Pakistan in last week of May witnesses a mixed bag of news signaling both stability and growth prospects
Inflation Falls Below 14% YoY in May:
Pakistan’s headline inflation for May 2024 is expected to drop significantly around 13.9% year-on-year.
PM Shehbaz Sharif’s Five-Day Visit to China announced:
Prime Minister Shehbaz Sharif is set to bolster bilateral ties with a five-day visit to China, aiming to further enhance economic cooperation between the two nations.
Stable Pakistani Rupee Against USD:
The Pakistani Rupee maintains its stability against the US Dollar for another consecutive month, offering some respite amidst global currency fluctuations.
Business Registration Simplification Ordered by BoI:
In a bid to streamline the business environment, the Board of Investment (BoI) orders the simplification of business registration processes, aiming to attract more investors to the country.
IT Minister’s Assurances to IMF on Digital Economy Goals:
Pakistan’s IT Minister reassures the International Monetary Fund (IMF) of the country’s commitment to achieving digital economy goals, underscoring the potential for technological advancement.
GDP Growth Target Set for FY25:
Pakistan sets an ambitious GDP growth target of 3.6% for the fiscal year 2025, signaling the government’s optimism about the country’s economic trajectory.
OGRA’s Petrol and LPG Price Cuts:
The Oil and Gas Regulatory Authority (OGRA) announces significant cuts in petrol and LPG prices for June, providing relief to consumers amidst fluctuating energy prices.
FBR Surpasses Revenue Target:
The Federal Board of Revenue (FBR) surpasses its revenue target for May, collecting a commendable Rs760 billion, showcasing improved tax collection efforts.
Saudi Aramco Acquires Stake in Gas & Oil Pakistan:
Saudi Aramco makes a strategic move by acquiring a 40 per cent stake in Gas & Oil Pakistan, signaling increased foreign investment in the country’s energy sector.
Tajir Dost Scheme Attracts Thousands of Retailers:
Over 21,000 retailers register under the Federal Board of Revenue’s (FBR) Tajir Dost Scheme, highlighting the scheme’s success in formalizing the retail sector and widening the tax base.
Pakistan-Kuwait Forge Closer Ties:
Pakistan and Kuwait strengthen their ties with the signing of industrial and engineering memorandums of understanding (MOUs), paving the way for enhanced collaboration in key sectors.
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These developments underscore Pakistan’s ongoing efforts to navigate economic challenges while fostering growth and stability in key sectors.
