Tag: job creation

  • Reduced electricity prices to spur industrial activity and improve exports: Power minister

    Reduced electricity prices to spur industrial activity and improve exports: Power minister

    Following a reduction in electricity prices for industries, Power Minister Sardar Awais Leghari stated that the government’s decision aims to boost industrial activity and exports.

    Speaking to the media in Dera Ghazi Khan, Leghari highlighted the government’s revolutionary measures to improve the power distribution system. He underscored the government’s commitment to addressing power sector issues, including combating electricity theft.

    Leghari reiterated the goal of eradicating electricity theft nationwide to provide cheaper electricity to the public.

    He also noted the government’s achievement in reducing electricity rates for industries by Rs10.69, which is expected to stimulate industrial activity and generate more job opportunities.

    The minister assured that the government is aware of the challenges faced by farmers and is actively working to provide maximum relief to the public.

    In a related development, Prime Minister Shehbaz Sharif announced on Saturday that government institutions incurring massive losses would be shut down.

    During his address to the nation, the premier stated, “I have decided to close institutions that have become a burden instead of offering assistance,” and added that a ministerial committee has been formed to oversee this process.

    “I will come to you with a new message in a couple of months,” PM Shehbaz said. “I believe this will be a significant step in reducing expenses and saving funds.”

    The premier also mentioned his recent trips to China and the Middle East, noting that commitments for investment were secured during these visits.

  • Pakistan’s trade deficit shrinks by over 30% in November

    Pakistan’s trade deficit shrinks by over 30% in November

    In the initial five months of the fiscal year 2024, Pakistan’s trade performance has witnessed notable enhancements, marking a positive stride towards economic stability, as articulated by Dr Gohar Ejaz, the Federal Minister for Commerce and Industries, in a communication on X (formerly Twitter).

    The minister conveyed his unwavering confidence in Pakistan’s trajectory towards economic recovery, emphasising the commitment to diligent efforts aimed at job creation, economic growth, and the overall betterment of citizens’ lives.

    It is noteworthy that Pakistan’s exports experienced a year-on-year increase of 1.93 per cent, reaching $12.17 billion in the aforementioned five-month period, while imports exhibited a substantial decrease of 17.32 per cent to $21.55 billion.

    Consequently, the trade deficit contracted to $9.38 billion, registering a noteworthy decline of 33.59 per cent compared to the corresponding period in the preceding year.

    Zooming in on November’s performance, Pakistan’s exports demonstrated a robust year-on-year growth of 7.66 per cent, totaling $2.57 billion, whereas imports saw a decline of 13.47 per cent to $4.46 billion.

    This translated into a trade deficit of $1.89 billion for November, marking a notable reduction of 31.72 per cent compared to November 2022.

  • Pakistan to receive $1.5 billion from international lenders following IMF approval

    Pakistan to receive $1.5 billion from international lenders following IMF approval

    Pakistan is poised to secure funds amounting to $1.5 billion from global lenders, contingent on the approval of the loan tranche under the $3 billion Stand-By Arrangement (SBA) by the International Monetary Fund (IMF), as highlighted by Dr Shamshad Akhtar, the caretaker finance minister, in a recent interview with a local news channel.

    It’s noteworthy that the IMF granted preliminary approval on November 15, 2023, for the disbursement of the upcoming loan tranche within the programme.

    Upon receiving approval, Pakistan will gain access to SDR 528 million, equivalent to approximately $700 million. This will contribute to the cumulative disbursements under the program reaching almost $1.9 billion.

    The agreement underscores the authorities’ commitment to advancing planned fiscal consolidation, expediting cost-reducing reforms in the energy sector, completing the transition to a market-determined exchange rate, and pursuing reforms in state-owned enterprises and governance.

    These measures aim to attract investment, support job creation, and simultaneously enhance social assistance.

    Nathan Porter remarked, “Anchored by the stabilization policies under the SBA, a nascent recovery is underway, supported by international partners and indications of improved confidence.”

    He added that the steadfast execution of the FY24 budget, ongoing adjustments of energy prices, and renewed inflows into the foreign exchange (FX) market have alleviated fiscal and external pressures.

  • Saudi prince aims to create over 1,000 jobs with $100 million tech house investment in Pakistan

    Saudi prince aims to create over 1,000 jobs with $100 million tech house investment in Pakistan

    A Saudi tech company owned by Prince Fahad bin Mansour Al-Saud has announced the launch of a Saudi-Pakistan Tech House in Islamabad on Monday.

    The initiative was first announced by the prince in January at Pakistan’s largest tech event, Future Fest 2023, and aims to forge partnerships with information technology (IT) companies and enterprises in Pakistan to promote greater ease of doing business between the two countries.

    Prince Fahad is the co-founder of ILSA Interactive, which was established in 2009 by Pakistani entrepreneur Salman Nasir with offices in Riyadh and Lahore, reflecting the determination of both Pakistani and Saudi leaders to deepen an existing strategic relationship in all fields.

    The company plans to forge partnerships with IT companies, universities, and large enterprises in Pakistan. The launch ceremony took place on Monday, March 6, and Prince Fahad intends to create more than 1,000 jobs and undertake 300 projects valued at $100 million in Pakistan, Saudi Arabia, and other countries.

    Future Fest 2023 saw leading entrepreneurs, startups, policymakers, and investors from around the world participate, and a delegation of Saudi business leaders attended the event, taking part in keynote addresses, roundtable conferences, and discussions on various topics related to the future of business and startups.