Economy Archives - viralnom

Is the import ban lifted in Pakistan after the PAK government received an IMF loan?

13Jul

By Muhammad Dastageer ShamsNo Comments

Latest, Pakistan

Is the import ban lifted in Pakistan after the PAK government received an IMF loan?

The government imposed an import ban in Pakistan back in November 2021 in an effort to conserve foreign exchange reserves. The ban covered a wide range of goods, including luxury items, non-essential raw materials, and some food items. The ban was met with mixed reactions. Some people welcomed it as a necessary measure to address the country's balance of payments crisis. Others criticized it as an unnecessary burden on businesses and consumers. In April 2022, the Pakistani government reached an agreement with the International Monetary Fund (IMF) for a $6 billion loan. As part of the agreement, the government agreed to lift the import ban on some goods. However, the import ban on other goods remains in place. These include luxury items, non-essential raw materials, and some food ...

Shell Petroleum to Roll Back from Pakistan

15Jun

By Muhammad Dastageer ShamsNo Comments

Latest, Pakistan

Shell Petroleum to Roll Back from Pakistan

Shell Petroleum, one of the world's largest oil and gas companies, has announced plans to roll back its operations in Pakistan. The company has been operating in Pakistan for over 50 years but has faced increasing challenges in recent years. Including security concerns, political instability, and a challenging regulatory environment. Shell Petroleum's decision to roll back its operations in Pakistan is a significant blow to the country's economy. The company employs over 3,000 people in Pakistan, and its operations contribute billions of dollars to the country's GDP. Shell's departure is likely to lead to job losses and a decline in economic activity. The reasons for Shell's decision to leave Pakistan are complex. The company has cited security concerns, political instability, and a...

Turkish presidential elections 2023 Overview

27May

By Muhammad Dastageer ShamsNo Comments

Latest

Turkish presidential elections 2023 Overview

The Turkish presidential elections of 2023 are poised to have a profound impact on the political landscape of the country. With a series of significant developments leading up to this event. It is crucial to examine the key players, their ideologies, and the issues at stake. The ruling Justice and Development Party (AKP) and its leader, President Recep Tayyip Erdogan, face formidable opposition from various parties. As the leading opponent, Kemal Kilicdaroglu's Republican People's Party (CHP) emerges. Alongside them were the Nationalist Movement Party (MHP), and the Good Party (IYI). However, the pro-Kurdish Peoples' Democratic Party (HDP) presents diverse ideologies, ranging from conservative to secular and nationalist to progressive. The upcoming elections take place against a bac...

Riko Diq would be life-Saving for Pakistan’s economy

16Dec

By Muhammad Dastageer ShamsNo Comments

Business, Pakistan

Riko Diq would be life-Saving for Pakistan’s economy

Riko Diq is a planned mining operation that has the capacity to save Pakistan Economy. The Balochistan province will profit economically from US$32.7 billion. This will happen over a 47-year mine's life from the Reko Diq reconstruction project. Cailleteau Pierre is a financial advisor for Lazard Freres SAS and White & Case Law firm. He recently presented his analysis to the Pakistan judges. In his presentation to a five-judge bench, he said that the province of Balochistan would benefit from direct taxes and spending, dividends, and other financial gains. The province will receive $14.1 billion in net equity flows from participation through GoB SPV. Moreover, the province will also gain an additional $7.6 billion in free carried interest. Apart from that at least $14 billion in royalt...

Pakistan Railways paying pension to unverified employees

23Jul

By Aqsa Azam4 Comments

Latest, Pakistan

Pakistan Railways paying pension to unverified employees

ISLAMABAD: The Pakistan Institute of Development Economics (PIDE), a state-owned think tank associated with the Planning Commission, has discovered that 115,000 unverified retired Pakistan Railways personnel are receiving Rs35 billion in yearly pension. PIDE stated in a statement published on Sunday. Their investigation found that railway losses totaled Rs144 billion between 2015 and 2020. The PIDE research suggested substantial institutional reforms at Pakistan Railways. It is now one of the country's top 10 loss-making state-owned companies. The losses included an Rs44 billion shortfall in 2020. As well as an Rs36 billion pension burden on Railways for 120,000 workers. The government paid an Rs45 billion subsidy to overcome the shortfall and pension liabiliti...