European Central Bank President Christine Lagarde on Monday said the global economic order backed by the US dollar was “fracturing” and made a pitch for the euro as a global reserve currency. “The global economy thrived on a foundation of openness and multilateralism underpinned by US leadership,” Lagarde said in a speech at the Hertie School in Berlin. Washington’s support for a rules-based
The Punjab government is proactively strategising for the upcoming fiscal year with a strong focus on bolstering provincial resources and enhancing revenue generation. This was evident in the second meeting of the Cabinet Committee on Resource Mobilisation, held on Monday in the Finance Department’s Committee Room. Punjab Finance Minister Mujtaba Shuja-ur-Rehman chaired the session, which wa
The automobile assemblers and parts manufacturers have urged the government to announce a clear policy on reducing vehicle import duties before announcing the upcoming budget. In a recent meeting with Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan, the representatives of the Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) and Pakistan Automotiv
Pakistan’s oil import bill experienced double-digit growth, while exports of petroleum products increased during the first 10 months of the current fiscal year compared to the previous year. The crude oil imports rose by over 14pc to 8.489 million tonnes from 7.388m tonnes over the corresponding period last year, according to data compiled by the Pakistan Bureau of Statistics (PBS). Interest
Despite projected remittance inflows of $38 billion in the current fiscal year (FY25), Pakistan’s per expatriate remittance remains significantly lower than that of peer countries. “Although remittances have grown at a compound annual rate of 6.1 per cent from 2013 to 2023, per expatriate remittance remains low in comparison to other countries in the region,” said a report released by the Polic