Pakistan banks on investor-friendly policies
Pakistan banks on investor-friendly policies
A wide range of economic reforms has resulted in a strong economic outlook.
There has been a great improvement in foreign exchange and currency reserves.
New businesses are opening up across Pakistan which is reshaping its landscape.
The GDP growth accelerated to 4.14 percent in 2013-14 and the momentum of growth is broad based, as all sectors namely agriculture, industry and services are supporting economic growth.
The per capita income in dollar terms has reached to $1,386 in 2013-14.
The agriculture sector accounts for 21.0 percent of GDP and 43.7 percent of employment. It has strong backward and forward linkages. It has four sub-sectors including: crops, livestock, fisheries and forestry.
The industrial sector contributes 20.8 percent in GDP; it is also a major source of tax
revenues for the government and also contributes significantly in the provision of job opportunities to the labor force.
The government has planned and implemented comprehensive policy measures on fast track to revive the economy.
As a result, Pakistan’s industrial sector recorded remarkable growth at 5.8 percent as compared to 1.4 percent in the previous year.
The services sector contains six sub-sectors including: transport, storage and communication; wholesale and retail trade; finance and insurance; housing services (ownership of dwellings); general government Services (public administration and defense); and other private services (social services).
The services sector has witnessed a growth rate of 4.3 percent.
The growth performance in the services sector is broad based, all components contributed positively in growth, Finance and insurance at 5.2 percent, general government services at 2.2 percent, housing services at 4.0 percent, other private services at 5.8 percent, transport, storage and communication at 3.0 percent and wholesale and retail Trade at 5.2 percent.
The three main drivers of economic growth are consumption, investment and export.
Pakistan has a consumption-oriented society, like other developing countries.
The private consumption expenditure in nominal terms reached to 80.49 percent of the GDP, whereas public consumption expenditures are 12.00 percent of GDP.
The government has launched a number of initiatives to create enabling environment in the country including steps to improve the energy situation, law and order, auction of 3G and 4G licenses, and other investment incentives for the investors.
Moody’s recent ratings in favor of Pakistan coupled with jacking up from negative to positive rating of five of its banks — Habib Bank Limited (HBL), Muslim Commercial Bank (MCB), Allied Bank Limited (ABL), United Bank Limited (UBL) and National Bank of Pakistan (NBP) — would definitely boost investor confidence.
The current government has launched a comprehensive plan to create an investment-friendly environment and to attract foreign investors to the country. As is evident, the capital market has reached new heights and emitting positive signals for restoring investor confidence.
The European Union (EU) granted Generalized System of Preferences (GSP) Plus status to Pakistan with an impressive count of 406 votes, granting Pakistani products a duty free access to the European market.
The GSP Plus status will allow almost 20 percent of Pakistani exports to enter the EU market at zero tariff and 70 percent at preferential rates. Award of GSP Plus status depicts the confidence of international markets in the excellent quality of Pakistani products.
Pakistan emerged as one of the best performers in the wake of the global financial crisis, even with a backdrop of a country which waged a costly war against militants.
Its domestically-driven economy was minimally affected and its banking sector boasted surplus liquidity while remaining unharmed, where as on the contrary big economies nearly collapsed during world recession.
Pakistan’s economic outlook is primarily the outcome of effective steps taken by the government, including launching of economic reforms; ensuring stability in exchange rate; reduction in the dearness ratio; successful sale and purchase of sukuk bonds; increased foreign reserves; least government’s borrowings; stabilizing foreign debt servicing balance; and narrowing down fiscal deficit.
The economy of Pakistan is on take-off stage, its foreign exchange and currency reserves have increased.
Pakistan’s GDP has shown stability in recent years due to sustained economic policies of the government and political stability.
Keeping all the circumstances in view, we can say that the economy of Pakistan is on the right track and is on the take-off stage but the only thing required is the continuity of policies, which will make the flight smooth and sustainable.
Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon
- KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications
- The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Yemen
JEDDAH: The King Salman Humanitarian Aid and Relief Center (KSRelief) distributed humanitarian aid including birth kits, personal bags and baby blankets to Syrian female refugees staying in Osman Hospital and Central Hospital in Kattermaya, Kharoub province of Lebanon on Friday.
This distribution is within the framework of the assistance provided by the center for displaced Syrians and refugees in neighboring countries.
KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications through various relief programs.
Earlier, winter blankets, jackets, jumpers, hats and other items were distributed to meet the basic needs of refugee families.
The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Al-Mukha directorate in Taiz governorate, benefiting 21,000 people.
In addition, 36 trucks with 469,483 kg of relief, shelter and medicines crossed Al-Wadiaa border on Thursday evening as part of the KSRelief plan to help Yemenis.
Of this total, 26 trucks with 500 food baskets, weighing 375 tons, in addition to 43,173 kg of shelter items, will be heading to Maareb province, and ten trucks carrying 42,221 kg of shelter items and 9.89 tons of medications will go to Aden.
On Thursday, the Bahraini Royal Charity Foundation and the Khalifa bin Zayed Foundation for Humanitarian Affairs signed an MoU for the establishment of the Bahrain Health Center in Aden, Yemen, at a cost of $2 million, in the presence of Ahmed bin Ali Al-Bayez, assistant general supervisor of operations and programs at KSRelief, and a number of officials. SPA, Jeddah