination of warnings in local languages.”

The authority cautioned against possible flash flooding in Hazara and Malakand Divisions in Khyber Pakhtunkhwa, lower parts of Jhelum and Poonch valleys in Azad Kashmir, and the Pir Panjal range in northeastern Punjab.

“Low-level flooding is anticipated in River Kabul at Nowshera and its tributaries, along with medium flows in Swat River,” it said.

“Similar low-level flows are expected downstream of Tarbela Dam and in the Chenab River at Khanki and Qadirabad. Additionally, flash floods are likely in tributaries and streams of River Chitral and Hunza.”

The Sindh province in the country’s south is expected to receive heavy to very heavy rainfall, particularly affecting Hyderabad, Badin, Thatta and Karachi from June 29 till July 5, according to the NDMA.

The risk of urban flooding in low-lying areas of Karachi division is expected to increase significantly from July 2, particularly in the districts of Hyderabad, Thatta and Badin, where rainwater accumulation may trigger localized flooding and emergency conditions.

“Citizens, especially those in high-risk areas, are advised to stay updated through official adviseries, avoid unnecessary travel near glacial streams, riverbanks, and flooded roads, and keep emergency kits ready,” the authority said.

Heavy rains have lashed Pakistan’s Khyber Pakhtunkhwa, Punjab and Sindh provinces since June 27, raising water levels in rivers to alarming levels and triggering floods in various cities across the South Asian country.

The death toll from drownings in the wake of flash flooding in Pakistan’s northwestern Swat River has climbed to 12, the main rescue service in KP said on Sunday.

Six people have been killed in Punjab, 18 in KP and seven in Sindh over the last two days, the NDMA said on Sunday. Punjab reported the highest number of injuries in the same period, 21, followed by Sindh with 16 and KP with six.

Pakistan, home to over 240 million people, is considered one of the world’s most vulnerable countries to the effects of climate change and faces extreme weather events with increasing frequency.

Prime Minister Shehbaz Sharif on Saturday directed the NDMA to enhance coordination with provinces and issue timely weather alerts to citizens via cellphone messages.


Islamabad’s mission, Saudi non-profit join hands to assist Pakistani special needs children in Kingdom

Islamabad’s mission, Saudi non-profit join hands to assist Pakistani special needs children in Kingdom
Updated 55 min 5 sec ago
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Islamabad’s mission, Saudi non-profit join hands to assist Pakistani special needs children in Kingdom

Islamabad’s mission, Saudi non-profit join hands to assist Pakistani special needs children in Kingdom
  • Specially abled Pakistani children will now be able to get evaluative clinics, rehabilitative services at a 60 percent discount
  • Saudi Arabia is home to over 2.5 million Pakistani expatriates and serves as the top source of remittances to South Asian nation

ISLAMABAD: The Pakistani embassy in Riyadh has signed an agreement with Saudi Arabia’s Children with Disabilities Association (CDA) non-profit group to provide Pakistani children with special needs in the Kingdom with a 60 percent discount on clinical and rehabilitation services at CDA facilities, Pakistan’s ambassador to Saudi Arabia said on Sunday.

Founded in 1982, the CDA is one of the largest child rehabilitation institutions in the region, providing care and support through rehabilitation and education to disabled children from birth until they are 12 at 11 CDA branches supported by a community of 4,900 members.

Pakistan’s Ambassador to Saudi Arabia Ahmed Farooq and CDA Board of Directors Chairman Prince Sultan bin Salman bin Abdulaziz signed a cooperation agreement in Riyadh on June 24 for Pakistani special needs children for a period of one year, extendable with the mutual consent of both parties.

“We are pleased to share that a long-standing demand of our community has been fulfilled,” Ambassador Farooq told Arab News, adding that the embassy can now refer specially abled Pakistani children below the age of 14, who require evaluative clinic and rehabilitative services, to the CDA.

“All centers of the association will offer these children the support they need, including a 60 percent reduction in their rates.”

Pakistan’s Ambassador to Saudi Arabia Ahmed Farooq (left) shakes hand with the Children with Disabilities Association Prince Sultan bin Salman bin Abdulaziz signed a cooperation agreement in Riyadh, Saudi Arabia, on June 24, 2025. (Pakistan Mission in Riyadh)

The Pakistani envoy said the CDA would offer rehabilitative services to these children in both English and Arabic languages, and thanked Prince Sultan for his support in this regard.

Pakistan and Saudi Arabia enjoy strong trade, defense, cultural and brotherly relations. The Kingdom is home to over 2.5 million Pakistani expatriates and serves as top source of remittances to the cash-strapped South Asian country.

To avail this service, Ambassador Farooq said, Pakistani community members will have to send a written request to the embassy, including full name, age and passport details of the child.

“Upon receiving requests, the embassy will refer them to the association for further processing, after which the child will be enrolled as a student at a [CDA] center,” he said, hoping this important step will not only address the immediate needs of the community but will also help build confidence in the mission’s public service.

The implementation of the cooperation instrument began on the date of signing of the agreement between both sides and will remain in effect for one year, according to the agreement seen by Arab News.

The agreement was driven by the Pakistani mission’s interest in providing rehabilitation services to the expat community and the CDA’s goal to enhance the level of services provided to children with disabilities in different regions of the Kingdom, whether citizens or residents.

“The second party [CDA] will offer a special discount for assessing and providing rehabilitative services to referred beneficiaries,” the document said, adding that the beneficiaries’ guardians were responsible for covering the costs of assessment and therapeutic services after the discount was applied.

It stated that the association would provide an annual report on the services rendered to patients under this cooperation.

“A contact officer and coordinator shall be appointed by both parties, with each party providing the other with names and information before commencing work under this instrument of cooperation,” the document said.


China rolls over $3.4 billion of commercial loans to Pakistan

China rolls over $3.4 billion of commercial loans to Pakistan
Updated 57 min 1 sec ago
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China rolls over $3.4 billion of commercial loans to Pakistan

China rolls over $3.4 billion of commercial loans to Pakistan
  • The IMF required Pakistan’s foreign exchange reserves to be over $14 billion at the end of the current fiscal year on June 30
  • Foreign loans, especially the Chinese ones, are critical to shoring up cash-strapped Pakistan’s low foreign exchange reserves

KARACHI: China has rolled over $3.4 billion in loans to Islamabad, which together with other recent commercial and multilateral lending will boost Pakistan’s foreign exchange reserves to $14 billion, a finance ministry source said on Sunday.

Beijing rolled over $2.1 billion, which has been in Pakistan’s central bank’s reserves for the last three years, and refinanced another $1.3 billion commercial loan, which Islamabad had paid back two months ago, the source said.

Another $1 billion from Middle Eastern commercial banks and $500 million from multilateral financing have also been received, he said.

“This brings our reserves in line with the IMF target,” he said.

The loans, especially the Chinese ones, are critical to shoring up Pakistan’s low foreign reserves, which the IMF required to be over $14 billion at the end of the current fiscal year on June 30.

Pakistani authorities say that the country’s economy has stabilized through ongoing reforms under a $7 billion IMF bailout.


Security forces kill two ‘Indian-sponsored’ militants in restive Balochistan — Pakistani military

Security forces kill two ‘Indian-sponsored’ militants in restive Balochistan — Pakistani military
Updated 29 June 2025
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Security forces kill two ‘Indian-sponsored’ militants in restive Balochistan — Pakistani military

Security forces kill two ‘Indian-sponsored’ militants in restive Balochistan — Pakistani military
  • Two militants were also apprehended during a security forces raid in Balochistan’s Duki district
  • Pakistan and India often accuse each other of supporting militancy, a charge denied by either

ISLAMABAD: Pakistan’s security forces have killed two militants and arrested two others during an operation in the southwestern Balochistan province, the Pakistani military said on Sunday.

The intelligence-based operation was conducted in Balochistan’s Duki district on reported presence of militants, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.

The militants were killed in an intense exchange of fire during the operation.

“Weapons, ammunition and explosives were also recovered from the Indian-sponsored terrorists, who remained actively involved in numerous terrorist activities in the area,” the ISPR said.

“Sanitization operation is being conducted to eliminate any other terrorist found in the area.”

Balochistan, Pakistan’s largest but most impoverished province, has been the site of a long-running insurgency that has intensified in recent months, with separatist militants attacking security forces, government officials and installations and people from other provinces who they see as “outsiders.”

Islamabad accuses India of backing the separatists in Balochistan as well as religiously motivated militant groups, like the Pakistani Taliban, in its northwestern Khyber Pakhtunkhwa (KP) province. India denies the allegations.

On Saturday, the Pakistani military said a suicide bomber rammed an explosive-laden car into a Pakistani military convoy near the Afghan border in the northwest, killing at least 13 soldiers, blaming New Delhi for the attack.

India’s ministry of external affairs said on Sunday it rejected the Pakistani military statement, seeking to blame India for Saturday’s attack in the North Waziristan district.

Pakistan and India, which often accuse each other of supporting militancy, last month traded missile, drone and artillery fire for four days over a militant attack in Indian-administered Kashmir. India accused Pakistan of backing the assault, an allegation denied by Islamabad.


Balochistan officials say Daesh involved in high-profile kidnapping, murder of schoolboy

Balochistan officials say Daesh involved in high-profile kidnapping, murder of schoolboy
Updated 29 June 2025
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Balochistan officials say Daesh involved in high-profile kidnapping, murder of schoolboy

Balochistan officials say Daesh involved in high-profile kidnapping, murder of schoolboy
  • Muhammad Musawir Khan Kakar, who was from a family of gold traders, was kidnapped by armed men in Quetta on Nov. 15
  • Balochistan government officials vow to arrest suspects involved in kidnapping and murder of 11-year-old schoolboy

ISLAMABAD: Senior officials of the Balochistan government this week said Daesh militants had abducted and murdered a schoolboy, whose kidnapping last year triggered a weeks-long protest in the province. 

Eleven-year-old Muhammad Musawir Khan Kakar, a third-grade student, was kidnapped from a school van by unidentified armed men while on his way to school in Quetta on Nov. 15, 2024. His family said they had not received any ransom call from the kidnappers since his abduction.

Kakar's relatives and other protesters had staged a sit-in protest at Quetta’s Unity Square for 14 days after his abduction. They ended the protest after Balochistan Chief Minister Sarfaraz Bugti met and assured them of setting up a team to recover the boy. 

Kakar belonged to a prominent tribal family involved in the gold trading business in Balochistan for decades. 

"I do not merely want to condemn the brutal manner in which Daesh terrorists martyred the innocent child Musawir Kakar for ransom—I consider it my responsibility to ensure that those involved in this incident are brought to justice," Balochistan Chief Minister Sarfraz Bugti wrote on social media platform X on Saturday. 

Bugti said the provincial government had undertaken hectic efforts to recover Kakar over the past seven months. 

"The entire state machinery has now been mobilized against those involved in this incident," he said. 

Separately, Quetta Commissioner Hamza Shafqaat shared details of the incident. He said militants part of a Daesh cell operating from abroad had abducted the boy and demanded Rs3 billion [$10.58 million] as ransom, following which police and intelligence agencies launched a joint operation to recover him.

Shafqaat said six suspects were identified by law enforcers, out of which five were Afghan nationals and one was a Pakistani citizen. 

The Quetta official said over 1,000 CCTV videos were analyzed while over 2,000 houses and 400 rented properties were searched. He added it was considered one of the largest search operations in which police, the Counterterrorism Department, Intelligence Bureau and Frontier Corps took part. 

Shafqaat said the operation progressed to a key hideout where one Afghan suspect detonated himself while another was killed. In a separate operation, he said the other gang members were located. 

"It was confirmed that the child had been martyred and was secretly buried," Shafqaat said. "The body was recovered, identified through DNA, and handed over to the family."

He said the provincial government was taking legal action against those involved in militant activities from across the border.

"Rest assured all of them will be arrested," he vowed.