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More Than Kalabagh, Water Usage And Abuse Need National Rethink

Jun 7, 2018 (BE2C2) — Pakistan has the world’s fourth-highest rate of water use. Its water intensity rate — the amount of water, in cubic meters used per unit of GDP is the world’s highest. This suggests that no country’s economy is more water-intensive than Pakistan’s. Household water consumption (like food consumption) in the country is also one of the highest in the region. Over the last 48 years, no new dams (small, medium or large) were built to support the water situation for various known and unknown reasons. WeRead More


BlackRock: Turkey, Pakistan Economies ‘Overheated, Currencies Overvalued’

May 31, 2018 (BE2C2) — BlackRock, the world’s largest fund management firm says three countries that they are either avoiding or in some examples have shorts in their portfolio are the Philippines, Turkey, and Pakistan. Reason: these countries’ economies are overheating, or they think the currencies are substantially overvalued or both – Pakistan Rupee has devalued over 12 percent since December with many experts predicting it could lose another 5 to 8 percent in months ahead. “Yes. I mean, at the moment, our view is on the emerging markets, weRead More


With ExxonMobil Acquiring 25 Pct Stake In Offshore Drilling in Pakistan, Shale Gas, Oil Could Get Major Boost

Shale oil and gas presents a new outlook for Pakistan which has world’s 9th largest shale gas and oil reserves far greater than total resources available in Central Asian states May 30, 2018 (BE2C2) — In a major development, US energy giant ExxonMobil has acquired 25% stake in offshore oil and gas drilling in Pakistan. An agreement in that regard was signed at the Prime Minister’s Secretariat in Islamabad on Monday among ExxonMobil, Government Holdings Private Limited (GHPL), PPL, Eni and OGDC. Earlier, Oil and Gas Development Company (OGDC), PakistanRead More


IMF Holds Talks With Pakistan On Economic Issues, As Islamabad Seeks Lifeline With China Loans

China helping Pakistan avert foreign currency crisis: “The money strengthens the financial, political and military ties between the two countries” May 26, 2018 (BE2C2 Report) — The International Monetary Fund (IMF) has invited a number of renowned economists, academicians and former senior government officials to Washington for consultations on a future roadmap on economic challenges of Pakistan and possibility for extending another bailout package in case Islamabad made a formal request. “Yes, the IMF has held broad-based informal consultations with eminent economists, academicians and retired senior government officials from PakistanRead More


Foreign Direct Investment Increases Over 10-Month, With Inflow Of $2.8 Billion

May 16, 2018 (BE2C2) — Foreign Direct Investment (FDI) increased 2.4% in July-April, amounting to $2.24 billion from $2.18 billion in the same 10-month period the previous year. According to data released on Tuesday by the State Bank of Pakistan (SBP), the country witnessed an inflow of FDI amounting to $2.8 billion in the 10-month period, against an outflow of $565.8 million in the same period of the previous year. China continued to lead the pack in terms of net investment in Pakistan with a cumulative FDI of $1.414 billionRead More


The Six Biggest Challenges Facing Pakistan’s Urban Future

Hina Shaikh and Ijaz Nabi — With an urban population growing three percent per year, Pakistanis are flocking to cities faster than any other country in South Asia. By 2030, more than half of Pakistan’s projected 250 million citizens are expected to live in cities. The main drivers of Pakistan’s urban growth are high birth rates and migration from rural areas. Migrants are attracted to cities for better jobs and improved access to basic services. However, urbanization has inflated Pakistan’s biggest cities so rapidly that they struggle to deliver publicRead More


SC Seeks Report On Foreign Currency Transactions Above $50K

Hopes dashed for ill-gotten assets and wealth recovery from abroad; Supreme Court seeks details within 7 days of all transactions above $50,000 from Pakistan during 2017-18. April 27, 2018 (DESPARDES/PKONWEB) — The Supreme Court has sought details of all transactions above $50,000 from Pakistan during the year 2017-18, and instructed the State Bank of Pakistan on Thursday to submit a sealed report on the matter within seven days. Headed by the Chief Justice of Pakistan Mian Saqib Nisar, a three-judge bench passed the instructions during a suo motu hearing ofRead More


Karachi Team ‘Retailistan’ Wins 1 Million Rupees in 2017-18 StartUp Cup Finals

April 27, 2018 (DESPARDES/PKONWEB) — A team from Karachi, beat 17 other teams to take the top prize—1 million rupees—in the 2017-18 StartUp Competition finals, the fourth edition of the American Embassy-funded event in Islamabad. Retailistan developed a startup plan to change the consumer goods distribution model for small stores through mobile applications and will use the prize to fund its business. The team is now eligible to participate in the Global StartUp Cup 2018, which will be held in the United States. Price Oye, a team from Islamabad, finishedRead More


UAE Firm Plans to Invest $3 Billion in Pakistan –With Focus On Real Estate Sector

April 26, 2018 (BE2C2) — One of the Royal Group Companies of UAE’s Sheikh Saeed Bin Khalifa Al Nahyan, has reportedly shown interest in investing $3 billion in different sectors of Pakistan’s growing economy, with focus on its several hundred billion dollars worth real estate market. Louai Mohammed Ali, chairman of the UAE-based BMS International Commercial Investment, made the commitment to invest in Pakistan’s real estate development, agriculture and fisheries, energy, hospitality and leisure, healthcare and education sectors, the Gulf Today reports. Last week, State-owned Chinese construction company China CivilRead More


Islamabad Seeks to Raise Up to $1 Billion From Expats as Reserves Dwindle

Pakistan’s foreign exchange reserves falling fastest in Asia Irshad Salim — Pakistan’s economic managers have flagged off  a long-awaited plan to raise as much as $1 billion from its diaspora in its latest effort to boost foreign-exchange reserves that have dropped close to the lowest in three years. The government now plans to launch an overseas certificate in U.S. dollars and rupees by June to raise between $500 million and $1 billion a year, Zafar Masud, director general of National Savings at the finance ministry, told Bloomberg by phone onRead More


Amnesty: Chasing “Billions of Hidden Assets” Vs. “Trillion Dollar Net Worth Potential” of Overseas Pakistanis

(BE2C2 Report); IRSHAD SALIM — Some 9 million Pakistanis are now abroad and in two different broad categories: Pakistanis working overseas mostly in the Middle East (NICOP card holders), and those who have switched citizenship or hold dual nationality, and are living and working abroad over the years (Pakistani Diaspora holding POC cards). Almost 99 percent of Pakistanis working in GCC countries are NICOP holders and according to our best estimate do not need an amnesty to bring monies back. They regularly remit most of their disposal income with noRead More


NAB Recovers $2.75 Billion (Rs289B) ‘Embezzled Money’ From the Corrupt

(PKONWEB Report) — Chairman National Accountability Bureau Justice (r) Javed Iqbal said on Thursday the country’s accountability watchdog has deposited Rs 289 billion (US$2.75B equivalent at US$1=Rs105) in the national kitty after recovering embezzled monies from the corrupt. According to a communique issued by NAB, the chairman said a major chunk of the recovered monies has already been returned to the victims who were duped by the corrupt mafia. Justice Javed Iqbal expressed concern that the country has been indebted to a staggering $ 84 billion foreign debt but unfortunatelyRead More


Nissan to Re-Enter Pakistan Market By Producing Datsuns With Gandhara Motors

(BE2C2) — Nissan Motor Co. said Wednesday it will re-enter the Pakistan market in 2020 with a local production of its low-cost Datsun brand vehicles under a tie-up with a local partner. The announcement comes as country’s auto sector is said to be doing well. Auto sector has remained one of the best-performing sectors at the Pakistan Stock Exchange (PSX) in recent years. Sales figures grew on the back of low level of inflation, interest rates, higher consumer lending, low oil prices and lifting of vehicles by investors for cabRead More


‘Black Economy Generating Undeclared Assets Home and Abroad’

(BE2C2 Report) — The country’s apex court has tasked a special committee to suggest ways to trace and retrieve assets from abroad in view of a suo motu notice on ill-gotten money of Pakistani citizens in foreign banks. Last year, the then Finance Minister Ishaq Dar had a figure of US$200 billion as an estimated sum that Pakistani citizens hold in Swiss bank accounts. An estimated 4 to times this figure is speculated to be held as assets by Pakistanis abroad– both legally and through inappropriate means. In either case,Read More


Pakistan Part of New South Asia Economic Geography

Pakistan needs to quickly initiate a progressive model of economic reforms in line with the changing regional and global dynamics. This will not only ensure sustainability of economic growth but will also put Pakistan in a leadership position in the new South Asian economic geography. HAROON SHARIF – THE contours of a new economic and political geography within South Asia are clearly emerging on the map with enhanced connectivity among China, Pakistan, Russia, Iran, Afghanistan and Central Asia. This transition is already having a remarkable influence on the thinking patterns,Read More


Property Black Hole of Pakistan Economy

IN an exercise to ascertain the amount of money pouring into Islamabad’s real estate sector, the Federal Board of Revenue has discovered the astonishingly high figure of approximately Rs100bn over three years, at DC rates. This is the official declared rate at which property transactions are disclosed, and as most people already know, the real amount is far higher. It is difficult to put a figure on what the real amount could be, but it is not unrealistic to estimate that it would be as much as four times theRead More