Connect with us

Business

Govt making all-out efforts to put economy on path of sustainable growth: Dar

Published

2 years ago

on

  • “Pakistan was expected to become world’s 18th-strongest economy in 2016.”
  • The country, however, is facing serious economic challenges, Dar says.
  • “Pakistan will not default,” retreats finance minister.

ISLAMABAD: The federal government is making all possible efforts to steer the country out of a difficult situation and put the economy on the path of sustainable growth, Finance Minister Ishaq Dar has said.

Addressing an Iftar dinner hosted by the Islamabad Chamber of Commerce and Industry (ICCI) in honour of foreign diplomats, he said that friendly countries are expected to materialise their commitments with Pakistan that would pave the way to close the deal with the International Monetary Fund (IMF) and revive the economy.

In 2016, Pakistan was a rising economy as it was expected to become the world’s 18th-strongest economy, but is now facing serious economic challenges, the financial czar added. “Pakistan will not default and the government is making all possible efforts to steer it out of a difficult situation.”

Speaking on the occasion, ICC President Ahsan Zafar Bakhtawari urged the government to ensure consistency in economic policies that would enable the business community and investors to invest in Pakistan with confidence.

He assured that the business community would fully support the government in its efforts to revive the economy.

He highlighted the business and investment opportunities in Pakistan for diplomats and said that Pakistan is a huge market with over 220 million consumers and offered great investment opportunities in various sectors of its economy.

Zafar Bakhtawari, former President ICCI, said the business community is hopeful that Finance Minister Ishaq Dar will soon conclude a deal with the IMF that will enable Pakistan to cope with its current economic crisis.

He urged the government to work hard to end the country’s reliance on foreign loans and make it self-sufficient and assured that the business community would fully support in achieving this goal.

Atadjan Movlamov, Ambassador of Turkmenistan, Yerzhan Kistafin Ambassador of Kazakhstan, Khazar Farhadov Ambassador of Azerbaijan, Ulanbek Totuiaev Ambassador of Kyrgyzstan, Dr Mehmet Pacaci Ambassador of Turkey, Adam M Tugio Ambassador of Indonesia, Dr Ramez Alraee, Ambassador of Syria, and diplomats of many other countries including Saudi Arabia, Australia, Malaysia, Poland, Sri Lanka, Nepal, Republic of Turkish Northern Cyprus attended the Iftar dinner.

They appreciated the ICCI for hosting a magnificent Iftar dinner for them.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

With the PSX at 115,000, investors profit while the sun is shining.

Published

5 hours ago

on

By

Despite the numerous actions the government has taken in recent months, the nation’s economy is still growing.

The extraordinary rise in equities in recent years is evidence that the economic “turnaround” has given investors cause for optimism.

As market participants eagerly made investments, the KSE-100 index crossed the 115,000 level on Friday, the penultimate working day of the current week on the Pakistan Stock Exchange (PSX). The stocks gained strength on the 13th consecutive day, highlighting improvement in the country’s economy.

During early hours of trading, stocks climbed to 115,172 with a gain of 600 points.

The Pakistan Stock Exchange (PSX) reached its peak by surging above 114,000 points on Thursday. It has been over a month since the surge began.

The figure jumped by a substantial 2,500 points to 113,374 points during Thursday’s session. The KSE-100 index closed at 114,180, up 3,370 points, after surpassing 114,000 points later in the day.

On Wednesday, stocks closed at 111,810.

FLOW AND EBB

The market had a sharp bearish rise a few days ago, but it was short-lived as bullish momentum returned. The benchmark KSE-100 index gained more than 2,000 points and is currently sitting around 111,000. It was in opposition to the close of 108,896 points the day before.

CUT THE rating ON THE CARDS

The proverbial bulls have been galloping for the past month or so thanks to the financial infusion from the International Monetary Fund’s loan disbursement and more discussions on climate funding.

The impending policy rate cut meeting of the SBP is another factor contributing to the current market attitude. The Monetary Policy Committee of the Central Bank is scheduled to convene on Monday, December 16.

On November 30, the Pakistan Stock Exchange (PSX) achieved a historic milestone by reaching a record-breaking high of 100,000 points following an unheard-of run of gains.

Continue Reading

Business

ADB Adjusts Pakistan’s Economic Growth Forecast to 3% for 2024-25, Indicating Positive Economic Trajectory

Published

1 day ago

on

By

Pakistan’s economic growth is projected to be three percent in the fiscal year 2025, according to the Asian Development Bank’s revised prediction, which is an upward revision from the previous forecast.

Continue Reading

Business

The PSX 100 index crosses 113,000 points, marking a historic milestone.

Published

1 day ago

on

By

The historic 113,213-point milestone has been surpassed for the first time by the Pakistan Stock Exchange (PSX), setting a new record.

The stock market experienced a spectacular start to the trading session, rising 1,400 points in just 30 minutes. At an all-time high of 112,277 points, the KSE-100 Index jumped 1,467 points.

With the index rising 1,200 points in just 15 minutes after the market began, the PSX had already reached another milestone. At 112,041 points, the KSE-100 Index had risen 1,231 points.

In another example of record-breaking performance, the PSX saw a 1,000-point spike in just 10 minutes. The KSE-100 Index rose 1,100 points to 111,911 points, regaining the 111,000-point milestone and hitting its highest level ever.

The PSX’s exceptional performance establishes it as a crucial gauge of economic optimism by highlighting robust investor confidence and substantial market momentum.

Continue Reading

Trending