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Pakistan’s economy is back on an upward growth trajectory: PM Nawaz

12:36 AM | 23 Sep, 2016
Pakistan’s economy is back on an upward growth trajectory: PM Nawaz
NEW YORK - Prime Minister on Thursday said that Pakistan firmly believes that a strong trade and economic relationship is an essential pre-requisite for a stable, long term people to people relations.

While speaking at the luncheon co-hosted by the US-Pakistan Business Council (USPBC) and the US Chamber of Commerce, Prime Minister Nawaz Sharif said that the United States has remained an important economic and trading partner of Pakistan.



However, the level of trade and investment between the two countries has not kept pace with global trends, he added.

“As a result of bold economic reforms, Pakistan has achieved significant improvement in all major economic indicators. Pakistan's growth has increased and the budget deficit has been reduced,” he stated.

The premier while specifically addressing to the chief guests Mr. Myron Brilliant, Executive Vice President, US Chamber and Dr. Mehmood Khan, Chairman, US-Pakistan Business Council, gave an overview of some of the key economic indicators in Pakistan:

Inflation is now well below 3% - the lowest in 47 years.

The State Bank of Pakistan in its Monetary Policy Decision announced in May 2016 decreased the discount rate to 5.75% - again lowest in last 4 decades.

Up-gradation of the Karachi Stock Exchange to Emerging Market Index by Morgan Stanley Capital International (MSCI) is an important development.

PM stated that Pakistan’s economy is back on an upward growth trajectory and FY 2015-16 saw growth of 4.71%, the highest in a decade.

“There has also been a successful revival and resumption of the strategic private sector participation program. The government has also successfully auctioned 3G and 4G spectrum licenses, opening vistas of communication and data transfer in the country.” He added.

He apprised the guests that Pakistan will shortly graduate from the IMF Programme. The successful completion of the IMF programme, the second time in our history, is a strong indicator of the health of Pakistan’s economy and the authenticity of reforms undertaken.

The Tax to GDP ratio has gone up to 12.5% which is up from 9% when the government took reins of the economy. There is potential for further growth which we are committed to tap, PM stated.

The Karachi Stock Exchange being one of the best performing Stock Markets in the world closed Financial Year at 37,783 points. It is now trading well over 40,500 points.

He mentioned Forbes that acknowledged that Pakistan has the potential to be a global turnaround story and ought to be a US strategic partner.

“Jim O’Neill of Goldman Sachs has included Pakistan in N-11 or Next 11 Group of economies expected to register rapid growth in the next decade.”

“Bloomberg ranked Pakistan 3rd amongst top ten Best Performing Markets in 2014; and 14th amongst top potential investment locations in 2016.”

“The well reputed international credit rating agencies, international financial institutions, and international economists have all appreciated the important strides we have made over the past three and a half years in turning around Pakistan’s economy. Both S&P and Moody’s have upgraded Pakistan’s credit rating from stable to positive. Fitch has also assigned a stable rating to Pakistan.” The premier added.

Usman Mujib Shami is the Executive Editor of Daily Pakistan. He did his Masters in international Business from Hult University and his Bachelors from Institute of Business Administration, Karachi.

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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