Speaking in Washington, the minister said Pakistan economy was much more stable as compared with the situation in 2013. “We have seen a rise in imports as the industrial sector is investing in the power sector but it’s nothing to be alarmed about,” he maintained.
“Revenue generation has witnessed a two-fold increase because of the improvement in the tax collection system,” he added.
Iqbal said Pakistan’s current development budget was its biggest in the country’s history.
He added that the government had allocated more funds and resources for security.
“We don’t need to seek loans from the IMF,” he retorted to the recent criticism that Pakistan was carrying a “beggar’s bowl” and there were economic concerns because of its “sky-high debt.”
The response seems to have been directed at an interview the military's spokesman gave to a private TV channel the day earlier, in which he had said: "If the economy is not bad, it is not doing so well either."
On Wednesday the Chief of Army Staff (COAS) Gen Qamar Javed Bajwa had said, “the economy is showing mixed indicators,” he had said before an audience of businessmen and the military leadership of Karachi at a daylong event organised by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and ISPR at the DHA Golf Club.
It is pertinent to mention that the World Bank has also warned that macroeconomic risks in Pakistan have increased substantially during the fiscal year 2017, as the external balance is particularly vulnerable given the persistent current account deficit, affecting the country’s reserve position.
Pakistan’s weaker macroeconomic discipline has led to vulnerabilities in the balance of payments. Since the International Monetary Fund (IMF) programme came to an end, external indicators of the economy have deteriorated, says ‘The South Asia Economic Focus Fall 2017’ released earlier this month, ahead of the World Bank and IMF annual meetings.
Meanwhile, PTI chief Imran Khan was quick to respond to the interior minister's statement. Ahsan Iqbal's unwarranted attack on ISPR is absurd because the dismal state of Pak's economy is known to the world, Khan tweeted.
Ahsan Iqbal's unwarranted attack on ISPR is absurd bec the dismal state of Pak's economy is known to the world.— Imran Khan (@ImranKhanPTI) October 13, 2017
The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he believes...life is a station, and death is a longest journey from seen to ...
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 03, 2023 (Friday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||333.31||333.61|
|Hong Kong Dollar||HKD||34.19||34.54|
|New Zealand Dollar||NZD||173.25||175.25|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 212,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs182,530.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 212,900||PKR 2,420|
|Karachi||PKR 212,900||PKR 2,420|
|Islamabad||PKR 212,900||PKR 2,420|
|Peshawar||PKR 212,900||PKR 2,420|
|Quetta||PKR 212,900||PKR 2,420|
|Sialkot||PKR 212,900||PKR 2,420|
|Attock||PKR 212,900||PKR 2,420|
|Gujranwala||PKR 212,900||PKR 2,420|
|Jehlum||PKR 212,900||PKR 2,420|
|Multan||PKR 212,900||PKR 2,420|
|Bahawalpur||PKR 212,900||PKR 2,420|
|Gujrat||PKR 212,900||PKR 2,420|
|Nawabshah||PKR 212,900||PKR 2,420|
|Chakwal||PKR 212,900||PKR 2,420|
|Hyderabad||PKR 212,900||PKR 2,420|
|Nowshehra||PKR 212,900||PKR 2,420|
|Sargodha||PKR 212,900||PKR 2,420|
|Faisalabad||PKR 212,900||PKR 2,420|
|Mirpur||PKR 212,900||PKR 2,420|