In Uraan plan, world bank flags flaw
The World Bank has detected a flaw in the recently launched Uraan Pakistan plan, pointing out that the national economic vision lacks the basic ingredient required to fix Pakistan’s ailing economy: “sectoral plans,” it emerged this week.
However, Minister for Planning and Development Ahsan Iqbal denied the World Bank’s assertion, stating that the 5E Framework and the home-grown economic plan have been blended and are backed by sectoral targets.
LSMI output drops 3.8pc yoy
The Large-Scale Manufacturing Industries (LSMI) output fell by 3.8 percent year-on-year (YoY) in November 2024, highlighting persistent challenges in key sectors, including high energy costs and weak consumer demand. On a month-on-month (MoM) basis, output also declined by 1.2 percent, indicating sluggish industrial activity amid economic headwinds.
The LSMI decline was driven primarily by significant contractions in key sectors such as furniture (-53.3 percent), coke and petroleum (-16.2 percent), and other manufacturing (-13.3 percent), according to data from the Pakistan Bureau of Statistics (PBS).
Adepts for public-private role in food security
Experts at a conference called for supporting public-private partnerships to enhance national food security and reduce dependency on imports while strengthening local food production systems through the development of improved crop varieties and sustainable farming techniques.
Speaking about food and national security, they presented recommendations to encourage the development of nutrient-rich food products, such as mushroom-fortified biscuits and alternative protein sources, to combat malnutrition, and to invest in predictive modelling and data-driven approaches to identify and address public health issues, such as severe acute malnutrition (SAM).
SBP’s forex reserves rise $30mn
Foreign currency reserves of the State Bank of Pakistan (SBP) increased $30 million and reached $11.725 billion in the week ended January 10, 2025, showed data released by the central bank on Thursday.
With the fresh rise, Pakistan’s total liquid foreign currency reserves stood at $16.451 billion, which included reserves of $11.725 billion held by the central bank and $4.726 billion deposited with commercial banks, the SBP said in a statement. It did not give any reason for the increase in reserves.
Pak-China forum explores policies for golden ring
China’s contemporary technology can play a pivotal role in boosting Pakistan’s economic growth and the adoption of advanced technologies in sectors such as agriculture, energy and manufacturing will enhance productivity and efficiency, said Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Nazir Hussain. He was speaking at a meeting hosted by the PCJCCI on Thursday in association with the Golden Ring Economic Forum (GREF) to discuss economic strategies and collaborative initiatives aimed at strengthening regional ties within the Golden Ring framework.
For urgent climate risk management, PM aide calls
Coordinator to the Prime Minister for Climate Change, Romina Khurshid Alam, has emphasised the urgent need for robust climate risk management strategies at the national, provincial, and district levels to enhance preparedness for natural disasters and reduce their economic, social, and environmental impacts.
Speaking at the ‘Humanitarian Future’ event organised by the International Rescue Committee (IRC) on Thursday, Alam stressed the vital necessity of protecting vulnerable communities and maintaining the sustainability of lives and livelihoods amid climate-related challenges.
TDAP invites investment in minerals
The Engineering and Minerals Division of the Trade Development Authority of Pakistan (TDAP) on Thursday organised an online meeting with private and public-sector stakeholders of the mines and mineral sector, aimed at inviting investment and promoting an upcoming exhibition.
The meeting focused on the Health, Engineering and Mineral Show (HEMS) to be held from April 17-19 in Lahore and explored ways of attracting investment in the mines and mineral sector of Pakistan through trade promotion at the exhibition.
TDAP Director-General Azhar Ali Dahar, who chaired the meeting, invited all participants to take part in the HEMS 2025. He also discussed the organisation of an exclusive exhibition of Balochistan’s mineral sector and asked meeting participants for their feedback on the venue and dates for the event.
Call to timely develop, implement ev stratey
Federal Minister for Finance Muhammad Aurangzeb on Thursday stressed the importance of timely development and implementation of the New Energy Vehicle (NEV) Policy 2025-30.
Chairing a meeting, the minister called for making coordinated efforts to achieve policy targets and align them with Pakistan’s environmental and economic priorities.
The NEV policy aims to address key challenges in the adoption and production of electric vehicles (EVs) and sets ambitious targets for transitioning to clean energy in the transport sector.
In the meeting, industries and production secretary gave a detailed presentation, where he outlined the current state of EV industry. The presentation emphasised policy interventions to ensure the smooth adoption of NEVs in line with national priorities.
Aurangzeb invites Japan to invest in major sectors
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday reaffirmed Pakistan’s commitment to maintaining the trust and credibility of its bilateral and multilateral development partners, including Japan.
The minister made these remarks during a meeting with Japanese Ambassador to Pakistan Akamatsu Shuichi, who called on him in Islamabad, according to a press release issued by the Ministry of Finance. Welcoming Shuichi to his diplomatic role, Aurangzeb commended Japan’s longstanding partnership with Pakistan.