ISLAMABAD: Pakistan’s exports of goods increased by 18 percent to $25.3 billion during the last fiscal year, said the commerce ministry on Thursday, adding it was the highest growth rate recorded in the country’s history.
The ministry informed that the export of services during FY21 had been projected at $5.9 billion, implying that Pakistan’s overall exports had surpassed $31 billion.
“This is a remarkable achievement by our exporters considering the difficulties created by COVID-19 at home and resultant contractions in our major markets,” the prime minister’s advisor on commerce, Abdul Razak Dawood, said in a statement.
“It was not an easy task as many countries went into lockdown which severely affected the business,” he continued. “Not only our exports survived the crisis but also we enhanced them in many sectors. I salute our exporters on achieving the milestone.”
Meanwhile, the commerce ministry maintained the government had taken several measures to improve industrial competitiveness by rationalizing customs duty and other tariff forms.
“Since 2018-19, tariff on more than 4,000 inputs (i.e. raw materials, intermediate and capital goods) have been rationalized,” it said in the official statement. “As a result, almost 40 percent of total inputs in terms of number of tariff lines as well as value of imports are at zero percent duty.”
The ministry maintained it would continue with the tariff reforms in the coming years.
“With the current measures exports are expected to grow by five percent in the next two years,” said the statement.
Exports increase by 18% in highest ever growth recorded in Pakistan's history
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Exports increase by 18% in highest ever growth recorded in Pakistan's history
- The commerce ministry maintains this is the highest ever growth rate recorded in the country’s history
- The government expects a further increase of five percent in Pakistan’s exports in the next two years
Pakistan fined again for slow ODI over-rate in New Zealand
- Pakistan players fined 5 percent of match fees for being one over short of target on Wednesday
- Visiting team was two overs short, fined 10 percent after losing first ODI by 73 runs on Saturday
DUBAI, United Arab Emirates: Pakistan has been penalized for a slow over-rate against New Zealand in their second one-day international in Hamilton this week.
Match referee Jeff Crowe fined the Pakistan players 5 percent of their match fees after they were one over short of the target on Wednesday after the time allowances were taken into consideration. New Zealand won by 84 runs.
Pakistan captain Mohammad Rizwan “pleaded guilty to the offense and accepted the sanction, eliminating the need for a formal hearing,” the International Cricket Council said on Thursday.
It was the second consecutive match after which Pakistan was fined for a slow over-rate.
The visiting team was two overs short of the target and fined 10 percent after losing the first ODI by 73 runs at Napier last Saturday.
The third and last ODI is at Mount Maunganui on Saturday.
Pakistan’s inflation dropped to 0.7 percent in March, lowest in three decades
- Pakistan’s inflation rate stood at 1.5 percent in February and at 20.7 percent during March 2024
- Prices of fresh fruits, eggs, sugar, chicken and readymade garments increased month-on-month
ISLAMABAD: Pakistan’s consumer price index (CPI) inflation rate dropped to 0.7 percent in March on a year-on-year basis, the country’s statistics bureau said on Thursday, the lowest in three decades amid signs of economic recovery.
Pakistan’s inflation rate stood at 1.5 percent in February and 20.7 percent in March 2024, according to data shared by the Pakistan Bureau of Statistics (PBS) in its monthly review of price indices report.
On a month-on-month basis, it increased by 0.9 percent in March as compared to a decrease of 0.8 percent in February. It increased by 1.7 percent in March 2024.
“CPI inflation general decreased to 0.7 percent on year-on-year basis in March 2025 as compared to 1.5 percent of the previous month and 20.7 percent in March 2024,” the PBS said.
The commodities whose prices increased month-on-month included tomatoes (36.35 percent), fresh fruits (18.66 percent), eggs (14.92 percent), sugar (11.48 percent), chicken (10.87 percent), fresh vegetables (6.13 percent), butter (2.70 percent), neat (1.60 percent) and pulse moong (0.70 percent).
While prices of non-food items that increased month-on-month include readymade garments (2.15 percent), tailoring (1.84 percent), liquified hydrocarbons (1.83 percent), cotton cloth (1.74 percent), accommodation services (1.47 percent), hosiery (1.33 percent), education (1.23 percent) and plastic products.
“Pakistan’s CPI for March 2025 has clocked in at 0.7pc, the lowest monthly YoY reading in over three decades,” Topline Securities, a prominent Karachi-based brokerage firm, said.
Aggressive policy rate cuts by Pakistan’s central bank and a series of economic reforms by the government have led to a substantial decline in Pakistan’s annual inflation rate.
Pakistan’s inflation rate rose to a record high of 38 percent in May 2023 on account of surging food and fuel costs as Islamabad withdrew energy and fuel subsidies under a deal agreed with the International Monetary Fund (IMF) for a financial bailout package.
Pakistan says has not extended Mar. 31 deadline for expulsion of Afghans
- Media reports claimed Pakistan extended deadline to beginning of next week as it coincided with Eid holidays
- Khyber Pakhtunkhwa government says has set up two camps in Peshawar and Landi Kotal for deportations
ISLAMABAD: Pakistan’s foreign office spokesperson on Thursday confirmed that the government has not extended its Mar. 31 expulsion deadline for Afghan Citizen Card (ACC) holders, as the UN Refugee Agency expressed concerns over forced deportations and called on the government to show “leniency.”
Islamabad last month announced a deadline of Mar. 31 for Afghans in Pakistan holding ACCs, a certain immigration document, to leave the country. The move was part of Pakistan’s larger drive launched in 2023 to expel what it says are illegal immigrants from the country as it faced a surge in militant attacks.
AFP news agency reported that a government official, on condition of anonymity, said the deadline had been extended till the beginning of next week as it coincided with the Eid Al-Fitr holidays.
“No extension to the deadline for illegal foreigners and ACC-holder Afghans,” Shafqat Ali Khan, the foreign office spokesperson, told Arab News.
ACCs were issued by Pakistani authorities and are held by 800,000 Afghans, according to the United Nations.
More than 1.3 million Afghans who hold the UN-issued Proof of Registration (PoR) cards valid until June 30 are not part of the expulsion drive. Reports, however, suggest they are also being moved from Islamabad to Rawalpindi.
The UN says nearly three million Afghans live in Pakistan, many having fled there over decades of war in their country and after the return of the Taliban to power in Afghanistan.
UNHCR Pakistan spokesperson Qaiser Khan Afridi expressed concerns over the deportation drive and reports of arrests in Islamabad and Rawalpindi cities.
“We have expressed concerns over this deportation drive as we believe that ACC holders should be given sufficient time to return voluntarily, with dignity and safety,” Afridi told Arab News.
He said the UNHCR has received reports of Afghan nationals being arrested in Islamabad and Rawalpindi.
“But these operations were already underway before the Mar. 31 deadline expired,” he said, adding that the UN agency does not have information about any increase in arrests after the deadline expired.
60 AFGHAN NATIONALS ARRESTED
A source in Islamabad’s district administration, speaking to Arab News on condition of anonymity, confirmed that 60 Afghan nationals had been arrested in the twin cities of Rawalpindi and Islamabad after the deadline expired.
He said the operations were conducted based on intelligence reports in Islamabad and Rawalpindi jointly by police and intelligence agencies.
“Twenty-two individuals holding Afghan Citizen Cards were detained from Islamabad’s areas and 38 individuals were arrested from Rawalpindi,” he said.
He disclosed that the arrested Afghan nationals have been shifted to a temporary camp in Islamabad’s Old Hajji Camp area. He said after they have been registered, the Afghan nationals will be taken to the northwestern Landi Kotal town for further deportation process.
Afridi said the UNHCR was not directly involved in the process nor was it providing any support to the government.
“However, we believe they [Afghans] should be treated with leniency,” he said.
Anwer Shehzad, a focal person of the provincial government in northwestern Khyber Pakhtunkhwa (KP) province for the repatriation drive, said the KP government has established two camps for the repatriation of Afghans. One was in Peshawar’s Regi area while the other one was in Landi Kotal.
“However, no Afghans have been relocated so far due to the Eid holidays,” Shehzad said. “As the deadline expired during the holidays, we have instructed all relevant authorities to begin shifting Afghans to these camps for further processing starting from Apr. 7.”
He said these camps have National Database and Registration Authority (NADRA) counters, security officials and representatives from all relevant departments.
“NADRA will conduct biometric verification of all individuals before their departure to Afghanistan to ensure that, if they return, they can be properly identified,” he explained.
Shehzad said that since the government announced the deadline last month, around 100,000 Afghans have voluntarily returned to their homeland.
He added that as per the KP home department’s data, approximately more than 800,000 Afghans are yet to be repatriated.
“We will also provide all biometric data to the Pakistani embassy in Afghanistan to facilitate legal movement in the future,” Shehzad said.
Arab News contacted Pakistan’s interior ministry and the provinces of Punjab, Balochistan, and Sindh but did not receive a response from them by the time this report was filed.
Afghanistan has repeatedly called for the “dignified” return of Afghans from Pakistan, urging Islamabad not to expel them.
Following an ultimatum from Islamabad in late 2023 for undocumented Afghans to leave Pakistan, more than 800,000 Afghans returned between September 2023 and the end of 2024, according to the UN figures.
Pakistan announces Rs7.41 per unit cut in power tariff for domestic consumers
- Shehbaz Sharif says his government has slashed power tariffs for industrial consumers by Rs7.59 per unit to boost exports
- Pakistan produces costly electricity due to high reliance on imported fossil fuels, inefficient energy mix, regulatory inefficiencies
KARACHI: Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for both domestic and industrial consumers on Thursday, saying that his administration has slashed them by Rs7.41 per unit for domestic consumers and Rs7.59 for industrial ones.
Pakistan produces expensive electricity due to a combination of factors including high reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses and chronic issues like circular debt and regulatory inefficiencies.
Pakistan has sought to ease fiscal pressure aggressively in recent months by undertaking energy reforms that reduce tariffs and slash capacity payments to independent power producers (IPPs).
“I am here to give you a good news regarding Pakistan’s economy and how the promise made by PML-N leader [Nawaz Sharif] in the manifesto has been fulfilled,” Sharif said at a ceremony in Islamabad, announcing that the price of electricity has been slashed by the government by Rs7.41 per unit, bringing it down to Rs34 rupees per unit.
In June 2024, the prime minister noted that the electricity price for industrial consumers stood at Rs58.50 per unit which was then lowered to Rs47.19.
“Today, I am announcing an additional reduction of seven rupees and 59 paisas for the industrial sector,” Sharif said to loud applause from the attendees.
The Pakistani premier reflected on the economic challenges his government inherited, saying that the nation was in danger of being declared bankrupt and that the International Monetary Fund (IMF) was unwilling to cooperate with it at first.
“When we took power, there were discussions of bankruptcy, the IMF was not willing to listen, there was no money to run power plants and we were facing a very difficult situation to meet energy needs,” Sharif said.
“Meanwhile, those who had brought Pakistan to the brink of default were celebrating, thinking that nothing could save Pakistan from default,” he said, referring indirectly to former prime minister Imran Khan, his political rival.
The Pakistani prime minister stressed that his government could not continue providing power subsidies until its External Fund Facility (EFF) loan program with the IMF ended.
“We will have to make decisions like privatization and right-sizing because subsidies cannot be provided while the IMF loan exists,” he said.
“Due to the IMF loan, the nation loses 800 billion rupees annually. I believe that all politicians and institutions must work together to save 800 billion rupees,” he added.
Despite the challenges, Sharif expressed confidence in Pakistan’s economic course, noting the recovery and reduced pressure on the country’s fiscal situation.
He noted that Pakistan’s petroleum product prices are now among the lowest in the region.
“In the past year, the price of petrol has decreased by Rs38 per liter and even today, petroleum product prices in Pakistan are the lowest in the region,” the premier said.
Sharif discussed the government’s plans to increase revenues by 35 percent, acknowledging that this figure was lower than the IMF’s original expectations but still a “significant improvement” over Pakistan’s past performance.
“We are going to increase revenues by 35 percent, which is less than what was agreed with the IMF but much more than in previous years,” he said.
The prime minister also provided an update on Pakistan’s circular debt, saying it stood at Rs2,393 billion. He said the government plans to eliminate it completely within the next five years.
“We are moving toward a path of progress,” Sharif emphasized. “The journey is challenging but we have the strength and resolve to move forward without looking back.”
Pakistan condemns Israeli far-right minister’s storming of Al-Aqsa Mosque
- Incident took place as thousands of Muslims gathered at Islam’s third holiest site for Eid Al-Fitr prayers
- Itamar Ben-Gvir’s show of force drew criticism from Muslim nations who called it an act of provocation
ISLAMABAD: Pakistan on Thursday condemned the “sacrilegious storming” of Al-Aqsa Mosque by Israel’s far-right National Security Minister Itamar Ben-Gvir along with a group of settlers under heavy police protection this week.
The incident came after thousands of Palestinian Muslims gathered peacefully for Eid Al-Fitr prayers at Islam’s third holiest mosque amid the ongoing conflict in Gaza.
Ben-Gvir, who has previously staged similar displays of force, has been widely criticized by majority-Muslim nations, who called it an act of deliberate provocation during a religious festivity.
Islamabad also condemned the escalation of the Israeli onslaught against Palestinians in the Gaza Strip.
“Pakistan denounces Israel’s latest military offensive aimed at establishing new security corridors, including the illegal seizure of the Morag Corridor and further annexation of Palestinian land,” the foreign office said in a statement.
“Of particular concern is the sacrilegious storming of the Al-Aqsa Mosque complex by Israeli occupying forces, during the holy occasion of Eid-ul-Fitr,” it added. “This provocative act not only violates the sanctity of one of Islam’s holiest sites but also demonstrates Israel’s determination to escalate tensions and pursue its expansionist agenda at the expense of regional peace.”
The foreign office also condemned recent Israeli air and ground operations in Gaza, including the targeting of a UN-run clinic in Jabalia sheltering displaced civilians, describing it as a violation of international humanitarian law.
Israeli Prime Minister Benjamin Netanyahu earlier this week announced the creation of a new security corridor known as the “Morag Corridor,” aimed at cutting off the southern city of Rafah in Gaza from Khan Younis.
The move, referencing the area around the former Israeli settlement of Morag, is part of what Netanyahu described as a broader strategy to “divide up” the Palestinian enclave and increase pressure on Hamas to release Israeli hostages.
Pakistan reiterated its support for the Palestinian people’s right to self-determination and called for the establishment of an independent Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital.
