Tag: Economic

LAHORE - Economic uplift of the country as well as the masses would remain the focal point of the next general elections as the worsening economic conditions have become a matter of prime importance for the common man, Chief Coordinator All Pakistan Muslim League (APML) and former federal minister Chaudhry Shahbaz said in an exclusive interview with Pakistan Today.
He stated that owing to sky rocketing price hike and inflation, the issue of improvement in economic conditions is

KARACHI - Pakistan's failure to implement economic reforms, proposed by multilateral lenders like International Monetary Fund (IMF), has now started to reflect on foreign inflows to the floods and terrorism-stricken country.
Whereas the IMF has already denied Islamabad its two tranches under the Stand-By Arrangement (SBA), other international donors like the World Bank, Islamic Development Bank and Asian Development Bank (ADB) have linked their budgetary support to the

DUBLIN - Irish voters on Friday look certain to oust their government in elections dominated by the collapse of the economy and a hated international bailout.
The widely expected defeat for the eurozone country's traditional party of government, Fianna Fail, would make the Irish government the first to fall victim to the eurozone debt crisis. "They're getting a good kicking, and they deserve it," said Brendan Buckley, a 47-year-old civil servant, at a polling station in north

LAHORE - Former LCCI Senior Vice President Abdul Basit has urged the government to immediately constitute economic reforms committee with representation of stakeholders, including chambers of commerce and industry, trade bodies and political parties to urgently take up the challenges hampering the economic growth.
In a statement issued here on Tuesday, former LCCI SVP said that economic slowdown was not only causing unemployment but also creating law and order situation in the

ISLAMABAD - Finance Minister Abdul Hafeez Shaikh on Tuesday said the government was doing its best to improve the country's economy but that objective could only be obtained by taxing the rich and re-distribution of wealth among the poor.
Addressing a special ceremony at the Planning Commission on Monday to mark the 20th Anniversary of the Human Development Report: The Real Wealth of Nations. The ceremony commemorated the contribution of late Dr Mahabub-ul-Haq to the concept of

ISLAMABAD - President Asif Ali Zardari asked the country's leading business houses to convene a roundtable conference of all political parties on their platform to find ways and means of putting the country's economy on a solid footing. At a presentation by the Pakistan Business Council on the agenda for the economic reforms, the president also suggested to the businessmen to make consortiums of leading entrepreneurs to consider buying out and managing various state-run

LAHORE - The business community in Pakistan must not lose hope as the economy will revive in the current year, while inflation will decrease as a result of the base effect by the end of current fiscal year. These views were expressed by AHCL Chairman Arif Habib, on Thursday, while addressing a gathering of share holders, investors and journalists at the Lahore Stock Exchange (LSE).
The meeting, called "Corporate Briefings Program", was held to increase efficiency and parity in

LAHORE - During the past few months, a reverse graph was noticed in global economic recovery. According to a worldwide Global Economic Conditions survey by the Association of Chartered Certified Accountants (ACCA), the fourth quarter of 2010 showed that unlike previous quarter (28 percent as opposed to 14 percent) twice the number of accountants believe global recovery is slipping away.
Faith in recovery has been at its lowest level during the last 18 months. Less than a third of

LAHORE - Speakers at the economic dialogue arranged by the Lahore Chamber of Commerce and Industry were united in calling for good governance, strong institutions and sound macroeconomic management as the drivers of economic growth. They stressed that government needs to roll up its sleeves to break the vicious economic crisis.
LCCI President Shahzad Ali Malik, PIDE Vice Chancellor Dr Rashid Amjad, former Chief Economist Planning Commission Dr Pervaiz Tahir, former World Bank

CAIRO - There is no money at the banks. Fuel is scarce. Tourism is evaporating. As a popular uprising to oust President Hosni Mubark enters its second week, Egyptians are feeling the economic pinch. Banks have been shut since Sunday, and they remained so on Tuesday, the day that protesters hope will see a million-strong demonstration in Cairo to demand an end to Mubarak's regime.
Many automatic teller machines (ATM) in the teeming capital have run out of cash, and those still

LAHORE - In an attempt to explore all available options to the ongoing economic crisis, the Lahore Chamber of Commerce and Industry (LCCI) is holding an economic dialogue today. Leading economic experts, policy makers and business leaders will give their insights on how to introduce transparency in decision making in the government and the private sector.
The decision to initiate an economic dialogue has been taken as the gap revenue and expenditure has grown, increasing the

ISLAMABAD - The International Monetary Fund (IMF) is likely to stress for expeditious implementation of the economic reforms for the revival of the economy as well as controlling the rising fiscal deficit, an official source said on Saturday.
A two-member IMF team, consisting of Mission Chief for Pakistan Adnan Mazarei and Director Middle East and Central Asia Department Masood Ahmed, will arrive on January 30. The team will meet President Asif Ali Zardari and Finance Minister

ISLAMABAD - Islamabad Chamber of Commerce and Industry (ICCI) has urged the government to form an 'Economic Revival Group' to deliberate on the key issues to implement permanent solutions to aid the faltering economy. ICCI President Mahfooz Elahi said that the economic revival plan and timely execution were key factors in whether Pakistan could break out of the current economic crisis.
He reasoned it only requires close coordination among various organisations and strong

ISLAMABAD - Prime Minister Yousaf Raza Gilani has said that the government is formulating a new economic framework to put Pakistan on a trajectory of sustainable economic growth and development.
He said this while talking to a British delegation led by UK Department for International Development chief Economist Alan Winter in the Parliament House. He said the new economic growth framework envisaging market reforms, improving urban management and engaging youth and community would

WASHINGTON - A revitalized President Barack Obama bluntly told America to reinvent itself and unite to survive in a fast-changing global economy powered by rising giants like India and China.
Obama's confident State of the Union address Tuesday mixed straight talk with a patriotic call to action, as he rode a tide of improbable political momentum less than three months after a Republican mid-term election rout. The president spoke to a television audience of millions from the

LAHORE - A broad-based committee mandated by Pakistan Muslim League-Nawaz (PML-N) to draw up proposals for economic turnaround has urged the government to focus more on privatisation, deregulation, tax reforms, education, agriculture sector and improving infrastructure.
It has recommended a decrease in the interest rates and that the oil, gas, water, coal and power departments should be brought under one ministry. The recommendations have been prepared by a committee headed by a

WASHINGTON - While the rich world puts its post-crisis house in order, developing countries as a whole are becoming the new engine of global growth. Increasingly, they are a force pulling the advanced economies forward.
But switching locomotives is never free of risk. There are at least four tracks along which this switchover is taking place. First, public- and private-sector balance sheets in most emerging economies are relatively clean.
While de-leveraging is ongoing in