Pakistan’s central bank recently reduced the policy rate by 250 basis points (bps), bringing it down to 15%. This unexpected and substantial rate cut, which exceeded market expectations of a 120-150 bps reduction, represents a strategic shift aimed at reducing the government’s borrowing costs and strengthening the country’s fiscal health. Key Outcomes and Macro Impacts 1. Immediate Debt Relief: The rate cut is expected to lower Pakistan’s fiscal year 2025 (FY25) interest payments by approximately Rs 1.3 trillion, reducing total interest expenses from the projected Rs 9.8 trillion to about Rs 8.5 trillion. This savings of around 1% of GDP…
Author: Saifullah
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LAHORE: In response to worsening air quality, Punjab’s Environmental Protection Agency (EPA) established a smog war room on Tuesday to tackle the escalating smog crisis in Lahore. The committee includes officials from multiple departments, such as the EPA, Agriculture Department, SUPARCO, Lahore Waste Management Company (LWMC), Transport Department, and local government representatives. The war room’s tasks involve reviewing weather and air quality forecasts and monitoring the actions of field officers. Daily advisories will be issued upon approval by the Director General of Environment, Imran Hamid Sheikh. As of Tuesday morning, Lahore’s Air Quality Index (AQI) hit a hazardous level of…
RAWALPINDI: Pakistan Tehreek-e-Insaf (PTI) leader Azam Swati was rearrested on Tuesday by Taxila police shortly after his release from Attock jail. Swati’s re-arrest occurred just as he stepped outside the jail premises early this morning. Sources indicate that an anti-terrorism court had granted bail to Swati the previous day in multiple cases related to PTI’s October 4 protest. Alongside PTI founder Imran Khan and Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, Swati and other party leaders were named in cases filed on October 8. The charges stemmed from a protest incident in Islamabad that included the tragic death of Constable…
ISLAMABAD: The Islamabad Capital Territory (ICT) police have apprehended the main suspect behind a recent bank robbery, recovering stolen cash, firearms, ammunition, and the motorcycle used in the crime. Deputy Inspector General (DIG) of Islamabad Police, Syed Ali Raza, shared these details in a press conference at the Rescue 15 office. According to DIG Raza, the accused, identified as Sulaiman, also known as Salo Bhai, was arrested in Sargodha after an intensive five-day investigation led by the Counter-Terrorism Department (CTD) and the Crime Investigation Agency (CIA). DIG Raza highlighted that the operation employed various resources, including Safe City surveillance footage,…
ISLAMABAD: The National Assembly has approved two significant bills aimed at increasing the number of judges in the country’s judiciary, specifically the Supreme Court (Practice and Procedure) Amendment Ordinance 2024 and the Islamabad High Court Amendment Bill 2024. The session, chaired by NA Speaker Ayaz Sadiq, commenced with Law Minister Azam Tarar presenting the bills that seek to address the growing backlog of cases in the courts. These bills were previously approved by the federal cabinet and are now set to enhance judicial capacity. The Supreme Court Practice and Procedure Ordinance proposes to raise the number of Supreme Court judges…
ISLAMABAD: Prime Minister Shehbaz Sharif briefed cabinet members on the successful outcomes of his recent visits to Saudi Arabia and Qatar, emphasizing the productive discussions held with both nations’ leadership. During these engagements, the Prime Minister discussed various sectors, including solar energy, mining, minerals, and information technology (IT). He announced that a delegation from the Qatar Investment Authority would soon visit Pakistan, following Qatar’s commitment to invest $3 billion in the country. In a meeting with Saudi Crown Prince Mohammed bin Salman, the Prime Minister was informed about the significant demand for IT-trained professionals in Saudi Arabia, prompting a call…
KARACHI: The State Bank of Pakistan’s Monetary Policy Committee (MPC) has announced a 250 basis points cut in the policy rate, lowering it from 17.5% to 15%, effective November 5, 2024. This decision marks the fourth consecutive reduction in interest rates as inflation continues to decline, reaching close to the medium-term target range in October. In its statement, the SBP highlighted that recent developments, including a significant drop in food inflation and favorable global oil prices, have contributed to this downward trend. The MPC noted the importance of a tight monetary policy in sustaining inflation reduction and acknowledged the role…
In June 2024, Pakistan successfully averted what seemed to be an impending default, silencing speculation and rumors of a financial collapse. Last year, social media was rife with predictions that Pakistan would default on its external debt obligations, with the country needing to meet hefty payments totaling $27 billion in 2024 alone. However, Pakistan’s economic recovery efforts were stronger than anticipated, tackling each major financial hurdle and managing its resources effectively, which quickly changed the narrative. Several key factors contributed to this financial turnaround. Firstly, Pakistan recorded an increase in exports and remittances, which provided a boost to the national…
In a story of courage, perseverance, and unbreakable resolve, two men emerged as the champions of justice for government employees unlawfully detained while serving the people. Kamal Shah, a dedicated member of Rescue 1122, and Fateh Ullah Barki, an advocate at the Islamabad High Court, fought tirelessly to secure the release of Rescue 1122, Khyber Pakhtunkhwa (KPK) Police, and TMA employees arrested under questionable circumstances. The incident unfolded at the Hazro Interchange, where Punjab Police reportedly detained Rescue 1122 personnel, KPK police guards, and TMA employees. These officers were stationed to assist with emergencies at the request of the Chief…
Pakistan’s administrative structure comprises 38 divisions spread across its four provinces—Punjab, Sindh, Khyber Pakhtunkhwa (KP), and Balochistan—and two autonomous regions, Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB). Each province is divided further into districts, tehsils, and union councils, forming a complex network that helps govern and deliver services to the nation’s over 220 million people. Punjab has 8 divisions, Sindh 5, KP 7, Balochistan 6, AJK 3, and GB 3, all forming a framework essential for the country’s administration. However, given the population and diversity within these areas, many argue that restructuring these provinces into smaller units could enhance…
