Browsing: Business

Pakistan’s trade deficit has shown a robust improvement of 33.59% in the first five months of the fiscal year (5MFY24), shrinking to $9.378 billion, driven by increased exports (1.93%) and a significant decrease in imports (17.32%). This positive trend reflects the country’s efforts to enhance economic stability through a narrowed trade deficit.

Chinese electric bike manufacturer TAILG is teaming up with Hi-Speed Motorcycles to bring eco-friendly electric bikes to Pakistan, aiming to transform the two-wheel industry and reduce travel costs. Hi-Speed Motorcycles has started teasing the imminent launch of TAILG’s electric bikes, promising an ultimate eco-friendly journey for Pakistani consumers.

Nestlé Pakistan has donated PKR 5 million to back SOS Children’s Village, showcasing its commitment to orphaned children’s welfare. This reflects Nestlé’s ongoing dedication to community development and social responsibility in Pakistan through its Creating Shared Value philosophy.

Pakistan and China concluded their fourth maritime dialogue, pledging to enhance cooperation in naval exchanges, regional collaboration, and addressing emerging challenges for a peaceful Asia-Pacific. The nations reaffirmed their commitment to strengthening their enduring friendship and strategic partnership.

The Pakistani rupee saw its third consecutive day of improvement against the US Dollar, closing at 285.17. Additionally, Pakistan and Kuwait signed seven agreements to attract significant investments, spanning crucial sectors like agriculture, power, water supplies, mining, technology zones, and mangrove preservation.

InfraZamin Pakistan and Kashf Foundation’s successful closure of South Asia’s first ‘Gender Bond,’ raising Rs. 2.5 billion, marks a significant stride in empowering 30,000 women from low-income backgrounds for entrepreneurial pursuits and micro-infrastructure development, contributing to Pakistan’s economic growth.

The Federal Board of Revenue (FBR) surpassed its November 2023 tax collection target with Rs. 736 billion, demonstrating a 38 percent growth. Over the first five months, FBR collected Rs. 3,484 billion, exceeding the set target despite a 54 percent rise in refunds and issuing three million tax notices to non-filers for improved compliance.

Tetra Pak Pakistan collaborates with WWF for the sixth year to educate 10,000 students across 50 schools on sustainability through engaging activities and recycling initiatives, fostering environmental responsibility from a young age.

The Pakistani rupee showed resilience by gaining 13 paisas against the US Dollar for the second consecutive day, closing at 285.39. Amid broader depreciation trends since January 2023, discussions with the IMF are in progress to formulate a new bailout program, recognizing Pakistan’s current economic challenges.

Pakistan’s interim government is set to slash petrol and diesel prices by up to Rs20 per litre in early December, responding to the recent decline in global oil prices. This move aims to alleviate inflationary pressures on the public, offering relief amidst economic challenges.