Pakistan’s economy is sending contradictory signals. The stock market is doing well, but large-scale manufacturing is not. Inflation is at a record low, but the interest rate was not cut in the last monetary policy meeting. The current account is afloat, but driven by record-high remittances rather than exports. Most of these indicators do not reflect the ground reality, where about 40 per cent
Not too long ago, the outskirts of Karachi had dense mangroves. Often, in the early mornings, you could see rowers powering through their boats just as the sun was rising. But the habitat has changed since then: unfettered urbanisation and an obsession with ugly concrete structures have done immeasurable damage to the city’s ecology. Fortunately and unfortunately, we are far from the only one. As
The foreign exchange reserves held by the State Bank of Pakistan (SBP) slipped to $11.1 billion on March 7 from $11.25bn at the end of February, the latest data reveals. Total forex reserves, including those held by the commercial banks, however, rose to about $15.93bn from around $15.87bn. Despite impressive growth in remittances throughout this fiscal year, SBP’s forex reserves have remained
The 1991 Indus Water Apportionment Accord was a landmark agreement designed to ensure the fair distribution of Pakistan’s most precious resource — water. However, over time, discussions around the accord have become narrowly focused on Clause 2, which deals with water apportionment, while neglecting the broader, forward-looking provisions aimed at securing Pakistan’s water future. This agreemen
With its net deficit for the fiscal year 2024-25 going beyond Rs318 billion, the aggregate losses and loans of the National Highway Authority (NHA) have crossed Rs1.82 trillion and Rs3.1tr, respectively, while its annual revenues stand at a mere Rs54.15bn. The NHA’s total assets, valued at Rs5.8tr, have been declining for the past two years, down from Rs5.9tr in FY22 and Rs5.84tr in FY23. In