Tag Archives: Economy

Pay-raise takes toll on ailing economy

KARACHI – ILL planned policy announcements made by the federal and provincial governments during the current fiscal year which critics allege are politically-motivated have started taking a toll on ailing national economy. Giving a 50 and 15 percent raise, respectively, in the salaries and pensions of government employees in the center and provinces, the critics opine that the decision that was apparently worker-friendly but ‘irrational’ if analysed in the context of present cash

BoE no closer to hike as economy concerns persist

LONDON – The Bank of England came no closer to raising interest rates this month as concerns about the strength of the economy outweighed inflation risks, further dimming the chance of a hike before August. Its Monetary Policy Committee split 6-3 again in favour of holding rates at 0.5 percent, minutes of its April 6-7 meeting published on Wednesday showed, saying the medium-term outlook for inflation had not changed enough to alter their view. Although the minutes said the near-term

MQM lawmakers say country’s economy on the brink of disaster

KARACHI – The economy of Pakistan is on the brink of a disaster and if the people at the helm of affairs do not take corrective measure on urgent basis, it would have devastating consequences for the country, Muttahida Qaumi Movement (MQM) parliamentarians observed on Monday at the Khursheed Begum Memorial Hall of the MQM headquarters Nine-Zero in Azizabad where the overall economic position of the country was being discussed. Members of the MQM Coordination Committee were also

G20 tackles global economy

WASHINGTON – The world’s big economies have tried to overcome their differences and flesh out a plan to make the world economy less prone to booms and busts. The challenge of getting the Group of 20 to agree on how to spot and fix dangers to global growth comes as policymakers are worried about more immediate threats – high oil prices, huge debts in some rich nations and unrest in the Middle East.
China, at the center of the ambitious global policy plan, signaled it will only let

Seminar on ‘Advances in ecophysiology of salt tolerance’ – ‘Cultivating halophytes can help strengthen country’s economy’

KARACHI – The successful experiments of growing halophytes in the coastal areas of Sindh and Balochistan will not only help strengthen the country’s economy, but also create job opportunities for the under-privileged people of these areas, University of Karachi (KU) Vice Chancellor Dr Pirzada Qasim Raza Siddiqui said on Monday.
“Pakistan is an agro-based economy, and issues specifically salinity is putting negative impact on crop cultivation,” he added. He was addressing a

Pakistan export boom will not repair economy

KARACHI – After a year of unemployment and wondering if his family would be better off if he died, Pakistani textile worker Murad Ali has got the spring back in his step. One of thousands laid off by textile bosses last year, the father of four is now back at work and one of those to benefit from a surge in Pakistani exports in the current fiscal year, which ends on June 30.
Experts say rising global commodity prices, a government decision to prioritise power supply to industry

Export boom will not repair economy

KARACHI – After a year of unemployment and wondering if his family would be better off if he died, Pakistani textile worker Murad Ali has got the spring back in his step.
One of thousands laid off by textile bosses last year, the father of four is now back at work and one of those to benefit from a surge in Pakistani exports in the current fiscal year, which ends on June 30.
Experts say rising global commodity prices, a government decision to prioritise power supply to

Flood-hit economy to grow by 4 pct in 2011/12: Pakistan Officials

ISLAMABAD – Pakistan’s economy is expected to grow 4 percent in the coming financial year starting July 1, picking up steam again after devastating floods pushed back growth to around 3 percent this year, officials said on Thursday.
“We are looking at a growth rate of 4 percent for the next year because of a good services sector and on hopes of better farm output,” said a Finance Ministry official who did not want to be identified.
The figure compares with a 3.7 percent

Flood-hit economy to grow by 4 percent in 2011-12

ISLAMABAD – Pakistan’s economy is expected to grow 4 percent in the coming financial year starting July 1, picking up steam again after devastating floods pushed back growth to around 3 percent this year, officials said on Thursday.
“We are looking at a growth rate of 4 percent for the next year because of a good services sector and on hopes of better farm output,” said a Finance Ministry official who did not want to be identified. The figure compares with a 3.7 percent growth

Economy moving in the right direction: MoF

ISLAMABAD – Despite several domestic and international challenges, the country’s economy is gradually moving towards stability, as suggested by economic indicators.
Pakistan’s foreign exchange reserves reached an all time high of $17.38 billion, triggered by massive remittances sent by overseas Pakistan, while other economic indicators have also shown positive growth during the period, sources in the Ministry of Finance (MoF) said.
The government has been focusing on the

Govt took difficult decisions for improving economy: Kaira

WAZIRABAD – PPP central information secretary and ex-federal minister Qamar Zaman Kaira on Sunday said the government had taken concrete steps and difficult as well as unpopular decisions for the betterment of the country, its economy and democracy.
Addressing a seminar, chaired by Editor Pakistan Today Arif Nizami, under the aegis of Hameed Nizami Memorial Society, Wazirabad chapter, he said the PPP-led coalition government had restored the constitution to its true spirit,

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