Pakistan on Monday feared that floods might have caused over $40 billion in economic losses and damages as the National Flood Response Coordination Centre (NFRCC) dismissed the initial assessment of $18 billion. The $40 billion losses were flagged in a flood response centre meeting during discussion on an interim report titled “An Early Assessment of Flood Impact on Pakistan’s Economy”, present
The recent flash floods, induced by climate change, have damaged an estimated 8.3 million acres of crops, with over 3.4 million acres of crops being affected in Sindh alone. The floods have also destroyed essential vegetable commodities all over the country. The agriculture sector contributes around 23% to Pakistan’s GDP and 37% to labour force employment. Speaking to The Express Tribune Sindh
Commercial banks in Pakistan have failed to attract new deposits from accountholders, but have continued to increase safe lending at exorbitant returns to the cash-strapped government compared to lower credit offers to private sector for economic activities. Deposits improved 0.2% to Rs22.15 trillion in August 2022 compared to Rs22.10 trillion in the prior month. Deposits, however, were signifi
The shares market saw a range-bound session on Monday as investors remained concerned about mounting inflation as well as other economic and political challenges. Arif Habib Ltd said no materialisation of the promised funds from friendly nations kept investors’ sentiments in check. Volatility marred the benchmark index, which moved sideways owing to the continuous flight of the dollar against t
The Federal Board of Revenue (FBR) clarified on Sunday that the requirement of submitting a currency declaration form for inbound passengers to Pakistan was not a new development, stating that a notification in this regard had been issued by the State Bank of Pakistan (SBP) over a decade ago. "FBR has rebutted misleading information being shared in some sections of press that Pakistan has recen