Tag: pakistani economy

  • SBP data reveals govt borrowed Rs8.3 trillion from banks in FY24

    SBP data reveals govt borrowed Rs8.3 trillion from banks in FY24

    The Pakistani government significantly increased its domestic borrowing in the fiscal year 2023-24, according to the latest data from the State Bank of Pakistan (SBP). This period saw the government borrowing Rs8.3 trillion from scheduled banks, a substantial rise from Rs3.6 trillion in FY23 and Rs3.3 trillion in FY22.

    The Federal Government accounted for the bulk of this borrowing, taking Rs8.56 trillion, while the Provincial Government retired Rs261.27 billion. The two primary sources of budgetary support financing are the SBP and scheduled banks.

    In FY24, the government repaid a net amount of Rs694.85 billion to the central bank, bringing the net borrowing figure to Rs7.49 trillion. Government sector borrowings are categorized into three main areas: budgetary support, commodity operations, and others.

    For FY24, the net borrowing for budgetary support stood at Rs7.61 trillion. In contrast, there was a net retirement of Rs107.59 billion for commodity operations and Rs6.18 billion for other categories.

    This notable increase in domestic debt highlights the government’s reliance on internal sources to manage its fiscal requirements amid challenging economic conditions.

  • Here are the latest prices of all Honda cars in Pakistan after reduction

    Here are the latest prices of all Honda cars in Pakistan after reduction

    In a move similar to what Toyota did earlier, Honda Atlas Cars (Pakistan) Limited announced on Wednesday that it is reducing the prices of its vehicles, especially the popular Honda City lineup.

    This decision was made due to the significant strengthening of the Pakistani rupee (PKR) against the US dollar.

    Through an official circular, Honda Pakistan disclosed the updated ex-factory prices for all its car models, reflecting reductions of up to PKR 300,000.

    This substantial price drop is expected to make Honda vehicles more affordable for a broader consumer base.

    After these adjustments, the price of the most budget-friendly Honda car in Pakistan, the City MT 1.2L, now stands at Rs4.699 million following a reduction of Rs100,000.

    Moreover, the top variant, the Aspire CVT 1.5L, is now available for Rs5.849 million after a cut of Rs130,000.

    The most significant price changes have been applied to the popular Honda City lineup, generating excitement among potential buyers.

    Here are the new prices for all Honda cars:

  • PM Kakar calls for reduction in prices of essential items and services after petrol price cut 

    PM Kakar calls for reduction in prices of essential items and services after petrol price cut 

    On Monday, Caretaker Prime Minister (PM) Anwaar ul Haq Kakar called upon the chief ministers to take decisive action in lowering the prices of essential goods and services in response to a significant reduction in fuel costs. 

    In a momentous development, the government has implemented a substantial reduction of Rs40 in the price of petrol. 

    Prime Minister Anwaar ul Haq Kakar issued clear directives at both the federal and provincial levels, urging the implementation of a stringent price control mechanism. 

    PM Kakar stressed that all endeavours must be focused on ensuring that the benefits of reduced petroleum prices are passed on to the citizens of Pakistan. 

    The prime minister emphasised the unwavering enforcement of his directives. 

    Prior to this decision, the cost of petrol had seen a remarkable reduction of Rs40 per litre in Pakistan. 

    As per a notification issued by the Oil and Gas Regulatory Authority, the price of petrol now stands at Rs283.38 per litre, reflecting a reduction of Rs40 per litre. 

    Meanwhile, the price of high-speed diesel (HSD) has been lowered by Rs15 per litre to reach Rs303.18, while kerosene oil prices have witnessed a reduction of Rs22.43 per litre, now standing at Rs214.85. 

  • ‘Never leaving home again’: social media is in tears after ANOTHER petrol price hike

    ‘Never leaving home again’: social media is in tears after ANOTHER petrol price hike

    Kuch rehnay nahi dena? Yesterday night, the caretaker government announced yet another price hike in petrol charges, taking it to a historic high of Rs 301 per litre.

    In a statement, the finance ministry said that the reason behind the hike included escalating prices in the international market as well as shifts in exchange rates.

    But social media users were in dismay that after exorbitant electricity bills, they will have to pay unheard of sums for fuel.

    Sab se pehle tou, get used to the social distancing times and start staying more at home, like this user put it.

    Waisay this would be a good excuse

    Go back to ye olde times and send letters to your beloved?

    *Dances to the bop while wailing*

  • ‘IMF side eyeing’: the opening of Tim Horton’s in Lahore has launched hilarious memes on Twitter

    ‘IMF side eyeing’: the opening of Tim Horton’s in Lahore has launched hilarious memes on Twitter

    Did we miss anything that happened this weekend? Was it something really big? *chuckles nervously*

    It turns out kay chahe mulk mein dollar khatam ho jaain, petrol na ho aur choola bhee na jallay, Lahore phir bhee Lahore hai. If Lahoris want coffee, then they will get coffee.

    Canadian cafe chain Tim Hortons should allow business students to study their launch in Pakistan because in the midst of an economic recession, they launched their coffee shop at phase 6 in DHA.

    As it turned out, Lahoris decided to take their hospitality to the fifth gear and welcomed the new chain with a long line outside its doors. Throngs of customers waited for four hours to get a taste.

    What do the rest of us struggling with the prices of onions and petrol do in these times without tasting French Vanilla coffee? Laugh at hilarious memes on Twitter.

    Seriously tho

    https://twitter.com/yesindeeder/status/1624842233269608448?s=20&t=pGTXgLO3cVRpoXtPDkE-fg

    But chalo yaar it was for coffee, let it slide pls pls

    But in the end, Lahoris know how to have fun. Just pray it doesn’t involve a Rs 700 cup of coffee.

  • Farhan Saeed, Imran Abbas, others express disappointment on Pakistani economy’s plight

    Farhan Saeed, Imran Abbas, others express disappointment on Pakistani economy’s plight

    Pakistan recently faced a nationwide power breakout, several parts of the country also battled severe gas shortage, and now with the rupee losing its value further against the dollar, netizens and celebrities are struggling to feel patriotic. Prominent Pakistani actors weighed in on the deteriorating conditions of the country’s economy and whether we, as a nation, have lost all hopes for betterment.

    “How will we ever recover from this? Since I’ve been alive, I’ve never seen the Rupee strengthen against Dollar drastically,” Farhan Saeed wrote on Twitter on Saturday while reacting to the Pakistani rupee standing at an all-time low against the dollar.

    Concerned about how non-serious people are taking the economic distress we’re in, he added, “But still we are either this party or that party, but not Pakistan. No one’s serious about where we are, have we lost hope?”

    Actor Imran Abbas also made a cryptic post while sharing Finance Minsiter’s viral video.

    Ushna Shah shared her two cents on the subject. Claiming that she loves Pakistan and its people, she added how it gets harder to feel love when you can’t live a hassle-free life due to the unavailability of basic resources.

    “I love my country, I love my identity, and I love my fellow Pakistanis. But when there is no electricity and no gas at the same time, there is a shortage of petrol and UPS crashes due to overuse, and literally, no way to power the house when I need coffee, well, tarana gana thora mushkil hei. (it’s hard to sing the national anthem then)” she wrote.

    Actor Aijaz Aslam questioned how productive political press conferences are if all that happens is leaders blaming each other while the civilians struggle to live.

    “What’s the point of these press conferences? Leaders just blame each other and nothing else. No one ever discusses the strategies to bring stability to the country. The currency devaluation is unstoppable and basic commodities are unaffordable for a common man, Reham karo (Bless us)” read his tweet. 

  • No one is ready to invest in Pakistan, says Imran Khan

    No one is ready to invest in Pakistan, says Imran Khan

    Imran Khan, Chairman of the Pakistan Tehreek-e-Insaf (PTI), addressed his supporters on Monday about the alarming economic crisis in the country.

    He started off by clarifying that he was not only addressing the nation but was also speaking to the institutions as economic deterioration would affect the entire country.

    Khan said that amid the ongoing economic downturn, small and large-scale businesses are the most affected. He added that exports are also declining gradually.

    “This might be the biggest economic crisis that this country has ever witnessed,” the PTI chief said.

    Moreover, he urged the business community to speak up. “I want to tell all of you that you will be responsible for the destruction of the country if you do not speak up,” he said.

    He pointed out that no one is ready to invest in Pakistan as they have lost trust in the country’s economy.

    Khan, concluding the address, said that the only solution to the crisis is free and fair elections.

    The former Prime Minister has been asking for early general elections, however, the government has said that polls will take place on their scheduled time in October 2023.