Pakistan achieves thirteen-year high growth rate of 5.8 percent in FY18

Pakistan has achieved a thirteen-year high growth rate of 5.8 percent in FY18 and the average CPI inflation was well below the 6.0 percent target. However, moving forward, the challenges to Pakistan’s economy have further accentuated. First, the provisional SBP estimate for fiscal deficit in FY18 is 6.8 percent as opposed to 5.5 percent estimated in May 2018.

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Leather industry faced problem for ACD 2%

The Chairman Pakistan Tanners Association (PTA) in a statement issued today on earlier PTA instance and mutual understanding made with MOC the 3% Custom Duty on import of basic raw materials for leather industry such as raw/wet blue / pickled of cow, buffalo, goat and sheep skins has been announced to be removed in the Federal Budget for the year 2018-19 while during a meeting held with MOC by PTA delegation it was clarified categorically that Additional Custom Duty (ACD) which has been increased from 1% to 2% would automatically be removed being the integral part of Custom Duty at the time of issuance of concerned SRO in compliance with custom prescribed procedure.

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Phenomenal rise in imports stresses current account: FPCCI

Ghazanfar Bilour President FPCCI showed his serious concern over the continuous drastic increase in trade deficit of Pakistan resulting in fiscal imbalances. The exorbitant increase in import is exerting pressure on balance of payments and reflecting performance of economy.

He further informed that latest figures indicate that imports for the fiscal year 2017-18 has reached US $ 61 billion, while exports remained US $ 23 billion which results a record high trade deficit of US $ 38 billion.

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Assistant Secretary for Educational and Cultural Affairs Marie Royce visits Islamabad

Assistant Secretary for Educational and Cultural Affairs Marie Royce visited Islamabad July 11-13 to highlight the wide range of State Department education and exchange opportunities the U.S. Embassy offers to Pakistanis.

She met with Dr. Tariq Banuri, the chairman of the Pakistan Higher Education Commission, which is working to foster a culture of quality in Pakistan’s higher education sector through scholarly interaction among US and Pakistani faculty and administrators. 

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Latif Kapadia Memorial Welfare Trust continues to create awareness for various basic health issues

Latif Kapadia Memorial Welfare Trust (LKMWT) keeping their effort to create awareness for various basic health issues and the particular effects of consuming Gutka, chalia and other tobacco related substances in our society have continued their collaboration with The Hunar Foundation (THF) to safeguard the common ailments within the society by adapting precautionary measures and spreading awareness.

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Jazz and Careem collaborate to provide exciting offers to users

Jazz has collaborated with Careem to offer various promotions to its subscribers throughout the year. Subscribers can use the promo code ‘JAZZSUPER4G’ when booking a ride through the Careem app to avail a discount of20% on their next four rides. First time users of Careem app can use promo code ‘JAZZRIDE’ to receive a discount of up to PKR 250 on their first ride.

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PSX: Ferts lead the recovery

KSE-100 Index 39,875 | High 39,916 | Low 39,237 | Change +288 | Value USD33mn | Volume 59mn

Pakistan equities managed to close in green after a shallow morning start. Market opened gap down as Index heavy E&Ps took the brunt of selling following the decline in global crude prices as demand concerns rises due to US-China trade war.

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FPCCI Officers’ to contribute one-day salary for Diamer-Bhasha & Mohmand Dams

“The Officers of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) appreciating the order of the four-judge bench headed by the Chief Justice of Pakistan Mian Saqib Nisar for the construction of Diamer–Bhasha and Mohmand Dams have decided to fulfill their national obligation by donating their One-day salary, voluntarily, to the announced Fund for this cause of national importance”.

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SBP explains collection mechanism for donations for Diamer Bhasha and Mohmand Dams Fund

State Bank of Pakistan (SBP) held a press conference at its head office in Karachi explaining arrangements made at field offices and bank branches across Pakistan to receive donations for Supreme Court of Pakistan Diamer Bhasha and Mohmand Dam Fund established on the instructions of honorable Supreme Court for construction of the two said dams in the country.

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