Explained | Will shutting markets fix Pakistan’s economy?
2 years ago

Explained | Will shutting markets fix Pakistan’s economy?

The Hindu  

The story so far: In the face of an unrelenting financial crisis and dwindling foreign exchange reserves, the Pakistani government has come up with measures to save energy and reduce its energy bill. In the year gone by, the country’s foreign exchange reserves dwindled to a little over $9 billion, the rough equivalent of the country being able to pay for six weeks of imports. Addressing a press conference on January 4, Finance Minister Ishaq Dar announced that Saudi Arabia and China were all set to shore up Pakistan’s foreign exchange reserves before the end of January. Soon after Pakistan conducted its nuclear tests in May 1998, the country’s foreign exchange reserves, already under pressure, shrunk to just over $1.2 billion. Finance Minister Ishaq Dar’s confidence that Saudi Arabia could be one of the countries that might help shore up Pakistan’s foreign exchange reserves may come from the fact that the country’s new Army chief, Gen. Asim Munir, is currently on a visit to Saudi Arabia.

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History of this topic

It Can Cost More to Power a House Than Rent It in Pakistan
4 months, 4 weeks ago

It Can Cost More to Power a House Than Rent It in Pakistan

Live Mint  

-- Electricity bills have outpaced home rental rates for some people in Pakistan, as tariff increases and other reforms to comply with IMF loan conditions spark nationwide protests. The South Asian nation — where nearly half the population survives on less than $4 a day — has seen electricity prices surge 155% since 2021, after the government started hiking industrial …

Is Pakistan’s crisis-ridden economy finally recovering?
6 months, 4 weeks ago

Is Pakistan’s crisis-ridden economy finally recovering?

Al Jazeera  

Ahead of the country’s budget on Wednesday, inflation is down, forex reserves are up. Islamabad, Pakistan – The Pakistani government will present its annual budget on Wednesday, seeking to balance domestic commitments to the country’s 240 million people and demands of fiscal prudence from the International Monetary Fund – a key source of loans. Sharif recently travelled to Saudi Arabia, …

Pakistan’s election: Can the next government bring economic stability?
11 months ago

Pakistan’s election: Can the next government bring economic stability?

Al Jazeera  

There will be no honeymoon period for winners of this week’s pivotal 2024 polls as economic challenges loom large. As the country found itself at a precarious juncture, then-Prime Minister Shehbaz Sharif managed to secure a crucial bailout package from the International Monetary Fund – its 23rd fund programme since 1958 – just weeks before the government’s term expired. ‘Anti-populist’ …

Pakistan's economic development model has failed, it benefits only the elites: World Bank
1 year ago

Pakistan's economic development model has failed, it benefits only the elites: World Bank

Op India  

In the wake of the economic crisis in Pakistan, World Bank Country Director for Pakistan, Najy Benhassine said that Pakistan’s economic development is limited to the elite which resulted in the country lagging behind its fellow countries, Pak Vernacular media reported. The country director of the World Bank said that the focus of energy reform should be financial stability, better …

Pakistan's economic model is not working and benefits elite only, says World Bank.
1 year ago

Pakistan's economic model is not working and benefits elite only, says World Bank.

Firstpost  

Cash-strapped Pakistan’s economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. Pakistan’s existing economic model is not working, a top World Bank official has said, adding that emphasising the …

Pakistan shopkeepers strike nationwide over inflation
1 year, 4 months ago

Pakistan shopkeepers strike nationwide over inflation

The Hindu  

Thousands of Pakistan traders shuttered their shops on Saturday, striking over soaring energy and fuel bills stirring widespread discontent ahead of national elections. "Everyone is participating because the situation has become unbearable now," Lahore's Township Traders Union president Ajmal Hashmi told AFP. On Friday, caretaker Prime Minister Anwaar ul Haq Kakar said citizens would have to pay inflated bills as …

Pakistan traders hold nationwide shutdown over electricity bills, inflation
1 year, 4 months ago

Pakistan traders hold nationwide shutdown over electricity bills, inflation

Al Jazeera  

Market closures in major cities, with shops displaying placards decrying ‘the unreasonable increase in electricity bills and taxes’. There were widespread market closures on Saturday in Lahore, Karachi and Peshawar, where abandoned bazaars were posted with placards decrying “the unreasonable increase in electricity bills and taxes”. “Everyone is participating because the situation has become unbearable now,” Lahore’s Township Traders Union …

No respite to common people! Pakistan govt announces to keep petrol-diesel prices unchanged
1 year, 6 months ago

No respite to common people! Pakistan govt announces to keep petrol-diesel prices unchanged

India TV News  

Pakistan fuel prices: Amid unabated inflation in the country, the Pakistani government decided to keep the prices of petrol and diesel unchanged, giving no respite to the common people. Pakistan finance minister Ishaq Dar said that the decision to keep the petroleum products prices unchanged is taken in view of international rates, ARY News reported. He announced the reduction in …

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank
1 year, 7 months ago

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank

The Hindu  

The World Bank has projected Pakistan’s economy to grow by 2% in the next fiscal year, much lower than the 3.5% target set by the National Economic Council, the country's top economic body, saying the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources have depressed activity in the country. “In Pakistan, the …

Pakistan minister announces subsidy plan amid crisis: 'Taking money from rich, giving it to poor'
1 year, 9 months ago

Pakistan minister announces subsidy plan amid crisis: 'Taking money from rich, giving it to poor'

Hindustan Times  

Pakistan’s Finance Minister Ishaq Dar said plans to implement fuel subsidies have been shared with the International Monetary Fund to help alleviate the lender’s concerns before it revives a stalled $6.5 billion bailout. Read here: Pakistan inflation skyrockets to 47%, wheat and eggs are more expensive: Report “It’s basically about taking money from rich Pakistanis and giving it to poor …

Can’t afford food, people turn to God in bankrupt Pakistan
1 year, 10 months ago

Can’t afford food, people turn to God in bankrupt Pakistan

Firstpost  

Islamabad: “We are solely reliant on God,” this is what every second person in Pakistan has been saying now as weekly inflation in the country surges past 40 per cent. “We are solely reliant on God, we cannot make ends meet in this inflation,” said Imam Ali, who lost almost all of his livestock and crops in 2020 Pakistan floods. …

Will crisis-hit Pakistan be able to prevent looming recession?
1 year, 10 months ago

Will crisis-hit Pakistan be able to prevent looming recession?

Live Mint  

The current economic situation of Pakistan has raised the question of whether the cash-strapped country can control mass protests as the cost of living is becoming intolerable for its citizens due to rising inflation, reported Asian Lite International. The current account deficit of the crisis-hit country shrank 90.2% to USD 0.24 billion in January from USD 2.47 billion in the …

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?
1 year, 10 months ago

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?

Live Mint  

Pakistan has been spiraling into a deep economic crisis as the country's rupee is falling down, fuel prices shooting up, and taxes on luxury goods rising. Pakistan's cost-cutting formula Pakistan Prime Minister Shehbaz Sharif has asked his ministers and advisers to fly economy class, forgo luxury cars and their salaries as part of an austerity drive that will save the …

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls
1 year, 10 months ago

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls

Live Mint  

Pakistan economic crisis: Several biggest companies in the crisis-hit country have halted operations as they ran out of raw materials or foreign exchange which has compounded the troubles of an economy that's trying to avert a debt default, as per Bloomberg reports. Ghandhara Tyre & Rubber Company, which manufactures tires and tubes for automobiles, shut its plant on February 13, …

In Pakistan, petrol shortage forces pumps to shut down, throws daily life out of gear: Report
1 year, 11 months ago

In Pakistan, petrol shortage forces pumps to shut down, throws daily life out of gear: Report

Hindustan Times  

Amid a severe economic crisis, most of the petrol pumps in the Punjab region of Pakistan ran out of petrol disrupting the routine life of people. On the other side, the Pakistan Petroleum Dealers Association has blamed all Oil marketing companies for failing to ensure appropriate supplies in response to demand, leaving the pumps empty and forcing drivers to go …

'We're on brink of collapse': Oil companies write to Pakistan PM amid economic crisis
1 year, 11 months ago

'We're on brink of collapse': Oil companies write to Pakistan PM amid economic crisis

India Today  

Oil companies in Pakistan are on the brink of collapse due to the worsening economic crisis and devaluation of the currency, Geo News reported. ': Pak PM as economic crisis deepens On Friday, Cnergyico Refinery shut down its operations for a week due to the non-availability of crude oil. Pakistan's Prime Minister Shehbaz Sharif said he would have to agree …

Pakistan crisis: Can the country be saved from collapse?
1 year, 11 months ago

Pakistan crisis: Can the country be saved from collapse?

Firstpost  

Pakistan’s dire economic situation just keeps getting worse with reports of a double-whammy from the IMF and its forex reserves dropping even lower. On Thursday, Islamabad received a double whammy from the International Monetary Fund – which not only predicted a slowdown in the Gross Domestic Product from 3.5 per cent to two per cent for the current fiscal, but …

Ready to assist Pakistan address its power woes: U.S. spokesperson Ned Price
1 year, 11 months ago

Ready to assist Pakistan address its power woes: U.S. spokesperson Ned Price

The Hindu  

The U.S. is ready to assist Pakistan in resolving its electricity woes, a top official in the Joe Biden administration has said, hours after the South Asian country faced a nationwide power breakdown due to a "frequency variation" in the national grid. According to the Ministry of Energy, the system of frequency of the national grid went down at 7.34 …

Ready to assist Pakistan address its power woes, says US
1 year, 11 months ago

Ready to assist Pakistan address its power woes, says US

Firstpost  

Washington: The US is ready to assist Pakistan in resolving its electricity woes, a top official in the Biden administration has said, hours after the South Asian country faced a nationwide power breakdown due to a “frequency variation” in the national grid. According to the Ministry of Energy, the system of frequency of the national grid went down at 7:34 …

Pakistan begins restoring power after grid breakdown triggers worst electricity outage in months
1 year, 11 months ago

Pakistan begins restoring power after grid breakdown triggers worst electricity outage in months

India Today  

Pakistan's government began restoring power to millions of people on Monday after a breakdown in the grid triggered the worst electricity outage in months and highlighted the weak infrastructure of the heavily indebted nation. As evening drew on and homes were without electricity in the dark, Energy Minister Khurram Dastgir wrote on Twitter that authorities had started restoring power across …

First no food, now no power in Pakistan: The country’s worsening situation explained
1 year, 11 months ago

First no food, now no power in Pakistan: The country’s worsening situation explained

Firstpost  

The situation in Pakistan is worrying. ابتدائی اطلاعات کے مطابق آج صبح 7:34 پر نیشنل گرڈ کی سسٹم فریکوئنسی کم ہوئ جس سے بجلی کے نظام میں وسیع بریک ڈاؤن ہوا سسٹم کی بحالی پر کام تیزی سےجاری ہے — Ministry of Energy-Power Division, Government of P January 23, 2023 According to Power Minister Khurrum Dastagir, the grid failure followed …

Pakistan planning to reduce timings of markets and wedding halls to reduce electricity consumption in the country
2 years ago

Pakistan planning to reduce timings of markets and wedding halls to reduce electricity consumption in the country

Op India  

The Pakistan government on Tuesday announced plans to reduce energy consumption nationwide whereby it proposes to close markets by 8:30 pm and wedding halls by 10 pm, in view of the rising circular debt in the energy sector. “The plan will change the overall lifestyle and habit pattern of the nation and save us Pkr 60 billion,” Pakistan Defence Minister …

Cash-strapped Pakistan announces early closure of markets, wedding halls to save energy
2 years ago

Cash-strapped Pakistan announces early closure of markets, wedding halls to save energy

The Hindu  

Cash-strapped Pakistan on January 3 announced early closure of markets and wedding halls as part of a raft of measures under the energy conservation plan as the government struggled to revive the economy. Briefing the media after a meeting of the cabinet which approved the National Energy Conservation Plan to save energy and decrease dependence on imported oil, Defence Minister …

Pakistan's energy conservation plan amid crisis: Close markets in evenings
2 years ago

Pakistan's energy conservation plan amid crisis: Close markets in evenings

Hindustan Times  

Pakistan ordered all malls and markets to close by 8:30 pm as it initiated measures under its new energy conservation plan, the country's defence minister said as per news agency Reuters. Pakistan's Consumer Price Index - the inflation monitor- rose to 24.5 per cent in December from 12.3 per cent in the same period last year, the Pakistan Bureau of …

Pakistan shuts malls, markets, wedding halls to save energy as it grapples with economic crisis
2 years ago

Pakistan shuts malls, markets, wedding halls to save energy as it grapples with economic crisis

India Today  

Cash-strapped Pakistan on Tuesday announced early closure of markets, malls and wedding halls in order to save energy as the government is struggling to revive the economy. According to the Pakistan Defence Minister Khawaja Asif, “The markets and malls would now close at 8:30 pm while the wedding halls in Pakistan would close by 10:00 pm. The Defence Minister said …

Pakistan to close malls, markets early due to economic crisis
2 years ago

Pakistan to close malls, markets early due to economic crisis

Al Jazeera  

Pakistan’s defence minister says shops to shut down by 8:30pm and restaurants by 10pm under new energy-saving plan. Pakistan’s government has ordered measures to conserve energy, including closing all malls and markets by 8:30pm, as the country grapples with a crippling power and economic crisis. The defence minister said additional measures that will take immediate effect include shutting restaurants and …

Power crisis: Pakistan plans to shut markets by 8 pm, put curbs on weddings
2 years ago

Power crisis: Pakistan plans to shut markets by 8 pm, put curbs on weddings

Firstpost  

Pakistan is in the midst of an acute energy crisis, high inflation and depleting remittances. The ongoing Russia-Ukraine war and the catastrophic floods in June have only compounded the country’s energy woes Islamabad: Markets and restaurants across Pakistan will have to pull down their shutters by 8 pm while wedding halls will be limited till 10 pm, as the cash-strapped …

Pakistan Economy is Drowning But Not Because of Floods - News18
2 years, 4 months ago

Pakistan Economy is Drowning But Not Because of Floods - News18

News 18  

On 29 August 2022, the International Monetary Fund executive board gave its nod for restoring the Enhanced Fund Facility for Pakistan. Worse, the IMF programme has at best given a breather and isn’t a panacea for the deep structural problems that have made the Pakistan economy unsustainable, even unviable. If hostility with India has forced ruinous defence spending on Pakistan, …

How Pakistan's Economic Crisis Has Sent Prices Skyrocketing
2 years, 6 months ago

How Pakistan's Economic Crisis Has Sent Prices Skyrocketing

The Quint  

Foreign exchange reserves with the Pakistan central bank currently stand at US$10.3 billion. Though recently bolstered by Chinese bank lending, reserve levels have been volatile since late April 2022, when a political crisis resulted in the ousting of the Prime Minister, Imran Khan. To preserve foreign currency, an early measure taken by the newly appointed government in May 2022 was …

Pakistanis urged to cut down on tea consumption to fix ailing economy
2 years, 6 months ago

Pakistanis urged to cut down on tea consumption to fix ailing economy

ABC  

Pakistanis, who are already battling high fuel prices and inflation, have now been urged to cut down on their daily tea consumption. Federal Minister for Planning and Development Ahsan Iqbal appealed to the public to reduce their tea consumption by "one or two cups" per day as the tea leaves are imported and cause a financial strain. Last week, Pakistan's …

Curbs on weddings, no markets after 8.30 pm: Pakistan's power crisis explained
2 years, 7 months ago

Curbs on weddings, no markets after 8.30 pm: Pakistan's power crisis explained

Firstpost  

A severe power crisis has led the Pakistan government to ban weddings after 10 pm in Islamabad and restore the five-day work week in public offices. The country has been reeling under the effects of a worsening electricity crisis with urban and rural areas experiencing extended power cuts A severe power crisis has led the Pakistan government to ban weddings …

Cash-strapped Pakistan cuts power to households on fuel shortage
2 years, 8 months ago

Cash-strapped Pakistan cuts power to households on fuel shortage

Live Mint  

Pakistan is cutting electricity to households and industry as the cash-strapped country can no longer afford to buy coal or natural gas from overseas to fuel its power plants. The South Asian nation is struggling to procure fuel from the spot market after prices of liquefied natural gas and coal surged to records last month as the war in Ukraine …

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