Pakistan Economy News

Cash-strapped Pakistan announced to cut nearly 1.5 lakh government jobs, close six ministries, and merged two others. This is the county's efforts to reduce administrative expenditures as it secures a $7 billion loan deal from the International Monetary Fund (IMF). Watch for more!

Traders in Pakistan went on strike on Wednesday, shutting down their businesses in all major cities and urban areas. This is to protest a rise in electricity costs and new taxes imposed on shop owners. The government of Prime Minister Shehbaz Sharif has steadily raised electricity prices since Pakistan last month struck a deal with the International Monetary Fund for a new $7 billion loan. Watch!

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.

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'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.

Common Pakistanis are the worst hit by the worsening economic condition of the Pakistani economy. Teetering on the edge of bankruptcy, the situation In Pakistan is so bad that other than basic blue collared jobs there’s nothing left for the country’s educated youth. According to a recent report, the unemployment rate in Pakistan grows in proportion to the level of education.In other words, the more educated a Pakistani is, the greater the likelihood of him remaining unemployed.