Gold hits record high in Pakistan
Gold prices in Pakistan reached a new all-time high of Rs254,000 per tola (11.66 grams) on Thursday, driven by international investors taking heavy positions in anticipation of the US central bank cutting interest rates in September 2024.
The bullion surged by Rs4,600 per tola, setting a new record after the commodity spiked by $60 per ounce (31.10 grams) to $2,470 in the global market, according to the All Pakistan Sarafa Gems and Jewellers Association. Despite the notable hike, gold remained underpriced by Rs4,000 per tola in Pakistan compared to the Dubai market. The previous all-time high was Rs252,200 per tola in May 2024.
ADB sustains 15pc inflation forecast
The Asian Development Bank (ADB) has maintained its inflation forecast for Pakistan at 15 percent, significantly higher than the official target, while predicting the country’s debt burden will ease to 70 percent of GDP this fiscal year.
The Manila-based lender’s flagship report, the Asian Development Outlook, did not provide a new economic growth figure for Pakistan, implying it retained the previous forecast of 2.8 percent growth for this fiscal year, lower than the official target of 3.5 percent.
Senate body vows to address business problems
The Senate Standing Committee on Commerce has assured representatives of the Karachi Chamber of Commerce and Industry (KCCI) that issues of the business community will be resolved on a priority basis.
The standing committee met at the KCCI head office on Thursday, headed by committee Chairperson Senator Anusha Rehman.
Major oil & gas companies are exiting Pakistan
The National Assembly Standing Committee on Energy (Petroleum Division) was informed on Thursday that no company is interested in offshore oil and gas exploration activities in the country following the dry well at Kekra-1 in 2019.
Presided over by Committee Chairman Syed Mustafa Mehmood, members inquired about the lack of interest from international players in Pakistan’s oil and gas sector. Petroleum Minister Musadik Malik briefed the committee, stating that major oil and gas companies are leaving Pakistan. This comment prompted reactions from committee members who questioned the reasons for the exodus.
Businessmen urge government to revoke IPP deals
Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) has underscored the critical importance of cancelling all agreements with independent power producers (IPPs) and procuring electricity from cheaper sources without any capacity charges.
A consensus in that regard was reached at a think tank session of the PCJCCI held at the Chamber Secretariat on Thursday.
“Despite a vast potential for solar energy, Pakistan has only scratched the surface of its capabilities. The country is blessed with abundant sunshine, making it an ideal location for solar power generation,” the PCJCCI said.
Horticulture sector seeks prompt action
Leaders of the All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) have appealed to Prime Minister Shehbaz Sharif to accord top priority to resolving the issues being faced by the horticulture sector, especially kinnow exporters.
In a letter written to the PM, the association asked him to take necessary action for future growth of the sector, which possessed tremendous export potential.
“Exports of the sector may drop significantly if the suggestions given by exporters are not taken seriously and prompt action is not taken,” it said.
The horticulture sector has made good progress by enhancing exports and it expects to multiply export volumes provided its reservations about the tax regime announced in the recent budget were addressed and sufficient funds were allocated for research and development (R&D) work.
Ahsan reviews CPEC 2.0 progress
Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, presided over a meeting on Thursday to review the implementation status of decisions regarding CPEC projects, particularly those made during Prime Minister Shehbaz Sharif’s recent visit to China.
“There is complete agreement between the leaderships of China and Pakistan on the second phase of the China-Pakistan Economic Corridor, also known as CPEC 2.0,” he stated.
The minister highlighted that his recent visit to China continued the PM’s discussions with Chinese leaders, focusing on the strategic implementation of these decisions to ensure CPEC 2.0’s success. He highlighted the global interest in China’s economic development model and noted that Pakistan was the biggest beneficiary of this model until progress slowed after 2018.
Despite setbacks, Iqbal stressed CPEC’s continued importance due to Pakistan’s strategic geographical position. He urged the Ministry of Railways to expedite the documentation and preparatory steps for the ML1 project.
“During my recent visit to China, we agreed to convene an early meeting of the Joint Financing Committee for the ML1 project, which will take place within a month,” he announced.
Pakistan advances sustainable development goals amid triple crises
Despite grappling with the triple crises of food, fuel, and finance, Pakistan has made progress in implementing the Sustainable Development Goals (SDGs), aimed at ending poverty, protecting the planet, and improving lives worldwide.
Speaking at the High-Level Political Forum under the auspices of the UN Economic and Social Council, Ambassador Usman Jadoon, acting permanent representative to the UN, highlighted Pakistan’s integration of the UN’s 2030 Agenda for SDGs into national development policies and plans.
“We have made progress in SDG implementation. However, like other developing countries, Pakistan faces numerous challenges in achieving the SDGs by 2030,” said Jadoon. The Pakistani envoy called for greater financing and fiscal space to help developing countries accomplish these goals.