Pakistan News

New Pakistan Prime Minister Shehbaz Sharif has a tough task ahead of him. Not only has he been thrust into this position rather unexpectedly, he has a problem worth at least $3 billion at hand - first and foremost, he must convince IMF to renew their loan for Pakistan to avoid slipping into a debt crisis. Watch for more details.

A Pakistan-bound ship carrying suspicious cargo was stopped at Mumbai port on Saturday. As per a PTI report, after inspection, a computer numerical control machine was seized from the ship. A similar machine was used by North Korea in its nuclear programme.

Of the 40,000 Pakistanis who enter Europe illegally every year, some have figured out ingenious ways to do it. According to the Dawn, an air hostess of the PIA went missing after arriving in Canada! And this is not the first such instance, last year, at least seven PIA cabin crew members went missing in Canada while performing flight duties. In other words, PIA flight crews have now become a serious flight risk. Watch.

Pakistan is left shaken by Iran’s missile attack on its soil. On Tuesday, in what reminded many social media users of India’s attack on terrorist camps in Balakot, Pakistan, Iran claimed to have targeted militant group Jaish-Al-Adl camps located inside Pakistan. These attacks follow Iranian strikes in Iraq and Syria in response to a dual suicide bombing earlier this month claimed by the Islamic state.

Inward foreign remittances to India surged by 26% to $112.5 billion in the last fiscal year, the highest growth in five years, driven by economic recovery post-pandemic. Leading contributors include the US, UAE, UK, Singapore, and others. The World Bank expects a slight slowdown due to subdued growth in OECD economies. In 2022, remittances were buoyed by strong oil prices in GCC countries and robust US labor markets. These remittances act as buffers against external shocks, making up 3.2% of India's GDP. Goldman Sachs predicts a stronger current account balance for India in 2023 due to robust remittance inflows. Despite global weaknesses, economists anticipate India's remittances to remain resilient this fiscal year.

Pakistan's move to outsource the operations of major airports, including Islamabad International Airport (IIA), comes as a strategic response to the continuous depletion of forex reserves. The decision, aimed at generating foreign exchange through public-private partnerships, seeks to improve service delivery and align with international industry practices. By fast-tracking the outsourcing process, the government aims to uplift the aviation sector and revitalize international flight operations. However, the full impact of this significant policy shift on Pakistan's economic health and aviation industry remains to be seen. Stay tuned for further developments in this transformative move.

Almost 3 years since his disappearance in 2020, Jack Ma, the Alibaba founder was seen in the unlikeliest of locations. On June 29th, the high-profile Chinese billionaire was seen in Pakistan! As soon as news of what’s being called a personal visit became public, social media users started speculating about the purpose of his visit. The Express Tribune reported that Ma arrived in Lahore on June 29 and stayed there for around a day. This is his first public appearance since his whereabouts suddenly became unknown to the rest of the world in 2020.

Upon gaining independence in 1947, India and Pakistan faced economic challenges due to underinvestment and neglect from British colonial rule. As both countries experienced significant growth, a shift occurred in the 1990s, with India surpassing Pakistan and becoming the world's third-largest economy by purchasing power. The contrast between India's stable democracy and Pakistan's political instability played a crucial role in their diverging economic fortunes.

Pakistan is all set to default by the end of this month. Its economic troubles continue to mount as the IMF bailout it is counting on to keep itself afloat remains locked.Just last week Pakistan government presented its budget that projected a modest 3.5 per cent economic growth. Pakistan’s Finance minister ishaaq Dar described it as a 'realistic target.' Pakistan Finance Minister Ishaq Dar while talking to the press after presenting the budegt hinted at the Sharif government’s so-called ‘Plan B’ to avoid defaulting on its debt. But what is Pakistan's Plan B? Watch to find out.

Private dealers in Pakistan have turned to Iran for cheaper fuel as a result of the country's inflation rate reaching all-time highs over the past few months. This comes as the country's economy is in the midst of a crippling economic crisis and a shortage of foreign exchange reserves.