KARACHI: Pakistan’s central bank on Friday described fiscal year 2023 as “extraordinarily challenging” for national economy, saying it brought a number of domestic and external shocks for the country in which the financial well-being of the people was compromised by structural weaknesses and spiraling inflation.
The State Bank of Pakistan (SBP) presented a mixed economic report card in the Governor’s Annual Report (GAR) for the last fiscal year which it is legally require to prepare and submit to the national parliament, specifying its economic objectives, monetary policy conduct and the overall health of the economy and financial system.
The report said despite the economic hardships, the bank had focused on financial inclusion by facilitating the digitization of services which had led significant growth within the sector.
However, price stability and inflation remained major concerns for the country, with the average headline national consumer price index rising up to 29.2 percent. The bank noted this situation could only be addressed through tough measures that it was willing to take in the coming months.
“The SBP responded to these challenges by maintaining a contractionary policy stance, raising the policy rate by a cumulative 825 basis points during FY23, in addition to the 675 basis points increase in FY22,” the central bank said in a statement that detailed the contours of the annual report.
“The GAR FY23 asserts that the central bank will continue to take decisions to prevent high inflation from becoming entrenched and keep inflation expectations anchored to achieve the medium term target of 5-7 percent by the end of FY25, with FY24 inflation moderating to 20-22 percent on account of the impact of contractionary monetary policy, improvements in domestic supplies, softer non-energy global commodity prices, and the high base effect,” it added.
The report complained that political uncertainty in the country weighed on business and consumer sentiments, generating a negative impact on the overall economy.
The real GDP contracted by 0.2 percent, it said, and budgetary targets for the government’s fiscal and primary balances were missed by large margins amid less than planned tax revenues and lower than budgeted reduction in subsidies.
However, the central bank continued to emphasize its objective of maintaining stability of the financial system while reporting it had achieved considerable progress in the area.
“The country’s financial sector grew steadily and continued to meet the economy’s needs of credit and financial services,” the SBP statement added. “Total assets of the banking sector grew by 17 percent in FY23.”
“Within the banking sector,” it continued, “Islamic Banking Institutions (IBIs) performed well during the review period and outperformed their conventional counterparts on several fronts, such as financing and investments along with a double-digit growth in deposit mobilization.”
It may be recalled that Pakistan suffered devastating impact of monsoon floods during the last fiscal year along with elevated global commodity prices and the delay in the ninth review of the International Monetary Fund (IMF) loan program.
The SBP said all these factors added pressure on the country’s external account and created a tough situation for the economy.
Pakistan central bank calls fiscal year 2023 ‘challenging’ amid economic shocks, rising inflation
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Pakistan central bank calls fiscal year 2023 ‘challenging’ amid economic shocks, rising inflation
- The bank says it will continue to take necessary measures to prevent high inflation from becoming entrenched
- SBP counts financial inclusion as one of its objectives, saying total banking sector assets grew by 17% in FY23
Marcus Stoinis lets rip as Australia crush Pakistan for T20 series whitewash
- After opting to bat, Pakistan raced to 62-1 before crumbling to 117 all out in the 19th over
- Stoinis slammed five sixes and five fours in his 27-ball masterclass, staying unbeaten at 61
HOBART: Marcus Stoinis slammed five huge sixes in an unbeaten 61 as Australia crushed Pakistan by seven wickets in Hobart on Monday to secure a 3-0 T20 series whitewash.
Chasing a meagre 118, the hosts hit the target in the 12th over to hand Pakistan a reality check after the visitors won the preceding ODI series 2-1.
Stoinis was unstoppable once he got going, also blasting five fours in his 27-ball masterclass.
“It’s really nice to get another win and go 3-0 up,” said Australia skipper Josh Inglis.
“When he’s going like that, it’s really hard to stop,” he added of Stoinis. “One of those sixes was probably the biggest I’ve seen.”
The match at Bellerive Oval was a dead rubber after Australia won a rain-hit match in Brisbane by 29 runs and then in Sydney by 13 runs.
After opting to bat, Pakistan raced to 62-1 before crumbling to 117 all out in the 19th over with Babar Azam top-scoring on 41 and Aaron Hardie taking 3-21.
Jake Fraser-McGurk began the run chase with consecutive boundaries from Shaheen Shah Afridi before the speedster dismissed Matt Short for two, caught at mid-on by Irfan Khan.
Fraser-McGurk (18) followed next over, undone by the sheer pace of Jahandad Khan in another mis-fire by the 22-year-old.
But Inglis kept the scoreboard ticking over alongside Stoinis, who let rip in the ninth over, punishing Haris Rauf for 20, including a massive six that landed on the stadium roof.
Their 55-run partnership ended when Inglis scooped Abbas Afridi to Rauf on 27, which brought Tim David to the crease.
He was bystander to Stoinis, who brought up his fifth T20 half-century with another giant six before seeing them home.
“There’s lots of positives, the way some of the players batted and bowled, these youngsters will come good,” said Salman Agha, Pakistan’s skipper for the night with Mohammad Rizwan rested.
“It’s a big achievement for us to win a one-day series here after 22 years, we could have done better in the T20 series but we’ll come back stronger.”
Sahibzada Farhan opened the Pakistan batting with Azam in the absence of Rizwan.
But on a chilly evening, he lasted just seven balls before top-edging a short one from Spencer Johnson — fresh from taking five wickets in Sydney — to Xavier Bartlett.
Azam produced a series of elegant strokes as he and Haseebullah Khan put on a quickfire 44 for the second wicket.
But Kahn was no match for Adam Zampa’s spin, collecting an outside edge on 24 to Short.
Pakistan’s woes mounted with Usman Khan (3) caught on the ropes after slogging Hardie and Agha trapped lbw by the same bowler for one.
It left them reeling on 72-4 at the halfway mark and when Zampa bowled Azam and Khan (10) was needlessly run out they were in deep trouble.
Shaheen Shah Afridi blasted only six of the innings but didn’t last as the tailenders were mopped up.
Pakistan PM urges all sectors to ensure tax compliance for economic growth
- Faced with persistent tax evasion, officials are implementing automated tax collection system
- Government says it wants to increase the tax-to-GDP ratio to 13 percent in the next three years
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday called for all sectors to fulfill their tax obligations, emphasizing that economic development hinges on collective responsibility and adherence to tax laws.
The government has set an ambitious target to increase the tax-to-GDP ratio from less than 10 to 13 percent over the next three years, describing the current revenue generation level as “unsustainable.”
Faced with persistent tax evasion, authorities are implementing reforms aimed at automating the tax collection system, broadening the tax base, and enforcing strict compliance measures.
The prime minister raised the issue while chairing a meeting to review the economic situation in the country.
“Economic development is only possible when everyone fulfills their share of responsibility,” he was quoted as saying in a statement released after the meeting by his office. “All sectors must pay taxes to contribute to national progress.”
During the meeting, he noted that inflation had decreased from 38 percent to seven percent, and the interest rate had been reduced from 22 percent to 15 percent. He maintained these developments were expected to boost business activity and create new employment opportunities in the country.
The prime minister also commended the provincial administrations for their reforms in the agricultural sector, pointing out it had contributed to Pakistan’s economic stability.
Pakistan’s economy has faced significant challenges in recent years, including high inflation and fiscal deficits.
The government’s focus on tax reforms and economic stabilization measures aims to address these problems and set the country on a path toward sustainable growth.
PCB urges India to discuss ‘concerns’ related to Pakistan-hosted Champions Trophy
- India has refused to send its cricket team to Pakistan for Champions Trophy tournament in February 2025
- PCB appoints former fast bowler Aqib Javed as temporary white-ball head coach until Champions Trophy
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi on Monday urged India to discuss concerns on sending its national cricket team to Pakistan, reiterating that the multi-nation tournament will be held in Pakistan next year.
Pakistan is scheduled to host the Champions Trophy 2025 tournament from Feb. 9 to Mar. 19 next year. However, the International Cricket Council (ICC) this month informed Pakistan that India had declined to play any matches in Pakistan, prompting the PCB to seek a clarification from the ICC on the refusal. Officially the Board of Control for Cricket in India (BCCI) has not informed the PCB of its decision.
India has not sent its cricket team to Pakistan since 2008 due to political tensions between the two countries. Pakistan was forced to agree to a “hybrid” model for the 2023 Asia Cup through which all of India’s matches were shifted to Sri Lanka. Pakistan has said it will not agree to a similar model for the Champions Trophy tournament.
“Right now, all the teams that have qualified for the Champions Trophy are ready to come [to Pakistan] and nobody has an issue,” Naqvi told reporters in Lahore. “I will say it today too that if India has any concern, they should talk to us, we will address their concern. I don’t think there is any reason because of which the Indian team cannot come here.”
The ICC’s Champions Trophy tour kicked off on Saturday from Islamabad but did not head to Muzaffarabad in the first leg of its journey. The BCCI had objected to the trophy’s original route, which included Muzaffarabad, the capital of Pakistan-administered Kashmir. The territory is disputed by the two countries.
The ICC Men’s World Cup 2023 trophy was brought to India’s Ladakh region in July this year, a territory in Indian-administered Kashmir disputed by both countries. When asked about the ICC canceling the trophy tour in Muzaffarabad, Naqi said:
“I think the ICC will have to think about its credibility [and consider] that it is a body of all cricket organizations in the world,” Naqvi said. “Even now, the tour has not been canceled, it has been rescheduled.”
The PCB chairman disclosed that it has appointed former fast bowler and selection committee member Aqib Javed as the interim white-ball head coach of the men’s national squad till the Champions Trophy tournament. He said the decision was taken so that the board does not rush into appointing a new white-ball coach for Pakistan after Gary Kirsten’s resignation.
“This is just temporary and we are about to start the process [to appoint] a head coach in the next 10-15 days so that we can search and bring in a nice head coach,” he said.
The development takes place a day after the PCB denied speculation Javed would replace Pakistan’s incumbent interim head coach in the Test match format, Jason Gillespie, saying that the Australian will continue to coach the men’s side till the South Africa series in December/January 2025.
The white-ball coaching role had become vacant following Kirsten’s resignation in October. Red-ball head coach Gillespie had coached the side during the recent white-ball tour of Australia, who will now rejoin the side for the upcoming Test series in South Africa.
In a separate statement, the PCB said Javed will continue to serve as a senior member of the men’s selection committee and will be assigned additional responsibilities following the conclusion of the Champions Trophy tournament.
The Pakistan men’s side are scheduled to play three ODIs and three T20Is in Zimbabwe from Nov. 24 to Dec. 5 and as many white-ball matches in South Africa from Dec. 10-22. In the lead up to the ICC Champions Trophy 2025, Pakistan will host New Zealand and South Africa for an ODI triangular series from Feb. 8-14.
Javed rose in influence in the cricket board after he was named to a revamped selection committee featuring Aleem Dar, Hassan Cheema and former batter Azhar Ali. His tactic to turn the batting friendly Multan track into a spin-friendly one helped Pakistan secure a 2-1 series victory over England, after Pakistan lost the first Test by an innings.
Following Pakistan’s triumph over England, the South Asian team won their first ODI series in Australia since 2002 by beating the hosts 2-1 this month. The green shirts, however, lost the three-match T20I series 3-0 to the hosts.
Pakistan’s Punjab to reopen schools from tomorrow as air quality improves in most districts
- Province’s Environmental Protection Agency says its directive is not for Lahore and Multan where smog persists
- Smog has been a recurring problem during winter months, with authorities yet to find any sustainable solutions
ISLAMABAD: Educational institutions across Pakistan’s most populous Punjab province, except for Lahore and Multan divisions, will reopen tomorrow, according to a notification issued by the province’s Environmental Protection Agency on Monday, following an improvement in air quality as smog conditions eased.
Toxic smog began affecting various cities in Punjab last month, as cold air trapped dust, diesel fumes and smoke from illegal stubble burning. In response, provincial authorities closed schools, restricted heavy transport on designated days and banned access to public spaces such as parks and playgrounds.
“The ambient air quality has improved in most districts of Punjab, due to rain in upper parts of Punjab, change in wind direction and speed,” the notification, signed by the EPA director general, said. “Therefore, all the educational institutions, except [in] Lahore and Multan divisions, shall be opened [with effect from] 19-11-2024 (Tuesday) with physical presence of students/staff.”
The notification announced students and staff must adhere to safety protocols, including wearing face masks, while outdoor sports and co-curricular activities would remain banned until further notice.
The decision follows weeks of severe smog that forced authorities in Punjab to close schools or shift them to online learning in several districts.
Smog has been a recurring problem during the winter months in the country, with authorities yet to find a sustainable solution to the crisis.
Earlier this month, NASA’s satellite imagery revealed a dense layer of smog stretching between Pakistan’s Lahore and India’s New Delhi, underscoring the severity of the environmental crisis.
The development has prompted climate experts to demand urgent action, as Pakistan’s meteorological department forecasts smog to persist until mid-December.
With schools reopening in most districts of Punjab, the EPA emphasized the importance of continued vigilance and compliance with safety measures, warning that smog could return if weather patterns shift or mitigation efforts are relaxed.
Four people arrested after Pakistani woman’s dismembered body found in Punjab
- Zara Qadir, who lived with her in-laws, was reported missing by her father earlier this month
- Police say her mother-in-law, other relatives have been arrested and have confessed to the crime
ISLAMABAD: Pakistani police said on Monday they have arrested four family members accused of murdering a 30-year-old woman in Daska, located in Punjab province’s Sialkot district, in a case highlighting the prevalence of domestic violence in the country.
Zara Qadir, reported missing by her father on November 11, was married to Qadir Ahmed, a resident of Kotli Meeran in Daska tehsil, four years ago.
According to the complaint lodged with the police, the couple had a two-year-old son who lived with his mother while his father worked abroad. Zara herself was residing with her in-laws and had complained of violence and mistreatment by her relatives.
Speaking to Arab News, a Sialkot police spokesperson, Malik Waqas Ahmed, said the victim’s mother-in-law, sister-in-law, and two other relatives were arrested after Zara’s dismembered body was found in two sacks disposed of in a drain.
“All four individuals involved have been arrested,” he said. “They are Sughran Bibi, Zara’s mother-in-law, Yasmeen, her sister-in-law, Abdullah, who is Yasmeen’s son, and Naveed, a relative from Lahore.”
“They have confessed to the crime, and the murder weapon has been recovered,” he added. “They are currently on physical remand for further investigation.”
Ahmed said Zara’s husband returned to Pakistan soon after the incident, though his role in the murder has not been established.
The brutal killing is a stark reminder of the enduring issue of domestic violence in Pakistan, where societal taboos and weak enforcement of laws leave many women vulnerable to abuse.
The suspects allegedly acted out of personal grievances caused by financial matters and familial disputes.
Police are continuing their investigation to establish the full motive behind the crime, saying the woman’s in-laws also accused her of practicing witchcraft, claiming she was bringing hardships to the family.
Cases of violence against women often go unreported in Pakistan, where cultural norms discourage victims from seeking legal recourse.
Rights groups have frequently called for stronger enforcement of existing laws to protect women and ensure accountability for perpetrators.
